Global Pallets Market Size to worth USD 160.40 Billion by 2033: Forecast Analysis Report

Global Pallets Market Size to worth USD 160.40 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Pallets Market Size is Expected to Grow from USD 17.82 Billion in 2023 to USD 160.40 Billion by 2033, at a CAGR of 24.57% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Pallets Market Size, Share, and COVID-19 Impact Analysis, By Material (Metal, Wood, Plastic via Injection Molding, Plastic via Other Methods, and Corrugated Paper), By Application (Food & Beverage, Chemical, Retail, Pharmaceutical, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.           

Pallets are flat transport structures, supporting products stably while being lifted by a forklift, a pallet jack, a front loader, a jacking device, or an erect crane. It is the structural foundation of a unit load, which allows handling and storage efficiencies. Companies that manufacture pallets for the market are concentrating on creating lightweight, strong, and effective products for consumers. Additionally, major firms are focusing on offering cutting-edge pallets with RFID chips attached for tracking and tracing. The increasing concentration of key market players offering innovative pallets with attached RFID chips for tracking and tracing purposes is escalating the market growth opportunity. The expanding manufacturing sector and government initiatives for boosting domestic production and streamlining tax structures are positively influencing market growth. The adoption of innovative pallets as well as the increasing demand for plastic pallets in the industry verticals are escalating the market growth. On the contrary, the price fluctuation in wood owing to natural catastrophes, logging limitations, and supply chain interruptions are restraining the pallets market.

The plastic via injection molding segment dominated the global pallets market in 2023.

Based on the material, the global pallets market is divided into metal, wood, plastic via injection molding, plastic via other methods, and corrugated paper. Among these, the plastic via injection molding segment dominated the global pallets market in 2023. Pallets are manufactured using high-pressure injection molding from high-density polyethylene (HDPE) or copolymer polypropylene resins.

The food & beverage segment dominated the market with the largest market share in 2023.

Based on the application, the global pallets market is divided into food & beverage, chemical, retail, pharmaceutical, and others. Among these, the food & beverage segment dominated the market with the largest market share in 2023. End-user companies prefer pallets constructed from virgin plastic resins, even though many manufacturers are making recycled plastic pallets to prevent contamination in specific food & beverage applications.

Asia Pacific is projected to hold the largest share of the global pallets market over the forecast period.

Asia Pacific is projected to hold the largest share of the global pallets market over the forecast period. The increasing demand for pallets from industrial sectors in countries such as China, Japan, and India is responsible for driving the market. Further, the growing industrialization and manufacturing activities in the region as well as the favourable government regulations are propelling the market expansion.

North America is predicted to grow at the fastest CAGR in the pallets market over the forecast period. The region’s strong industrial sector especially in the US is contributing to propel the market growth. The considerable reliance on online shopping platforms and product utilization in industrial and manufacturing sectors are further promoting market growth.

Competitive Analysis

Major key players in the pallets market include Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM, CABKA Group, PECO Pallet, Inc., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, with sustainability uppermost in the can-making industry, Orbis Corporation launched a longer-life reusable, recyclable plastic pallet.

• In January 2024, IFCO, the world’s leading provider of Reusable Packaging Containers (RPCs), announced the launch of Dora, a revolutionary reusable Plastic Pallet, across Europe.

• In July 2023, leading online packaging supplier, Kite Packaging, has updated its pallet range to include new, eco-friendly nestable and rackable plastic pallets as well as timber and presswood pallets.

• In May 2022, Cabka N.V., a leading integrated circular production company, listed at Euronext Amsterdam, entered into a long-term supply agreement with Target, a leading US-based general merchandise retailer, with nearly 2,000 stores in the US, securing the client's supply of reusable foldable plastic containers.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global pallets market based on the below-mentioned segments:

Global Pallets Market, By Material

• Metal
• Wood
• Plastic via Injection Molding
• Plastic via Other Methods
• Corrugated Paper

Global Pallets Market, By Application

• Food & Beverage
• Chemical
• Retail
• Pharmaceutical
• Others

Global Pallets Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa