Pallet Market Size to Reach USD 110,565.7 Million by 2027 at a CAGR of 5.1% - Valuates Reports
BANGALORE, India, April 8, 2021 /PRNewswire/ -- The Pallet Market is segmented by Type (Rackable, Nestable, Stackable, and Display), Material (Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper, and Metal), and End-user Industry (Food & Beverage, Chemical, Retail, Pharmaceutical, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Manufacturing Category.
The Pallets Market size is expected to reach USD 110,565.7 million in 2027, from USD 79,008.6 million in 2019, growing at a CAGR of 5.1% from 2020 to 2027.
Major factors impacting the size of Pallet Market are :
- The rapidly growing e-commerce market, with COVID-19 pandemic further propelling this market for pallets suitable for the e-commerce industry.
- Adoption or emerging technologies in the supply chain is increasing the demand for RFID pallets.
- Striving towards production of fully recyclable or 100% reusable wooden and plastic pallets targeted for specific industries. Display segment is projected to grow at a significant CAGR.
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TRENDS INFLUENCING THE PALLETS MARKET SIZE
Pallet market size is expected to skyrocket as the e-commerce industry experiences exponential growth. The COVID-19 pandemic has increased people's interest in e-commerce platforms, especially in developing countries where e-commerce is less common. The growth of e-commerce has put pressure on supply chains to improve shipping and logistics in order to monitor the movement and cost of goods going out and coming in. Online orders are usually smaller and more regular, necessitating more assets for inventory management. As a result, there is a need for pallets for e-commerce-based logistics, which propels the pallet market growth.
Furthermore, the growing focus on sustainable packaging and pallets is expected to increase the pallet market size. The majority of pallets in use today are made of wood, which is one of the most significant contributors to municipal solid waste (MSW). As a result, businesses are turning to recycle strategies to cut down on the amount of wood wasted in pallet production.