Significant demand generated from manufacturers and retailers in food and beverages, pharmaceutical, and chemical industries continue to drive sales of pallets in global market. Poised for a whopping market value of $134 bn towards the end of 2029, the global pallets market is headed for a healthy CAGR during the following decade.
Adoption of smart pallets, block pallets, and plastic pallets will progress at a notable rate owing to their several benefits over conventional pallets, as suggested by a new study report.
A majority of demand for plastic and block pallets is accounted by the food & beverages industry, which can be attributed to heightening sales of processed food products and increasing need for sustainable cold storage and transportation solutions. The market will also be shaping up with significant increase in the usage of radio-frequency identification (RFID) tags in plastic pallets, robots in processing and handling of pallets, and emergence of alternative pallets in the market.
Key Takeaways – Global pallets market study
- Pallet sales in Asia Pacific are identified to remain dominant throughout the forecast period, and exhibit a higher CAGR in comparison to fellow regions.
- Growth of manufacturing, infrastructural, and transportation sectors would remain pivotal to the build-up of global pallets market.
- Demand for pallets is concentrated predominantly in the food and beverages industry.
- Wood-based pallets are identified to account for majority of the market share owing to factors such as ease of availability of wood and better price-efficiency than other materials.
- Plastic pallets are gaining prominence in food & beverages, automotive, and pharmaceutical industries owing to their high strength, durability, lightweight, and long-term environmental sustainability.