Pallet Market : Global Opportunity Analysis and Industry Forecast, 2020–2025

Global Pallet Market Forecasts to 2025

From $79,008.6 million in 2019, the Pallet Market is predicted to rise at a CAGR of 5.1 percent from 2020 to 2025, reaching $110,565.7 million. Pallets are a type of tertiary packaging that can be used in supply chains for stacking, storing, protecting, and transporting items. It serves as a foundation for the unitization of items for logistics and warehousing purposes.

The COVID-19 pandemic has had a detrimental impact on the worldwide pallets market, owing to a halt in international trade, protracted lockdowns, and supply and logistical bottlenecks around the world.

Pallets can also be made from a variety of materials, including wood, plastic, metal, and corrugated paper, and they can be handled by forklifts, pallet jacks, and conveyors. Pallets are used in practically every supply chain, including chemical, food and beverage, retail, and other industries.

Pallet demand is predicted to skyrocket as the e-commerce industry experiences unprecedented expansion. The COVID-19 pandemic has increased people's interest in e-commerce platforms, particularly in nations like India and others where e-commerce is less common. The advent of e-commerce has put pressure on supply chains to improve transportation and logistics in order to control the flow and cost of goods going out and coming in.

Furthermore, the growing emphasis on ecological packaging and pallets is projected to propel the pallets industry forward. The majority of pallets in use today are made of wood, which is one of the most significant contributions to municipal solid trash (MSW). Furthermore, waste wooden pallets contain a lot of energy, which is usually wasted during MSW disposal. As a result, businesses are turning to recycling strategies to cut down on the amount of wood wasted in pallet production. Companies like Brambles, Ltd. in Australia and CABKA Group GmbH in Germany, for example, are working to develop entirely recyclable or 100 percent reusable timber and plastic pallets.