According to IMARC Group’s latest report, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global pallet market size reached US$ 60.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 79.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

Pallets are flat, sturdy platforms used to support and transport goods and materials in warehouses, factories, and distribution centers. It provides the carrier with optimum support to transport goods from one place to another using a forklift or a front ladder. Pallets are typically made of wood, metal, or plastic and are relatively stronger than other containers, due to which they are witnessing a significant surge in demand across the manufacturing, logistics, agriculture, food and beverage (F&B), chemical, and pharmaceutical sectors.

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Pallet Market Trends:

The expanding agriculture sector and surging international trade activities are some of the key factors primarily bolstering the market growth. Besides this, inflating smartphone sales, swift penetration of the internet, and the expanding e-commerce sector are other growth-inducing factors. Moreover, the surging need for safer handling, storage, and transportation of products from the warehouse to final destinations, coupled with rapid industrialization and urbanization,is providing an impetus to the market growth. In line with this, key manufacturers are heavily investing in advanced technologies to introduce eco-friendly and reusable pallets, which, in turn, is accelerating the market growth. Furthermore, significant improvements in the real estate sector and the increasing manufacturing supply chains are positively supporting the market growth. Other factors, such as the surging consumer expenditure power and burgeoning investments in research and development (R&D) activities, are boosting the market growth.

Pallet Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the pallet market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Brambles Ltd.
• Rehrig Pacific Company
• Schoeller Allibert
• LOSCAM
• CABKA Group

Key Market Segmentation:

The report has segmented the pallet market on the basis of breakup by type, application, structural design and region.

Breakup by Type:

• Wood
• Plastic
• Metal
• Corrugated Paper

Breakup by Application:

• Food and Beverages
• Chemicals and Pharmaceuticals
• Machinery and Metal
• Construction
• Others

Breakup by Structural Design:

• Block
• Stringer
• Others

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.