Report: Global pallet market set to reach $76 billion by 2025
Persistence Market Research's report, titled "Global Market Study on Pallets: Plastic Material Type Segment Projected to Register the Highest CAGR During 2017 - 2025" projects that growth of the retail and automotive sectors in regions such as Asia Pacific and Latin America is likely to boost the growth of the global pallets market over the next couple of years.
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According to Persistence Market Research’s new report, the global pallets market, which is currently valued at over US$ 47,337 Mn is expected to register a CAGR of 5.4% between 2017 and 2025 to reach a valuation of US$ 76,067.2 Mn. During this eight years of the forecast, the market will be primarily driven by increasing global standards of goods transportation operations that is necessitating the adoption of pallets to a significant extent.
Demand for pallets is gaining healthy traction owing to increasing urbanization in emerging countries such as China, Brazil and India, implicating the establishment of better and safer goods transportation system in large-scale industries such as food & beverages, pharmaceuticals and agriculture in these nations.
PMR’s report, titled “Global Market Study on Pallets: Plastic Material Type Segment Projected to Register the Highest CAGR During 2017 - 2025” projects that growth of the retail and automotive sectors in regions such as Asia Pacific and Latin America is likely to boost the growth of the global pallets market over the next couple of years.
The market in Asia Pacific is anticipated to present lucrative growth opportunities for pallet manufacturers. Moreover, growing number of supermarkets and hypermarkets is also leading to widespread adoption of pallets in the region. Pallets facilitate easier and faster movement of large quantities of consumer products from inventories to display cabinets. In terms of value, Europe and North America are expected to retain their leading positions in the global pallets market over the forecast period, as these two regions were early adopters of pallets.
Key excerpts from the report include
—Based on structural design, block pallets are the most widely used pallets across the world, however, in North American stringer pallets are favored more. In terms of value, block pallets are expected to account for the largest share of the market over the forecast period.
—By material type, wood is currently the most preferred material for manufacturing pallets. This is primarily owing to its massive benefits in terms of response time and low startup cost for customized designs. Nevertheless, demand for plastic pallets is expected to grow at an impressive rate during the forecast period.
—By end-user, the food and beverage sector accounts for the largest value share of the market and is expected remain dominant throughout the assessment period.
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