Pallets Packaging Market Size Surpass US$ 1,258 Mn by 2026

LOS ANGELES, April 22, 2020 /PRNewswire/ -- The global pallets packaging market is expected to reach the market value of around US$ 1,258 Mn by 2026 and is anticipated to grow, at a CAGR of around 5.2% in terms of revenue during the forecasting period 2019 to 2026.

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Drivers and Challenges of Market

With the rise of disposable income and consumerism in food and beverage sector, the demand for pallets packaging is increasing. As a result, the pallet packaging market can be projected to expand steadily over the forecast period. Increased poultry goods intake and the resulting growth in the poultry industry are increasing demand on of pallets packaging. Pallet packaging are not only limited to food products and storage but also to herb and flower planting in many other sectors such as gardening or kindergarten. This use has provided a modern aesthetic direction for the use of pallet packaging, and would also establish a new avenue for the future growth of market.

Owing to the government policies, the standardization of boxes and pallets is troublesome. At local and global stage, however, attempts were made for the same to use the environment friendly techniques. The plastics industry's abrupt ban will also impact the demand for pallet packaging.

Regional Outlook                                 

Asia Pacific is the largest user of pallets packaging, since pallets packaging are commonly used to handle and ship various items. Asia Pacific continues to boom in trade and industry, a vast variety of disposable products are manufactured in India alone every day to transport in pallet packaging over thousands of kilometers. The demand for pallet packaging in North America retains a big share followed by Asia Pacific. Boxes and pallets of plastic and wooden are made and shipped domestically into the US. Europe held considerable market share in 2018 and anticipated to grow at a steady CAGR during the forecast period.

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About The Market

Pallet is a type of packaging designed specifically for transport and shipment. The products that they handle are specifically built for safety, storage and transport, including conveyors, forklifts and pallet jackets. It is part of a tertiary packaging that is used in the supply chain as a base for products.  Generally they are made of materials such as wood, plastic, paper and metal. The development of this demand is driven by increasing urbanization and industrialization.

Owing to its power and simple production methods, wooden pallets were introduced from the past three decades. This has drawbacks on the other hand such as less longevity, retention of moisture, cleanliness issues and it separates and fractures instantly. Wooden pallets need to be consistent with other regulatory standards, such as ISPM 15 for the control of pest and disease propagation. Logistics and shipping firms now turn to plastic pallets, because of their benefits as opposed to wooden pallets, which are compact and environmentally safe.

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Key Players & Strategies

Significant players on the global market concentrate on creating innovative pallet pacakging using intelligent technology.

Major players include in this report are LOSCAM., Schoeller Allibert, Brambles Ltd, CABKA Group, PECO Pallet, Rehrig Pacific Company, Litco International, Inc., Spruce Impex Private Limited, Totre Industries., and Others.

In August 2019, James Jones & Sons announced takeover of Billington International Ltd. The purchase primarily involves expanding its products and facilities to include new pallets, reclaimed pallets, personalized packaging options and pallet repairs. It further allows the organization to improve its business share.

Svenska Retursystem launched its latest half in February 2019, a mix of end-of-life SRS and virgin resin. Together with Intelligent Packaging Community IPG this new half Pallet is developed. The modern pallet is made from recycled materials and is durable and resistant of stress. The latest pallet has 150 rotations of lifetime.

Schoeller Allibert Time (SAT) is a joint venture between Schoeller Allibert System (Netherlands) and Time Technoplast Ltd. (India) which offers a full range of container, pallet, drum and other transport solutions. The firm also sells distribution and inventory control services with RFID chips built-in.

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