The global pallet market attained a volume of about 82.59 USD Billion in 2020, driven by the growth in the food and beverage industry. Aided by the increased internet penetration, the industry is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 5.4%. The pallet market is projected to reach a volume of nearly 115.17 USD Billion by 2026.
The vigorous shift from wooden to plastic pallets owing to high durability, toughness, and resistance to outside contamination is driving the growth of the pallet market. As plastic is easier to wash and sanitise, it has become a preferred choice of material especially in the food and beverage industry where the inside contents must be kept away from outside environment to avoid the risk of contamination. The physical properties of plastic that include recyclability, heavy-duty performance, and durability is augmenting the industrial growth of pallets.
The pallet market is experiencing robust growth owing to a heightened demand by the warehouse sector, with e-commerce sales providing a platform for sales of various industries, especially amidst the pandemic. The rapidly growing research and development (R&D) programmes to incorporate technology in the manufacturing of pallets, like RFID technique to track the pallet, is further providing impetus to market growth.
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments of the key players in the industry.
Some of the major players in the market explored in the report are:
About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.