A Pallet is a flat panel which acts as a base for storing and transporting raw and finished products. Pallet is designed in such a way that it can be easily lifted using forklifts and pallet jacks. This palletized transport and storage enables operational efficiency and material handling. The Global Pallet Market was worth 43.1 Billion USD in 2018 and is estimated to reach 60.89 Billion USD by 2025 at a CAGR of 5.06% during the forecast period.
Growth by Region
Asia-Pacific Region is expected to lead the Global Pallet Market. The manufacturing industry in this region fuels the market growth in this region. North America will have the second largest market followed by Europe.
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Drivers vs. Constraints
Increase in the manufacturing output is one of the key drivers for market growth. The growing need for safe, efficient, and easier transportation is the reason for growth in the Global Pallet Market.
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The limiting availability and high cost of raw materials for manufacturing pallets is the reason which restraints this market growth.
Industry Structure and Update
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In 2011, key pallet vendor Brambles acquired IFCO systems, as a part of acquisition and merger strategy to increase market growth.