Charting Growth Trajectories: Pallets Market's Journey to US$...

Charting Growth Trajectories: Pallets Market's Journey to US$ 100.6 Billion by 2033

Posted 2024-01-24 10:38:08

The 2022 assessment of the worldwide pallets market reported a total worth of US$ 58.3 billion. As of the ongoing year, 2023, industry experts project a surge in the overall market value to US$ 60.4 billion. According to the analysis conducted by FMI, a 5.3% Compound Annual Growth Rate (CAGR) is anticipated throughout the forecast period. The conclusion of this projection in 2033 is expected to witness a substantial increase, with the market's net valuation reaching an estimated US$ 100.6 billion.

The surge in investments by agricultural firms and individual farmers in pallets, aimed at ensuring secure and contamination-free handling of products during transportation, is poised to drive the market's expansion. With a rising need for pharmaceuticals and health supplements, North America presently holds a commanding position in the market. The United States and Canada could emerge as key focal points, given the robust presence of well-established industries in food and beverage, construction, and pharmaceuticals.

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Key Takeaways from the Pallets Market Study Report

The overall market is expected to experience an absolute increment of US$ 4,836.5 million over the next ten years.
The total consumption of pallets in Europe is high in comparison to other broad geographical regions. In the year 2022, countries in Europe together contributed around 32.4% of the global pallet sales.
The market analysis report expects the sales of pallets in the United Kingdom to expand at a rate of 3.3% over the forecast years.
The net share of Germany in sales of pallets was nearly 3.8% of the global market revenue in 2022.
In 2022, North America held a revenue share of 24% generated by the global market. The United States alone contributed to nearly 20.9% of the total demand for pallets that year.
China and Japan are the two leading economies for the production and consumption of all types of pallets in Asia Pacific region. The net worth of total pallets used in Japan in 2022 was figured out to be 4.3% of the global share.
China is anticipated to follow a growth rate of 6.8% in the production and export of pallets during the years between 2023 and 2033. Meanwhile, India is poised to follow China experiencing year-on-year average growth of 5.9% during this period.
Plastic pallet sales generated 37.7% of the revenue share in 2022, and throughout the projection year, they are anticipated to increase significantly.

Competitive Landscape for the Pallets Market Players

The market is highly fragmented due to the presence of many regional and small players. Leading pallet manufacturers and suppliers are mostly resorting to mergers and acquisitions to retain their market position.

Pallet recycler and supplying company named Kamps Inc. purchased Tritz Pallet, in January 2022, which is also known for providing full-service pallet solutions. By adding 40 more asset-based locations by this purchase, Kamps hopes to expand its footprint and strengthens its position in the Great Plains area.

The Major Key Players Are: