The US wood pallet market is expected to grow at a CAGR of 4.5% between 2022 and 2032, reaching a total valuation of US$812.7 million by 2032. The demand for wood pallets in the US market is driven by the rapid expansion of manufacturing, growth in trade, growing demand for environmentally friendly packaging and innovations in wooden pallets
DUBAI, United Arab Emirates, Sept. 20, 2022 (GLOBE NEWSWIRE) — The global wood pallet market is expected to grow from $2.3 Bn at $3.8 Bn by 2032, with global demand increasing to 5.4% CAGR throughout the forecast period.
Rising adoption of wooden pallets in various end-use industries and growing popularity of recyclable pallets owing to their environmental benefits are some of the major factors driving the growth of the global wooden pallets market.
Wooden pallets have become ideal packaging solutions used in various industries due to their affordability, recyclability and impact resistance characteristics. They are increasingly used in the logistics and transport industry to stack, store, assemble or transport items over long distances. This will continue to drive the growth of the market over the forecast period.
Likewise, the innovation in wooden pallets and the integration of advanced technologies bodes well for the growth of the market over the next ten years. Customers are demanding greater transparency about how products and raw materials move through supply chains. Individual pallets can be tracked and traced in real time by embedding RFID chips directly into the pallet materials.
Pallet monitoring can help organizations manage recalls and expiration dates, as well as prevent product loss and deliver products to end users quickly and efficiently. Due to the growing demand for food and beverage products around the world, sales of wooden pallets are expected to grow at a significant rate over the next ten years.
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Likewise, the increasing use of pallets for storing and transporting pharmaceutical products is expected to open up new market opportunities. The demand for healthcare items such as pharmaceuticals and equipment is increasing as the elderly population grows and the incidence of chronic diseases rises.
The boom in the pharmaceutical sector has also contributed to the growth of the wooden pallet market. Throughout the handling and distribution process, wooden pallets play a vital role in the movement of safe and efficient transport and storage platforms.
Pallets are manufactured in a variety of sizes and designs to accommodate various material handling equipment (mainly forklifts) and payloads, although there are standardized versions. Therefore, as disposable incomes and consumerism rise across the globe, the food and beverage industry will witness an increase in demand, which will be an important driver for the global wood pallet market.
Top Wood Pallet Market Takeaways
By wood type, the hardwood pallet segment is expected to grow at 4.6% CAGR until 2032, generating an additional opportunity to $730 min during the forecast period.
By input type, the four-way pallet segment is expected to grow at a CAGR of 3.7% during the forecast period.
North America and East Asia are expected to remain the most lucrative markets for wooden pallets over the next ten years.
The U.S. Wood Pallet Market is Expected to Grow at 4.5% CAGR between 2022 and 2032, reaching a total valuation of $812.7 min by 2032.
The wooden pallet market in India is expected to grow at 5.6% CAGR during the forecast period, creating an additional opportunity for $115 min.
Wood Pallet Demand in China Expected to Grow at Highest 6.9% CAGR during the evaluation period.
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“Wooden pallets have a promising market due to their low return cost per trip and the superior reuse of wooden pallets. The use of environmentally friendly materials and the creation of eco-smart designs are also expected to accelerate market expansion.” – says the IMF analyst.
Global wooden pallets create a good impact on the environment
Pallets are an essential logistics tool used in packaging and are typically used as load carriers. These pallets are useful in logistics and the supply chain because they facilitate stacking, storing, assembling or transporting items over long distances.
Wooden pallets are fully recyclable and are considered a sustainable option for packaging. These pallets can be easily damaged or damaged compared to metal or plastic pallets. Thus, they can be repaired easily with affordable prices without waste of resources and time.
Wooden pallets are considered the most recyclable option in the supply chain because they can be used for various things by extending the life of existing wooden pallets. They can easily reduce the carbon footprint. Thus, wooden pallets are considered to be the most reliable and flexible packaging option for the end-use segment.
Who is Winner?
Major wooden pallet manufacturers include Interpak Industries Pte. Ltd., Tri-Wall Holdings Limited, PalletOne, Larson Packaging Company Brambles Limited, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, Rehrig Pacific Holdings, Inc. and Schoeller Allibert Services BV Brambles Limited , Inka-paletten, Peco Pallet, John Rock, Inc., Millwood, United Pallet Services Inc., Herwood, DNA packaging Systems, Kronus ltd, Litco International Inc, LCN Pallets and Wooden Cases, Anderson Pallet and Crate, Best Pallet and Crate LLC, Atlanta Pallets & Services, B&B Pallet Company, CLM Pallet Recycling and others.
Most of these market players have adopted strategies such as launching new products, expanding facilities, reducing prices, mergers, collaborations, and acquisitions to increase their revenue share.
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Wood Pallets Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global wood pallet market by type of wood (hardwood and softwood), by type of input (four-way and two-way), by end-use industry ( Food & Beverage, Building & Construction, Pharmaceutical, Consumer Electronics, Cosmetic & Personal Care, Logistics & Transportation, and Others (Automotive, Textile, etc.), by Region (North America, Latin America, Europe, South Asia, Asia East, Middle East and Africa, Oceania) – Forecast to 2022 – 2032.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
Click Here for 200 Page TOC Report on Wood Pallet Market
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