Pallet Market in US to grow by 222.89 million units from 2022 to 2027
Jul 31, 2023
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24 Aug, 2023, 03:00 ET
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NEW YORK, Aug. 24, 2023 /PRNewswire/ -- The pallet market in US size is expected to grow by 222.89 million units from 2022 to 2027 according to Technavio. As per the latest report, the market will progress at a CAGR of 2.86% during the forecast period. The high applications of pallets in shipping and load-handling sectors are notably driving the pallet market growth in US. Generally, pallets are a type of goods or material or load-handling equipment that provide the required support during their transportation. Pallets are used for different tasks involving the storage, loading, and unloading of goods, which act as an integral part of supply chain management in various end-user industries. The US, which is a highly advanced economy, has a high per capita household income that will drive the demand for and consumption of various consumer products, including packaged products. Moreover, the rise in disposable income will stimulate consumers to try premium food and beverage products. Rising demand along with changing preferences of consumers from the processed food industry and other industries, such as industrial goods, is anticipated to drive the demand for pallets and, in turn, the growth of the US pallet market during the forecast period. View new Sample Report within minutes!
Pallet Market in US 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our pallet market in US report covers the following areas:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Arrington Lumber and Pallet Co., Brambles Ltd., CABKA Group GmbH, Edwards Wood Products, General Pallets Inc., Greystone Logistics Inc., iGPS Logistics LLC, Indoff Inc., Kamps Pallets Inc., Larson Packaging Co., Litco International Inc., Menasha Corp., Millwood Inc., Myers Industries Inc., Nelson Co., PECO Pallet, Rehrig Pacific Co., Sonoco Products Co., UFP Industries Inc., and Universal Package are some of the major market participants. Although the High applications of pallets in shipping and load-handling sectors will offer immense growth opportunities, Variations in global crude oil prices affecting pallet manufacturers will challenge the growth of the market participants. To make the most of the opportunities, market companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Pallet Market in US 2023-2027 : Major Trends
The adoption of reusable pallets is an emerging market trend. Reusable pallets do not warp, shrink, or splinter easily and can handle the harshest of climatic conditions and they are manufactured using durable materials which can also be used more than once. Due to this, reusable lumber pallets are used by companies while shipping fragile products. Also, they are designed to withstand rough handling, which is typical in a logistics system. Conventional pallets need a large amount of storage space, nonetheless, reusable pallets take up less space as the logistics company requires fewer pallets. The use of reusable pallets hence helps in saving space in warehouses. Further, manufacturers and logistics companies can lower their comprehensive environmental effects by using reusable pallets. Consequently, such factors will drive the US pallet market growth during the forecast period.
Pallet Market in US 2023-2027: Segmentation
Pallet Market in US is segmented as below:
The market share growth by the wood segment will be significant during the forecast period. Due to their higher price performance, reliability, and easy availability, wooden pallets are the most generally used type of pallet. In addition, composite wooden pallets easily available in the market are competitively priced and are available in various shapes, which can make the transportation and storage of goods easier. They are mostly used to pack, transport, and deliver food products such as fruits and vegetables, fish and seafood, oil, cheese, and dairy and bakery products. Many companies of wooden pallets have also started delivering innovative products, such as half pallets, quarter pallets, and stackable pallets. Such factors will drive the market growth during the forecast period.
Pallet Market in US 2023-2027: Challenges
Environmental concerns related to the use of pallets are major challenges hindering market growth. Environmental concerns over the use of plastic pallets comprise a substantial challenge to the US pallet market. Generally, plastic pallets are more durable, but their production methods are highly energy-intensive and result in greenhouse gas emissions. In addition, pallets made of plastic cannot be restored. Another important concern associated with the use of wooden pallets is rising environmental concerns over deforestation, increasing carbon footprint, and wastage of scarce natural resources. Consequently, such factors related to the use of pallets will adversely influence the growth of the market in focus during the forecast period.
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Pallet Market in the US 2023-2027: Company Analysis
We provide a detailed analysis of around 25 companies operating in the Pallet Market in US, including some of the companies as companies Backed with competitive intelligence and benchmarking, our research reports on the Pallet Market in the US are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
Pallet Market in US 2023-2027: Key Highlights
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The Canada pallet market size is estimated to grow at a CAGR of 5.52% between 2022 and 2027. The market size is forecast to increase by USD 1,582.69 million. This report extensively covers market segmentation by product (wood, plastic, corrugated paper, and metal) and end-user (food and beverages, chemicals and pharmaceuticals, retail, transportation and warehousing, and others). One of the key factors driving the market growth is the high applications of pallets in the shipping and load-handling sectors.
The Europe pallet market size is expected to increase by USD 6.20 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.99%. This report extensively covers the pallet market in Europe segmentation by product (wooden pallets, plastic pallets, corrugated pallets, and metal pallets) and geography (Western Europe, Southern Europe, Central and Eastern Europe, and Italy). The Europe pallet market is experiencing significant growth, primarily driven by its extensive applications in the shipping and load handling sectors.
Table Of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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