NEWARK, Del, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global wood pallets market size reached US$ 2.3 billion in 2022. Revenue generated by the wood pallet sales is likely to be US$ 2.5 billion in 2023. Between 2023 and 2033, demand for wood pallets is poised to soar at a 5.4% CAGR, reaching US$ 4.0 billion by 2033 end.
Wood pallets have seen a substantial increase in recent years. Their reliability, long-term sustainability, and affordability make them highly tempting for end use industries. The increased emphasis on environmentally friendly packaging solutions is the key factor driving wood pallets market growth.
Wood pallets are 100% recyclable and constructed from materials that have been recycled. As a consequence, they serve as an outstanding replacement for traditional plastic pallets. Furthermore, wood pallets have an extended life cycle and necessitate minimal maintenance, lowering the general environmental effect. As a result of these reasons, the eco-friendly wood pallet industry has recently experienced tremendous expansion.
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The market is also predicted to expand since there is a rising demand for sustainable and affordable packaging solutions. With the fast development of end use industries and increasing requirements for solid packaging solutions to safeguard commodities during warehousing and shipping, the overall demand for wood pallets is projected to go up. Many businesses are striving to decrease their carbon footprint and enhance the efficiency of their supply chains right now. As an outcome, wood pallets are anticipated to become a more popular alternative.
The market's prominence can potentially be ascribed to rising demands from e-commerce shipping, logistics, and construction industries. In the past few decades, the e-commerce industry has grown exponentially. This trend is projected to continue over the forecast period. Demand for wood pallets is anticipated to continue to grow in the e-commerce industry since these are great packaging options for logistics and shipping. Pallets have been in high demand in the United States as organizations shifted from offline to online sales owing to the growing necessity to maintain coordinated logistics systems for the smooth operation of the supply chain.
“In 2023, there is an anticipated surge in the demand for eco-friendly packaging options. This surge is going to directly impact the demand for wood pallets in North America and Asia Pacific. The United States, China, and India are likely to play a significant role, collectively making up around half of the wood pallets market share.” according to a lead packaging analyst at FMI.
Key Takeaways from the Wood Pallets Market
- In the North America wood pallets sector, the United States and Canada emerges as leading markets in 2023 with 22.3% and 3.4% market share, respectively.
- In the Europe wood pallets industry of 2023, Germany and the United Kingdom take the lead, capturing significant market shares of 4.6% and 2.9%, respectively.
- In 2023, China and India stand out as the dominant markets in the Asia Pacific wood pallets market, capturing market shares of 17.4% and 7.9%, respectively.
- The market is commanded by the hardwood segment by product type, commanding 63.0% of the global wood pallets industry in 2023.
- The logistics and transportation industry is the leading segment by end use, with a 41.1% share of the global wood pallets industry market in 2023.
| Wood Pallets Market Size (2023) | US$ 2.5 billion | |
| Wood Pallets Market Projected Size (2033) | US$ 4.0 billion | |
| Wood Pallets Market Forecasted Value CAGR (2023 to 2033) | 5.4% | |
Key Players and Strategies for Success in the Wood Pallets Market
Key players in the wood pallets industry are employing a multidimensional approach to ensure sustained success. Here are the key market players' top 5 strategies for success in the market:
- Prioritizing responsibly sourced wood to meet environmental and regulatory standards.
- Investing in research and development to create innovative pallet solutions.
- Establishing a robust supply chain network to serve a wide geographic area efficiently.
- Forming strategic alliances with different stakeholders in the supply chain.
- Expanding product offerings to include related services like pallet rental, repair, and recycling.
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Key Players in the Market:
- Interpak Industries Pvt. Ltd.
- Tri-Wall Holdings Limited
- PalletOne
- Falkenhahn AG
- Larson Packaging Company
- Inka-paletten
- PECO Pallet
- John Rock, Inc.
- Millwood, Inc.
- United Pallet Services Inc.
- Herwood Inc.
- DNA Packaging Systems
- Kronus LTD
- Litco International Inc.
- LCN Pallets and Wooden Cases
- Anderson Pallet and Crate
- others
Recent Developments in the Wood Pallets Market
CHEP reported in December 2021 that it leased and repurposed 345 million wooden pallets used in the transportation of goods, cutting expenditures and the overall ecological footprint. Through a collaboration with the food and beverage company Clover, the business managed to cut waste by 59%, wood usage by 71%, and greenhouse gas emissions by 56%.
In July 2022, Associated Pallets, considered to be the top companies worldwide in the wood pallets market, defined that their manufactured goods are produced from an assortment of hardwood and softwood because this provides the embedded resilience necessary for the storage and transportation of products. The company manufactures goods that comply with all ISO high-quality standards.
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Key Segmentations-
Wood Pallets Market by Wood Type:
- Hardwood
- Softwood
Wood Pallets Market by Entry Type:
- Four Ways
- Two Ways
Wood Pallets Market by End Use:
- Food and Beverages
- Building and Construction
- Pharmaceuticals
- Consumer Electronics
- Cosmetics & Personal Care
- Logistics and Transportation
- Others (Automotive, Textiles and etc.)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Have a Look at Related Reports of the Packaging Domain:
Presswood Pallets Market Size: The global presswood pallets market size was valued at US$ 3.08 billion in 2022. The market is anticipated to experience a CAGR of 5.9% from 2023 to 2033.
Molded Wood Pallets Market Share: Molded wood pallets revenues are expected to reach US$ 4.66 billion by 2033, up from US$ 2.70 billion in 2023.
Asia Pallets Market Trends: Asia pallets market size is expected to surge at a CAGR of 5.8% in the forecast period. The market value is projected to increase from US$ 18,285.1 million in 2023 to US$ 32,179.0 million by 2033.
Corrugated Wraps Market Growth: The global market is expected to accumulate a market value of US$ 5,820.2 million by registering a CAGR of 4.5% from 2023 to 2033.
Eco-friendly Paper Plates Market Scope: The global eco-friendly paper plates market size is set to reach a valuation of US$ 1.17 billion in 2023 and further expand at a CAGR of 4.50% from 2023 to 2033.
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