In 2020, the global pallet market size was valued at 78 billion U.S. dollars and is expected to reach over 110 billion U.S. dollars by 2027.
Pallets have become precious
The humble pallets have come in great demand and where there is demand, the prices also increase. Demand for platforms used to transport a wide range of products, from consumer goods to industrial ingredients, is growing amid the e-commerce explosion, which forces retailers and manufacturers to expand their warehouses and increase stocks. Analysts estimate that the market will remain a hot one, considering that construction works reach a peak level in spring when the economies reopen. Wood pallets are a standard way of transporting products that are easy to move with forklifts. In general, pallets are bought or rented by product manufacturers and are included in the costs of transport packaging. On the other hand, when a retailer runs out of pallets, recycling companies recycle, repair, and resell them. Analysts estimate that there are approximately five billion pallets in use worldwide, of which two billion are in the United States alone. About 90% of the pallets are made of wood and the rest are made of plastic, metal, or cardboard.
Opportunity for plastic pallets
The price of used wood and key ingredients like nails or wire has grown significantly in the last year. Hence, the price of wooden pallets has reached a record level. At the same time, there is a lack of workers willing to assemble wooden pallets. Such pressures might seem like an opportunity for plastic pallets, which are lighter, more durable, and easier to clean. Furthermore, the shift to robotics and artificial intelligence in warehouses and distribution centers are factors that benefit larger pallets and tracking technology, which are both features of plastic pallets. But they have some disadvantages: they are three times more expensive, which discourages most companies from the transition from wood to plastic.
Revenue of the pallet market worldwide from 2019 to 2027
(in billion U.S. dollars)
This Statista estimate is based on the 2027 values and the compound annual growth rate from 2020 to 2027 of 5.1 percent, which were provided by the source. An exponential development of the market was assumed.
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Statista. (April 14, 2021). Revenue of the pallet market worldwide from 2019 to 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved February 02, 2023, from https://www.statista.com/statistics/1228432/global-pallet-market-size/
Statista. "Revenue of the pallet market worldwide from 2019 to 2027 (in billion U.S. dollars)." Chart. April 14, 2021. Statista. Accessed February 02, 2023. https://www.statista.com/statistics/1228432/global-pallet-market-size/
Statista. (2021). Revenue of the pallet market worldwide from 2019 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: February 02, 2023. https://www.statista.com/statistics/1228432/global-pallet-market-size/
Statista. "Revenue of The Pallet Market Worldwide from 2019 to 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 14 Apr 2021, https://www.statista.com/statistics/1228432/global-pallet-market-size/
Statista, Revenue of the pallet market worldwide from 2019 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1228432/global-pallet-market-size/ (last visited February 02, 2023)
Revenue of the pallet market worldwide from 2019 to 2027 (in billion U.S. dollars) [Graph], Statista, April 14, 2021. [Online]. Available: https://www.statista.com/statistics/1228432/global-pallet-market-size/