According to Future Market Insights research, during the projected period, the global foldable and collapsible pallets market is expected to grow at a CAGR of 4.5%. The market value is projected to increase from US$ 788.9 Million in 2022 to US$ 1,225.1 Million by 2032.
The demand for the overall paper foldable and collapsible pallets is projected to propel with the top 5 companies estimated to hold around 37% of the global foldable and collapsible pallet market by the end of 2022.
Based on the end use, the shipping and logistics products segment is projected to remain the lucrative segment among the other applications. The same segment is projected to capture around half portion of the market by the end of the forecast period.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 788.9 Million |
| Market Size 2032 | US$ 1,225.1 Million |
| Value CAGR (2022 to 2032) | 4.5% |
| Collective Value Share: Top 3 Countries (2022E) | 37% |
The trend for foldable pallets among the consumer due to their easy portability and convenience for the consumer on the go which augments the sales of foldable and collapsible pallets. The global demand for foldable and collapsible pallets is expected to witness growth at 4.5% CAGR over the next decade.
The foldable and collapsible pallets market has experienced lucrative growth in 2022. A new forecast by FMI estimates that the foldable and collapsible pallets market revenues will boost during the forecast period and are anticipated to create an absolute growth opportunity of US$ 470 Million.
The foldable and collapsible pallets market is anticipated to expand 1.55 times the current market value during 2022-2032 as foldable pallet containers seem to be the attractive preference from the point of view of saving transport costs as well as handling charges.
The Europe and North America region is estimated to remain the lucrative markets for foldable and collapsible pallets manufacturers due to the expanding food & beverage and pharmaceutical industry in these regions which generates hefty demand for foldable and collapsible pallets.
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The global foldable and collapsible pallets market witnessed steady growth at a CAGR of 4.1% over the historic period of 2017 to 2021. The foldable and collapsible pallets market reached around US$ 754.8 Mn by the end of 2021.
The problem for shipment and heavy cost incurred in shipment can be a big problem in the packaging industry which is been solved by the foldable and collapsible market, space-saving easy transportation with less cost can be one of the big drivers for the market, nowadays every industry is forwarding to smart and innovative packaging, pallets that are foldable and collapsible are frequently used in the consumer goods sector to package and store goods. These pallets can be found in a variety of sizes and forms, making them perfect for a range of uses.
In the food and beverage business, foldable and collapsible pallets are frequently used to store, transport, and package a variety of food items according to consumer choice. Compared to conventional wooden or metal pallets, these pallets have a number of advantages, including being lighter in weight, simpler to clean, and more affordable. Additionally, they are simple to fold and store away when not in use, saving valuable storage space. Farmers and agricultural businesses are investing in packaging options that enhance the handling, storage, and shipping of fresh fruit. Additionally, it is anticipated that demand in the bakery, dairy, beverage, meat, and other food processing industries would rise, driving the market during the projection period.
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According to a recent global survey by Future Market Insights, manufacturers of foldable and collapsible pallets around the world prefer plastic because of its versatility, ease of availability, and affordability. The cost of raw materials incurred in the production of foldable and collapsible plastic pallets is cheaper than that of other materials like metal.
The use of plastic gives products flexibility and barrier protection, which need protection against external atmospheric effects. Between 2022 and 2032, it is predicted that sales of plastic foldable and collapsible pallets would increase by 1.6X globally. 35% of the pallet market is made up of rackable plastic pallets.
Shipping pallets are necessary to efficiently transfer huge amounts of merchandise between hubs in the shipping and logistics sector, which generates lucrative demand for the market for collapsible and foldable products. For handling and delivering products, pallets are safer. Foldable pallets offer considerable space and fuel savings, especially during return trips. They collapse when not in use. Pallets can withstand changing temperatures. Foldable plastic pallets are 20–30 kg lighter than regular pallets, which lowers the overall weight-related transportation costs. In the years to come, demand in the Indian market will also be boosted by advances in supply chain management and a rise in the use of technologically advanced packaging techniques. Due to the development of active tracking technology like RFID tagging and GPS, pallet tracking during transit has significantly increased in efficiency.
The Pallet demand in the pharmaceutical sector is predicted to increase, making the nation a desirable market in the approaching years. This is also a result of the increased incidence of lifestyle diseases like obesity and diabetes in the nation.
The usage of pallets in the pharmaceutical sector lowers the risk of product contamination. Pallets are a common tool used by makers of pharmaceuticals and dietary supplements to reduce contamination risk and product waste.
The increased popularity of foldable and collapsible pallets across the pharmaceutical industry has forced many players to use it as a cost-saving and protective packaging solution to gain a competitive edge over others.
Collapsible and foldable pallets are an appealing and sustainable solution for the customer and producer due to their excellent performance, long lifespan, and flexible configurations, which will help to meet the growing need for pharmaceutical packaging in the Europe region.
An key market factor boosting pallet usage in the Indian market is the country's substantial manufacturing sector growth. Due to government programmes like "Make in India" and the implementation of the GST tax structure in the upcoming years, the manufacturing sector in India is ready to take off and demonstrate a sustainable rise. Such reforms are probably going to have a good effect on India's manufacturing industry.
The expansion of the warehouse business is probably going to get a large boost thanks to the boost the manufacturing sector has received, and as a direct result, the pallets industry in India is probably going to grow greatly.
Pallet use in the Indian market is also projected to increase because to the rising demand for safe transportation of commodities and other materials. Over the course of the projection period, all of these factors are projected to support the market for pallets in India.
The expansion of the India pallets market, however, is anticipated to be constrained by the fall in global trade and the labour-intensive nature of the Indian economy. Additionally, the development of the India pallets market is probably going to be constrained by a lack of adequate warehousing infrastructure.
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With the presence of various local and regional competitors in the market, the global foldable and collapsible pallets market is highly competitive. Key players are focusing on various different strategies to increase their revenue and market share in the global market such as capacity expansion, mergers & acquisitions, expansions, collaborations, and partnerships. Some of the recent developments in the market are as follows-
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segment Covered | Material, Capacity, End Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa (MEA) |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | UltraTech International, Inc.; Robinson Industries Inc.; T.M. Fitzgerald & Associates; Jonesco (Preston) Ltd; Qingdao Huading Imp. And Exp. Co., Ltd.; Tranpak, Wanzi; Ergen Plastic Industries; Schoeller Allibert; 1Logistics Zuralski; Swift Technoplast Private Limited; Time Technoplast Limited; CABKA Group; Olitec Packaging Solutions; Schoeller Allibert; Rowlinsons Packaging Ltd.; Palette L.C.N inc; GEOPALL L.L.C.; Orbis Corporation |
| Customization | Available Upon Request |
In 2022, the global foldable and collapsible pallets market was worth US$ 788.9 Mn.
During the historic period, the global foldable and collapsible pallets market expanded at a CAGR of 4.1%.
The foldable and collapsible pallets market is expected to expand at a compound annual growth rate (CAGR) of 4.5% during 2022-32.
During the forecast period, plastic is likely to be the most preferred material across the global foldable and collapsible pallets market.
UltraTech International, Inc.,Robinson Industries Inc.,T.M. Fitzgerald & Associates ,Jonesco (Preston) Ltd ,Qingdao Huading Imp. And Exp. Co., Ltd. ,Tranpak, Wanzi ,Ergen Plastic Industries ,Schoeller Allibert ,1Logistics Zuralski ,Swift Technoplast Private Limited ,Time Technoplast Limited ,CABKA Group ,Olitec Packaging Solutions, Schoeller Allibert ,Rowlinsons Packaging Ltd., Palette L.C.N inc, GEOPALL L.L.C.
The U.S., China and Germany are the top 3 countries anticipated to create a high growth opportunity for the foldable and collapsible pallets market.
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Foldable And Collapsible Pallets Market
