IMARC Group’s latest report, titled “India Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the India pallet market is expected to grow at a CAGR of XX% during 2022-2027. Pallets are flat structures used as a base for heavy goods to be moved using a forklift or a front loader. They are manufactured with different materials, including wood, plastic, and metals, depending on the application. They are secured using stabilization materials like pallet collars, stretch wraps, and adhesives. They generally last for 5-7 years and can be re-used and repaired in case of any damage. In India, pallets are widely utilized in shipping, stacking, transporting, and storing products and materials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Pallet Market Trends:
The India pallet market is primarily driven by the growing food and beverage industry. Pallets are used for handling during cold storage of perishable food products. The rise in the number of supermarkets and hypermarkets across the country has also escalated the demand for recyclable pallets that provide portability and high strength. With the rising penetration of the internet and expanding e-commerce industry, the need for logistics services is being spurred considerably, thereby bolstering the demand for pallets to offer safe and efficient transportation alternatives. Besides this, the increasing disposable income of the consumers on account of rapid urbanization and industrialization has elevated their expenditure on housing and infrastructural activities. As a result, there has been an increased demand for pallets as they simplify the process of loading and unloading and ensure the safe delivery of goods. Moreover, manufacturers are introducing smart pallets with RFID microchips with different functionalities, such as product tracking, inventory management, and asset tracking, which is significantly influencing the market growth. They are also investing in research and development (R&D) activities to incorporate technological innovations in the production of pallets.
- Based on the type, the market has been segmented into wood, plastic, metal and corrugated paper.
- On the basis of the application, the market has been classified into food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others.
- The market has been categorized based on the structural design into block, stringer, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report with the detailed profiles of some of the key players operative in the industry.
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