North America Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

North America Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112024A1736
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Market Overview:

The North America pallet market size reached 3.0 Billion Units in 2022. Looking forward, IMARC Group expects the market to reach 3.8 Billion Units by 2028, exhibiting a growth rate (CAGR) of 3.64% during 2023-2028. The escalating demand for durable, efficient, and environmentally friendly pallets, considerable reliance on e-commerce platforms for purchasing products and services, and increasing sustainability trends represent some of the key factors driving the market growth.

Report Attribute
 Key Statistics 
Base Year
2022
Forecast Years
2023-2028
Historical Years
2017-2022
North America Pallet Market Size in 2022
3.0 Billion Units
North America Pallet Market Forecast in 2028
3.8 Billion Units
North America Pallet Market Growth Rate (2023-2028) 3.64%


A pallet is a flat, portable platform or base used for stacking, storing, and transporting goods. It is made of wood, plastic, and metal and designed to support heavy loads in a stable manner. It is used as a fundamental tool in logistics and supply chain management for efficient handling and movement of goods within warehouses, factories, and distribution centers. It is often standardized in size to ensure compatibility with material handling equipment, such as forklifts and pallet jacks. Besides this, its standardized design allows for easy stacking, storage optimization, and secure transition of goods. It helps in reducing product damage, improving efficiency, and facilitating the smooth flow of goods throughout the supply chain. It is employed across various industries, including retail, manufacturing, agriculture, and transportation across North America.

 

 
 

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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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There is a rise in the utilization of pallets in industries, such as automotive, pharmaceuticals, food and beverage, and consumer goods, for material handling and storage. Apart from this, companies operating in the region are focusing on optimizing their supply chains, which is further contributing to the market growth. Sustainability and recyclability are becoming prominent considerations, with businesses increasingly opting for environment friendly pallets made from recyclable materials. Furthermore, government regulations and industry standards are continuously influencing the use of standardized pallets. Moreover, the increasing integration of automation and artificial intelligence (AI) in warehousing operations for optimal efficiency is driving the need for standardized pallets to ensure smooth operations in the region.

North America Pallet Market Trends/Drivers:

Considerable reliance on online shopping platforms

The increasing reliance on online shopping is catalyzing the demand for pallets in North America. E-commerce companies require efficient warehousing and order fulfillment processes to meet customer expectations for fast and reliable deliveries. Pallets play a crucial role in streamlining these operations by providing a standardized and organized system for storing and transporting goods. The ability to stack pallets ensures optimal use of warehouse space, making it easier to locate and retrieve items for order fulfillment. Moreover, pallets facilitate smooth loading and unloading of goods onto delivery vehicles, enabling timely and efficient transportation. As online shopping continues to increase, the demand for pallets is expected to grow further in North America.

Increasing product utilization in industrial and manufacturing sectors

The industrial and manufacturing sectors in North America are heavily relying on pallets for material handling and storage. Industries, such as automotive, pharmaceuticals, and food and beverage (F&B) need efficient logistics and supply chain operations to meet production demands. Pallets provide a stable and standardized platform for storing and transporting raw materials, components, and finished products within manufacturing facilities and distribution centers. The use of pallets enhances operational efficiency by enabling easy movement of goods using forklifts and other material-handling equipment. Additionally, pallets contribute to better inventory management, reducing the risk of product damage and improving overall productivity. With the continuous growth of industrial and manufacturing activities in North America, the demand for pallets is expected to increase.

North America Pallet Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the North America pallet market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on type, application and structural design.

Breakup by Type:

  • Wood
  • Plastic
  • Metal
  • Corrugated Paper
     

Wood dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes wood, plastic, metal and corrugated paper. According to the report, wood pallets represented the largest segment.

Wooden pallets hold the largest market share in the North American region as wood is generally less expensive than other materials, such as plastic and metal, which makes wooden pallets an affordable choice for many businesses, particularly for single-use applications. Besides this, wooden pallets are often chosen for their robustness and considered capable of supporting heavy loads without compromising structural integrity.

The increasing use of wooden pallets in food and beverage (F&B) and pharmaceuticals industries, due to the proven track record and compatibility with most handling and storage systems is driving their demand in North America. Furthermore, with an increasing emphasis on sustainability, the recyclability of wooden pallets is a significant factor. Besides this, at the end of their lifecycle, these pallets can be repurposed or transformed into biofuel, thereby reducing waste and contributing to circular economy objectives.

Breakup by Application:

  • Food and Beverages
  • Chemicals and Pharmaceuticals
  • Machinery and Metal
  • Construction
  • Others
     

Food and beverages (F&B) hold the largest share in the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others. According to the report, food and beverages accounted for the largest market share.

The food and beverage industry is currently acting as the principal application segment for pallet usage in North America. Stringent safety and hygiene regulations are constantly being upheld, and this is ensuring the persistent use of pallets to avoid contamination risks. As this sector continues to streamline its logistics for efficient loading, unloading, and warehouse organization, pallets are playing a pivotal role in reducing product damage. In addition to this, pallets, particularly those made of resistant materials like plastic, are consistently meeting the cold storage requirements of the industry. As the sector increasingly adopts automated systems, the standardized dimensions of pallets are regularly facilitating smooth handling and storage processes. Moreover, the increasing utilization of pallets for robust export activities to assure efficient and secure transportation of food and beverage products is impelling the market growth in the region.

Breakup by Structural Design:

  • Block
  • Stringer
  • Others
     

Block represents the largest market segment

A detailed breakup and analysis of the market based on the structural design has also been provided in the report. This includes block, stringer and others. According to the report, block accounted for the largest market share.

Presently, industries operating in the region are persistently favoring block pallets due to their superior load-bearing capacity and their ability to be accessed from all four sides, qualities that are optimizing material handling operations. Furthermore, block pallets are demonstrating unparalleled compatibility with various handling and lifting equipment, thus catering to the needs of automated warehouses and modern logistics systems that are constantly evolving. In addition, their durability and ability to be reused multiple times are ensuring that block pallets are maintaining their position as a cost-effective solution for many businesses. The adaptability of block pallets to different load sizes and types is also encouraging their continuous adoption across diverse sectors.

Breakup by Country:

  • United States
  • Canada
     

The report has also provided a comprehensive analysis of all the major regional markets, which include United States and Canada.

The U.S. is presently home to a vast number of industries, including F&B, pharmaceuticals, and logistics, all of which are continually needing pallets. This, along with a considerable reliance on e-commerce platforms and online applications, is consistently necessitating the need to maintain efficient and reliable logistics solutions and driving the market. Furthermore, the stringent regulatory landscape of the country concerning the transportation and storage of goods is leading to a continuous need for high-quality, compliant pallets. Additionally, technological advancements and the adoption of automated systems in warehousing and logistics operations are stimulating the market further.

Competitive Landscape:

Companies operating in the North American region are adopting numerous strategies to strengthen their market position. Several players are persistently investing in research and development (R&D), striving to innovate and refine pallet design for increased durability, load capacity, and efficiency. They are also focusing on sustainable solutions, developing and promoting reusable and recyclable pallets in response to the growing environmental consciousness and regulatory requirements. Many businesses are expanding their product offerings to accommodate the diverse needs of various industries and forming strategic alliances and partnerships to broaden their market reach and share technological advancements. In terms of customer relations, companies are continually enhancing their service quality to ensure timely delivery and efficient after-sales services, thereby building customer loyalty.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

North America Pallet Market Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units Billion Units
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Type
  • Application
  • Structural Design
  • Country
Types Covered Wood, Plastic, Metal, Corrugated Paper
Applications Covered Food and beverages, Chemicals and pharmaceuticals, Machinery and metal, Construction, Others
Structural Designs Covered Block, Stringer, Others
Countries Covered United States, Canada
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the North America pallet market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the North America pallet market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the North America pallet industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The North America pallet market reached a volume of 3.0 Billion Units in 2022.

We expect the North America pallet market to exhibit a CAGR of 3.64% during 2023-2028.

The introduction of multiple-trip pallets, as they offer a lower cost per trip, minimize solid waste, enhance operational efficiency, etc., is primarily driving the North America pallet market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several North American nations, resulting in the temporary closure of numerous manufacturing units for pallets.

Based on the type, the North America pallet market can be categorized into wood, plastic, metal, and corrugated paper. Currently, wood accounts for the majority of the total market share.

Based on the application, the North America pallet market has been segregated into food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others. Among these, the food and beverage sector holds the largest market share.

Based on the structural design, the North America pallet market can be bifurcated into block, stringer, and others. Currently, block exhibits a clear dominance in the market.

On a regional level, the market has been classified into United States and Canada, where United States currently dominates the North America pallet market.

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North America Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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