A recent report on the global pallet market predicts that the market will reach 4 billion units by 2023. This is based on a projected compound annual growth rate of nearly 5 per cent over the forecast period.
The report by market research company IMARC Group titled "Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" found that the industry was worth 3 billion units in 2017 and that the demand for pallets continues to grow year on year.
Reasons for positive growth in the global pallet market
Some of the contributing factors for continued growth in the global pallet market according to the IMARC report include:
- A rise in expenditure on housing and infrastructure due to an increase in disposable incomes and rapid urbanisation.
- An increase in the use of multiple-trip pallets instead of single-trip pallets. Multiple-trip pallets have been found to cost less per-trip, eliminate solid waste and improve operational efficiency.
Plastic pallets are primarily used by the food and beverage industry according to the IMARC report. Other major sectors include construction, chemical and pharmaceutical, machinery and metal.
North America represents the most significant share by region when it comes to the global pallet market. Other major global markets include the Asia-Pacific region, Europe, the Middle East, Latin America and Africa.
Plastic pallets benefit the food and beverage industry
The grocery sector within Australia is a significant driver of pallet usage. The Australian food and grocery sector was worth $127.4 billion in 2017, according to the Australian Food and Grocery Council's 2017 State of the Industry report. More than 7,300 industry jobs were created in 2015-16, and 320,300 people were employed, representing over 33 per cent of Australian manufacturing jobs.
Plastic pallets are especially suited for use in the food and beverage industry due to their superior hygiene and sanitary properties. The Eco Pallets food and beverage range includes plastic pallets that are specifically designed to transport groceries. These plastic pallets are one of the most hygienic ways to transport food because they're damage resistant, easy to clean and can last for years, which makes them a sound investment.
For more information on how your company can benefit from using plastic pallets instead of wooden pallets, don't hesitate to get in touch with Eco Pallets today.