The Asia Pacific Pallets Market would witness market growth of 5.2% CAGR during the forecast period (2022-2028).
Pallet style refers to elements such as whether a pallet has a single or double face (single or both top and bottom deck) and whether it is reversible (either side can be used for the top deck) or non-reversible (having top and bottom deck but only one intended for use as a top deck). Pallet design also takes into account different bottom deck arrangements. A skid is another name for a single-faced pallet.
Pallet demand is predicted to skyrocket as the e-commerce industry continues to grow at an unprecedented rate. The COVID-19 pandemic has increased people's interest in e-commerce platforms, especially in nations like India, where it was previously less common. As a result of the increased use of e-commerce platforms, supply chains have been forced to create transportation and logistics in order to control the flow and cost of departing and incoming commodities. Online orders are smaller and more frequent, necessitating more assets for inventory management. As a result, there is a demand for pallets for e-commerce-based logistics, which propels the pallets market forward.
One of the primary factors of India's pallet market growth is the country's rising manufacturing industry. To boost manufacturing, the Indian government provides industry-specific subsidies. These steps are likely to have a positive impact on India's manufacturing sector. As the manufacturing industry grows, so will the production volumes of various products, which will have a direct impact on pallet demand. Furthermore, manufacturers and stakeholders are emphasizing the implementation of safer transportation modules for commodities and consumer goods, which is driving up pallet demand. Such factors are projected to boost the pallet market in India during the forecast period.
By 2030, India's internet shopper base would have grown to approximately 500-600 million people, making it the world's second-largest. In the last 13 years, India's internet penetration has risen dramatically, from 4.8 percent in 2008 to 61 percent in 2021. Tier 2+ cities will account for 88 percent of new online shoppers and $150 billion in incremental online retail GMV between CY20 and CY30. The rising e-commerce sector in India could also lead to higher demand for pallets market in the upcoming years.
The China market dominated the Asia Pacific Pallets Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12,315.8 million by 2028. The Japan market is poised to grow at a CAGR of 4.4% during (2022 - 2028). Additionally, The India market would display a CAGR of 5.8% during (2022 - 2028).
Based on Material, the market is segmented into Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper, and Metal. Based on Type, the market is segmented into Stackable, Nestable, Rackable, and Display. Based on Application, the market is segmented into Non-rental and Rental. Based on End-use, the market is segmented into Food & Beverages, Chemical, Retail, Pharmaceutical, and Others. Based on countries, the market is segmented into China, Japan, India, Australia, South Korea, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Pallets Market is Projected to reach USD 104.4 Billion by 2028, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Brambles Limited, Schoeller Allibert B.V., UFP Industries, Inc., Cabka Group GmbH, Rehrig Pacific Holding, Inc., Craemer Holding GmbH, Menasha Corporation, Loscam International Holdings Co., Ltd., Millwood, Inc., and Falkenhahn AG.
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