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The India Pallet Market size is forecast to increase by USD 806.29 million, at a CAGR of 8.83% between 2023 and 2028. The development rate of the market depends on several factors such as the growing manufacturing manufacturing in this region, the development of e-commerce manufacturing in this region, and the development of containerization in this region. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the e-commerce sector in India drives the market. Due to expanding consumer demand for online items including food and beverages, pharmaceuticals, and others, increased Internet connectivity, and smartphone penetration, the e-commerce sector in this region has been growing at a breakneck rate. In addition, India's Internet user base is likely to grow as the country's digital revolution continues. Furthermore, India's urban population is rapidly expanding.
For instance, in this region, the urban population base increased from 33.6% in 2019 to 34.03% in 2021, according to The World Bank Group (WBG). Moreover, people living in urban areas in India are increasingly placing orders on e-commerce platforms. In addition, Amazon.com Inc. and Flipkart Internet Pvt. Ltd. are two of India's biggest e-commerce companies. Furthermore, these businesses are investing significantly in better logistics and payment systems and providing discounts, fueling the expansion of the e-commerce manufacturing. Hence, such factors are positively impacting the pallet market in India. Therefore, it is expected to drive the market during the forecast period.
The rising popularity of pallet tracking technologies is an emerging trend in the market. In a supply chain, the effectiveness of logistics and warehouse operations is crucial in determining material handling and transportation costs. In addition, to keep ahead of the competition, some pallet manufacturers are constantly working on customizing their products to meet the needs of their consumers.
Moreover, to improve the operational efficiency of logistics operations, it is critical to deploy cost-effective and time-saving material handling equipment. In addition, pallets are being implanted with tracking technologies, such as radio-frequency identification (RFID), sensors, and tags, to facilitate supply chain monitoring. RFID tracking tags for pallets are one of the best alternatives for improving container packing and logistics operations, which increases the level of automation in inventory management and warehousing tracking systems. Hence, such factors are positively impacting the pallet market in this region. Therefore, it is expected to drive the market during the forecast period.
Volatility in raw material prices is hindering the market during the forecast period. Raw material prices, including wood, are highly fluctuating, depending on the global economic situation and factors such as the current price elasticity of commodities. In addition, the prices of wood products like plywood, oriented strand board (OSB), and others rise as prices of raw materials rise.
Moreover, the availability of wood in this region has decreased, resulting in price volatility. In addition, the scarcity of wood is related to an increase in deforestation and a decrease in the number of new tree plantations. Furthermore, growing capacity expansion activities in wood processing factories across India, without considering the long-term acquisition of raw materials, is widening the gap between the demand for and supply of wood. Hence, such factors are negatively impacting the pallet market in India. Therefore, it is expected to hinder the market during the forecast period.
The commercial and industrial segment is estimated to witness significant development during the forecast period. The commercial and Industrial segment of the market is expected to grow due to the increasing use of pallets in commercial and industrial applications. In addition, the segment comprises commercial buildings, such as warehouses and industrial buildings, among others. Furthermore, this segment is expected to grow, this region is likely to invest heavily in commercial and industrial activities.
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The commercial and industrial segment was the largest segment and was valued at USD 975.70 million in 2018. For example, the development of the segment is driven by factors such as the government's decision to allow 100% foreign direct investment (FDI) in the construction manufacturing, the rapidly growing economy, the increase in various industrial projects and industrial corridor and infrastructure development projects like Bharatmala and Sagarmala. Furthermore, factors such as population development, rising employment opportunities, and rapid infrastructural development are driving the development of the above industries. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
Based on the end-user, the market has been segmented into food and beverages, chemicals and pharmaceuticals, retail, construction, and others. The food and beverages segment will account for the largest share of this segment. The food and beverage manufacturing unit in this region is poised for huge development due to the increase in the demand for food and beverages in this region. In addition, the rise in population in this region has resulted in a very high demand for food and beverages. Moreover, factors, including increased agricultural production, better storage facilities, and changing consumer food preferences, have also paved the way for the development of food and beverage manufacturing unit in this region. In addition, there have also been high exports of food and beverage products from this region, mainly to countries in the Middle East and Southeast Asia. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AKS Packaging Solutions Ind: The company offers cycling jersey such as graphic jersey, bib shorts, short sleeve cycling jersey and others
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Akash Industries, Aristoplast Products Pvt. Ltd., B. D. Industries India Pvt. Ltd., Brambles Ltd., DNA Packaging Systems, DONRACKS TMTE Metal Tech Pvt Ltd, Ergen Plastic Industries, EXZOD India Pvt Ltd, Giraffe Storage Solutions, Greif Inc., ImPakt Packaging, Jay Wood Industry, LEAP India Pvt. Ltd., Maxstor Pty Ltd., Nefab AB, Nilkamal Ltd., The Supreme Industries Ltd., VV Hitech Innovations India Pvt Ltd., and Stakall
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, manufacturing-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It emphasizes adoption rates across various regions, determined by penetration levels. Additionally, the report outlines essential purchasing factors and factors influencing price sensitivity. This aids companies in assessing and formulating effective development strategies.
Customer Landscape
The market report forecasts market growth by revenue and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
The market serves diverse industries like agricultural firms, food and beverage, construction, pharmaceuticals, e-commerce, and logistics. With research and development driving technological advancements, plastic pallets gain traction due to their multiple-trip usability and recyclability. Government emphasis on reusing and recycling aligns with consumer awareness of sustainability, impacting market trends. While lumber supply influences the availability of high-quality timber, the building and construction sector witness variations in softwood output and hardwood production, affecting the furniture and wood flooring industries.
Moreover, the packaging manufacturing, including flexible packaging solutions, relies on pallets for efficient handling. Export and import activities further shape the market, reflecting its dynamic nature amidst evolving industrial demands and environmental considerations.
India Pallet Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.83% |
Market Growth 2024-2028 |
USD 806.29 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.51 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Risks |
Key companies profiled |
Akash Industries, AKS Packaging Solutions Ind., Aristoplast Products Pvt. Ltd., B. D. Industries India Pvt. Ltd., Brambles Ltd., DNA Packaging Systems, DONRACKS TMTE Metal Tech Pvt Ltd, Ergen Plastic Industries, EXZOD India Pvt Ltd, Giraffe Storage Solutions, Greif Inc., ImPakt Packaging, Jay Wood Industry, LEAP India Pvt. Ltd., Maxstor Pty Ltd., Nefab AB, Nilkamal Ltd., The Supreme Industries Ltd., VV Hitech Innovations India Pvt Ltd., and Stakall |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Material
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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