US Pallet Market by Product, and End-user -Forecast and Analysis 2023-2027

Published: Feb 2023 Pages: 136 SKU: IRTNTR75015

US Pallet Market Forecast 2023-2027

The US pallet market is estimated to grow by 222.89 million units at a CAGR of 2.86% between 2022 and 2027.  The growth of the market depends on several factors, including high applications of pallets in shipping and load-handling sectors, high penetration of the e-commerce industry in the US, and rising demand for plastic pallets. 

What will be the size of the Market During the Forecast Period?

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Key Drivers, Trends, Challenges, and Customer Landscape

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.

Key Driver

The high applications of pallets in shipping and load-handling sectors are notably driving market growth. These are a common type of goods or material or load-handling equipment that provide the required support during their transportation. As an integral part of supply chain management in various end-user industries, pallets are used for different tasks involving the storage, loading, and unloading of goods. Some of the common end-user industries include industrial goods and services, automotive, food processing, electrical and electronics, and others. The growing demand for material handling and, in turn, shipping and load-handling in these industries will drive the growth of the market in focus during the forecast period.

Moreover, the US, which is a highly developed economy, has a high per capita household income that will boost the demand for and consumption of various consumer products, including packaged products. The high disposable income will encourage consumers to try premium food and beverage products. The changing pattern of consumer preferences and rising demand from the processed food industry and other industries, such as industrial goods, are expected to drive the demand which in turn, will drive the market growth and trendst during the forecast period.

Significant Trend

The adoption of reusable pallets is one of the emerging market trends. Reusable pallets are manufactured using durable materials and can be used more than once. They do not warp, shrink, or splinter easily and can handle the harshest of climatic conditions. Owing to this, reusable lumber products are used by companies while shipping fragile products. They are also designed to withstand rough handling, which is typical in a logistics system. The logistics industry has been increasingly using reusable pallets to cut costs and avoid wastage. 

Traditional pallets require a large amount of storage space, however, reusable pallets take up less space as the logistics company requires fewer pallets. The use of reusable products thus helps in saving space in warehouses. Additionally, manufacturers and logistics companies can reduce their overall environmental impact by using reusable pallets. Hence, such factors will help in fueling the market growth during the forecast period.

Major Challenge

Environmental concerns related to the use of pallets are major challenges impeding market growth. Environmental concerns over the use of plastic pallets constitute a significant challenge to the market. Plastic pallets are more durable, but their production processes are highly energy-intensive and contribute to greenhouse gas emissions. Pallets made of plastic cannot be repaired. As a result, only new plastic pallets can be used to repair damaged pallets. Plastic pallet recycling is an energy-intensive process that may raise the carbon footprint; on the other hand, disposing of damaged plastic products increases the volume of non-recyclable solid waste.

Heavy machinery in the supply chain or during transit can damage wooden pallets. A wooden pallet may be substantially functional even after it is broken. Splinters from damaged wooden pallets may still shred or pierce product packaging due to their rough surfaces and edges. When a wooden pallet is destroyed, the sawdust, splinters, and wood fragments left behind might contaminate food products with foreign objects. Another significant issue associated with the use of wooden products is growing environmental concerns over deforestation, rising carbon footprint, and wastage of scarce natural resources. Thus, the aforementioned factors related to the use of pallets will negatively impact the growth of the market in focus during the forecast period.

Key Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

 Customer Landscape

Who are the Major Pallet Market in US Companies?

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.

CABKA Group GmbH - The company offers products such as grids, fences, inflow plates, temporary fence bases, material handling, big containers, slides, plastic shells, and other related products. 

The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

  • Arrington Lumber and Pallet Co.
  • Brambles Ltd.
  • Edwards Wood Products
  • General Pallets Inc.
  • Greystone Logistics Inc.
  • iGPS Logistics LLC
  • Indoff Inc.
  • Kamps Pallets Inc.
  • Larson Packaging Co.
  • Litco International Inc.
  • Menasha Corp.
  • Millwood Inc.
  • Myers Industries Inc.
  • Nelson Co.
  • PECO Pallet

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, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

The market share growth by the wood segment will be significant during the forecast period. Wooden pallets are the most widely used type of pallet owing to their higher price performance, reliability, and easy availability. Wood is stiffer and more affordable and can be easily fabricated into different sizes as needed. Composite wooden product available in the market are competitively priced and are available in different shapes, which can make the transportation and storage of goods easier. 

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The wood segment was valued at 1,234.86 million units in 2017 and continued to grow until 2021. Wooden pallets are being increasingly adopted by production units, distribution centers, and manufacturing units because of their cost-effectiveness. Recycled wooden products tend to be drier than new wooden pallets, which helps to strengthen the pallets, thus making them almost as durable as new products. Wooden pallets are strong, highly customizable, and available in a variety of sizes and strengths. They can be used for carrying goods weighing 1,500-3,000 pounds (lbs). In addition, wooden pallets can be repaired when they get damaged. Most of the demand for wooden pallets comes from the food and beverage, pharmaceutical, chemical, and consumer goods industries. Wooden products are widely used to pack, transport, and deliver food products such as fruits and vegetables, fish and seafood, oil, cheese, and dairy and bakery products. Many companies of wooden pallets have also started offering innovative products, such as half, quarter, and stackable pallets. This, in turn, is likely to fuel the market growth during the forecast period.

Market Analyst Overview

The market thrives on efficiency, catering to diverse industries like manufacturing, agriculture, and logistics. Platforms facilitate the transition of goods, utilizing material handling equipment such as forklifts and pallet jacks for stacking and storage optimization. With a focus on sustainability, environmentally friendly pallets made from recyclable materials meet government regulations and industry standards. Integration of automation and Artificial intelligence (AI) streamlines warehousing operations, meeting optimal efficiency amidst a reliance on online shopping. From order fulfillment processes to deliveries, the organized system optimizes warehouse space while meeting customer expectations. Across industrial sectors, including automotive, pharmaceuticals, and Food and beverage industry (F&B), pallets play a pivotal role in enhancing productivity and minimizing the risk of product damage.

Segment Overview

The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Product Outlook (Million Units, 2017 - 2027)
    • Wood
    • Plastic
    • Corrugated paper
    • Metal
  • End-user Outlook (Million Units, 2017 - 2027)
    • Food and beverages
    • Chemicals and pharmaceuticals
    • Retail
    • Transportation and warehousing
    • Others

Pallet Market In US Scope

Market Report Coverage

Details

Page number

136

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 2.86%

Market growth 2023-2027

222.89 mn units

Market structure

Fragmented

YoY growth 2022-2023(%)

2.31

Competitive landscape

 Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks

Key companies profiled

Arrington Lumber and Pallet Co., Brambles Ltd., CABKA Group GmbH, Edwards Wood Products, General Pallets Inc., Greystone Logistics Inc., iGPS Logistics LLC, Indoff Inc., Kamps Pallets Inc., Larson Packaging Co., Litco International Inc., Menasha Corp., Millwood Inc., Myers Industries Inc., Nelson Co., PECO Pallet, Rehrig Pacific Co., Sonoco Products Co., UFP Industries Inc., and Universal Package

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. 

Customization purview

If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Trends and Analysis Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the size of the market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across the US
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of the market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on US - Market size and forecast 2022-2027 (million units)
      • Exhibit 12: Data Table on US - Market size and forecast 2022-2027 (million units)
      • Exhibit 13: Chart on US: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on US: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Pallet market in US 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on Pallet market in US 2017 - 2021 (million units)
    • 4.2 Product Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – Product Segment 2017 - 2021 (million units)
    • 4.3 End-user Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – End-user Segment 2017 - 2021 (million units)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Product

    • 6.1 Market segments
      • Exhibit 25: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on Product - Market share 2022-2027 (%)
    • 6.2 Comparison by Product
      • Exhibit 27: Chart on Comparison by Product
      • Exhibit 28: Data Table on Comparison by Product
    • 6.3 Wood - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Wood- Market size and forecast 2022-2027 (million units)
      • Exhibit 30: Data Table on Wood- Market size and forecast 2022-2027 (million units)
      • Exhibit 31: Chart on Wood- Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Wood- Year-over-year growth 2022-2027 (%)
    • 6.4 Plastic - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Plastic- Market size and forecast 2022-2027 (million units)
      • Exhibit 34: Data Table on Plastic- Market size and forecast 2022-2027 (million units)
      • Exhibit 35: Chart on Plastic- Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Plastic- Year-over-year growth 2022-2027 (%)
    • 6.5 Corrugated paper - Market size and forecast 2022-2027
      • Exhibit 37: Chart on Corrugated paper- Market size and forecast 2022-2027 (million units)
      • Exhibit 38: Data Table on Corrugated paper- Market size and forecast 2022-2027 (million units)
      • Exhibit 39: Chart on Corrugated paper- Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on Corrugated paper- Year-over-year growth 2022-2027 (%)
    • 6.6 Metal - Market size and forecast 2022-2027
      • Exhibit 41: Chart on Metal- Market size and forecast 2022-2027 (million units)
      • Exhibit 42: Data Table on Metal- Market size and forecast 2022-2027 (million units)
      • Exhibit 43: Chart on Metal- Year-over-year growth 2022-2027 (%)
      • Exhibit 44: Data Table on Metal- Year-over-year growth 2022-2027 (%)
    • 6.7 Market opportunity by Product
      • Exhibit 45: Market opportunity by Product (million units)
      • Exhibit 46: Data Table on Market opportunity by Product (million units)

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 47: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on End-user - Market share 2022-2027 (%)
    • 7.2 Comparison by End-user
      • Exhibit 49: Chart on Comparison by End-user
      • Exhibit 50: Data Table on Comparison by End-user
    • 7.3 Food and beverages - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Food and beverages- Market size and forecast 2022-2027 (million units)
      • Exhibit 52: Data Table on Food and beverages- Market size and forecast 2022-2027 (million units)
      • Exhibit 53: Chart on Food and beverages- Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Food and beverages- Year-over-year growth 2022-2027 (%)
    • 7.4 Chemicals and pharmaceuticals - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Chemicals and pharmaceuticals- Market size and forecast 2022-2027 (million units)
      • Exhibit 56: Data Table on Chemicals and pharmaceuticals- Market size and forecast 2022-2027 (million units)
      • Exhibit 57: Chart on Chemicals and pharmaceuticals- Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Chemicals and pharmaceuticals- Year-over-year growth 2022-2027 (%)
    • 7.5 Retail - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Retail- Market size and forecast 2022-2027 (million units)
      • Exhibit 60: Data Table on Retail- Market size and forecast 2022-2027 (million units)
      • Exhibit 61: Chart on Retail- Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Retail- Year-over-year growth 2022-2027 (%)
    • 7.6 Transportation and warehousing - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Transportation and warehousing- Market size and forecast 2022-2027 (million units)
      • Exhibit 64: Data Table on Transportation and warehousing- Market size and forecast 2022-2027 (million units)
      • Exhibit 65: Chart on Transportation and warehousing- Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Transportation and warehousing- Year-over-year growth 2022-2027 (%)
    • 7.7 Others - Market size and forecast 2022-2027
      • Exhibit 67: Chart on Others- Market size and forecast 2022-2027 (million units)
      • Exhibit 68: Data Table on Others- Market size and forecast 2022-2027 (million units)
      • Exhibit 69: Chart on Others- Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on Others- Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by End-user
      • Exhibit 71: Market opportunity by End-user (million units)
      • Exhibit 72: Data Table on Market opportunity by End-user (million units)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 73: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 74: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 75: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 76: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 77: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 78: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 79: Matrix on vendor position and classification
            • 11.3 Brambles Ltd.
              • Exhibit 80: Brambles Ltd. - Overview
              • Exhibit 81: Brambles Ltd. - Business segments
              • Exhibit 82: Brambles Ltd. - Key offerings
              • Exhibit 83: Brambles Ltd. - Segment focus
            • 11.4 CABKA Group GmbH
              • Exhibit 84: CABKA Group GmbH - Overview
              • Exhibit 85: CABKA Group GmbH - Product / Service
              • Exhibit 86: CABKA Group GmbH - Key offerings
            • 11.5 General Pallets Inc.
              • Exhibit 87: General Pallets Inc. - Overview
              • Exhibit 88: General Pallets Inc. - Product / Service
              • Exhibit 89: General Pallets Inc. - Key offerings
            • 11.6 Greystone Logistics Inc.
              • Exhibit 90: Greystone Logistics Inc. - Overview
              • Exhibit 91: Greystone Logistics Inc. - Product / Service
              • Exhibit 92: Greystone Logistics Inc. - Key offerings
            • 11.7 iGPS Logistics LLC
              • Exhibit 93: iGPS Logistics LLC - Overview
              • Exhibit 94: iGPS Logistics LLC - Product / Service
              • Exhibit 95: iGPS Logistics LLC - Key offerings
            • 11.8 Indoff Inc.
              • Exhibit 96: Indoff Inc. - Overview
              • Exhibit 97: Indoff Inc. - Product / Service
              • Exhibit 98: Indoff Inc. - Key offerings
            • 11.9 Kamps Pallets Inc.
              • Exhibit 99: Kamps Pallets Inc. - Overview
              • Exhibit 100: Kamps Pallets Inc. - Product / Service
              • Exhibit 101: Kamps Pallets Inc. - Key offerings
            • 11.10 Litco International Inc.
              • Exhibit 102: Litco International Inc. - Overview
              • Exhibit 103: Litco International Inc. - Product / Service
              • Exhibit 104: Litco International Inc. - Key offerings
            • 11.11 Millwood Inc.
              • Exhibit 105: Millwood Inc. - Overview
              • Exhibit 106: Millwood Inc. - Product / Service
              • Exhibit 107: Millwood Inc. - Key offerings
            • 11.12 Myers Industries Inc.
              • Exhibit 108: Myers Industries Inc. - Overview
              • Exhibit 109: Myers Industries Inc. - Business segments
              • Exhibit 110: Myers Industries Inc. - Key offerings
              • Exhibit 111: Myers Industries Inc. - Segment focus
            • 11.13 Nelson Co.
              • Exhibit 112: Nelson Co. - Overview
              • Exhibit 113: Nelson Co. - Product / Service
              • Exhibit 114: Nelson Co. - Key offerings
            • 11.14 PECO Pallet
              • Exhibit 115: PECO Pallet - Overview
              • Exhibit 116: PECO Pallet - Product / Service
              • Exhibit 117: PECO Pallet - Key offerings
            • 11.15 Rehrig Pacific Co.
              • Exhibit 118: Rehrig Pacific Co. - Overview
              • Exhibit 119: Rehrig Pacific Co. - Product / Service
              • Exhibit 120: Rehrig Pacific Co. - Key offerings
            • 11.16 Sonoco Products Co.
              • Exhibit 121: Sonoco Products Co. - Overview
              • Exhibit 122: Sonoco Products Co. - Business segments
              • Exhibit 123: Sonoco Products Co. - Key offerings
              • Exhibit 124: Sonoco Products Co. - Segment focus
            • 11.17 UFP Industries Inc.
              • Exhibit 125: UFP Industries Inc. - Overview
              • Exhibit 126: UFP Industries Inc. - Business segments
              • Exhibit 127: UFP Industries Inc. - Key offerings
              • Exhibit 128: UFP Industries Inc. - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 129: Inclusions checklist
                • Exhibit 130: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 131: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 132: Research methodology
                • Exhibit 133: Validation techniques employed for market sizing
                • Exhibit 134: Information sources
              • 12.5 List of abbreviations
                • Exhibit 135: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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