Plastic Pallets Market Size, Share, Growth Analysis, By Material(High-Density Polyethylene, Low-Density Polyethylene), By Type(Nestable, Rackable), By Application(Food & Beverages, Chemicals) - Industry Forecast 2024-2031

Global Plastic Pallets Market size was valued at USD 7.3 Billion in 2022 and is poised to grow from USD 7.71 Billion in 2023 to USD 11.92 Billion, at a 5.6% during the forecast period (2024-2031). 

The market is anticipated to be driven by the increasing demand for sanitary, durable, and contamination-free pallets in the food and beverage, pharmaceutical, & chemical industries. Reusable packaging is in demand, which in turn is boosting demand for plastic pallets composed of recycled plastic. These trends are being driven by the growing emphasis on sustainable material handling solutions. Due to the significant trade value that the U.S. produced, it was the dominant nation in the North American plastic pallet market in 2022. In 2020, its trade was worth USD 3.7 trillion, with USD 1.4 trillion coming from exports & USD 2.3 trillion coming from imports. With China, Germany, Japan, Canada, & Mexico as well as other significant importers, it ranks as one of the top importers worldwide.

The U.S. transportation and logistics sector has been expanding year over year as a result of rising import and export demand as well as increased foreign direct investment in the nation. Due to the country's highly integrated supply chain network, which is driving up demand for logistics, the total amount of FDI increased to over 9.4 billion. XPO Logistics, Inc., UPS Distribution Chain Solutions, DHL Supply Chain, C.H. Robinson Around the world, & Expeditors International of Washington are a few of the leading businesses in the logistics industry.

A growth in demand from industries including beverages and food, chemical, and pharmaceutical has led to an increase in logistics spending of between 8% and 11.4%. The demand for plastic pallets is expected to rise as a direct result of this expenditure trend in the logistics and transportation sector during the course of the forecast period. The growing market for processed goods in the food and beverage industry, which needs cold chain logistics in the U.S., is another significant driver that is projected to drive demand for plastic pallets at a bigger scale.

US Plastic Pallets Market is poised to grow at a sustainable CAGR for the next forecast year