Global Corrugated Pallets Market Size is Estimated to Reach USD 2,110 Million by 2031, Growing at a CAGR of 4.8%: Straits Research
Emerging markets like China, India, Argentina, and Brazil are propelling the food and beverage industry's overall expansion because of their rapid population growth and rising living standards. Additionally, the growth of the global food and beverage industry is predicted to increase demand for corrugated pallets to be employed in the food supply chain in numerous nations.
New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Corrugated pallets (paper pallets) are constructed from corrugated material, paper board sheets, and other non-wooden paper materials. Corrugated top and bottom decks, internal support cells, honeycomb support blocks, corrugated runners, support blocks (made from compressed corrugated material), and built-up runners are some of the methods used to produce them. It is anticipated that the expansion of the global food and beverage industry would raise the need for corrugated pallets used in the food supply chain in various nations.
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*Development of the Food & Beverage Industry to Drive the Global Corrugated Pallets Market*
According to Straits Research, *“**The global corrugated pallets market size was valued at USD 1,380 million in 2021 and is estimated to reach an expected value of USD 2,110 million by 2030, at a CAGR of 4.8% during the forecast period (2022 - 2030).”* Emerging markets such as China, India, Argentina, and Brazil are driving the total expansion of the food and beverage business since their economies are experiencing a significant rise in population and improved living standards. In addition, the global expansion of the food and beverage industry is predicted to increase the demand for corrugated pallets used in the food supply chain in many nations. In addition, according to the Food and Agriculture Organization of the United Nations, approximately one-third of food produced for human consumption is lost during shipment and handling, resulting in a global food shortfall. Corrugated pallets play a significant role in food preservation, as they increase resistance to moisture and humidity, suppressing mold formation and other hygienic difficulties, thereby preventing food waste and meeting the food demand of an increasing population.
*Rise in Demand for Sustainable Packaging to Provide Opportunities for the Global Corrugated Pallets Market*
E-commerce retail channels are becoming increasingly popular with households. Companies that use non-recyclable materials in their packaging are the subject of harsh criticism and public discussion. In addition, plastic in packaging is viewed as the least sustainable packaging, and environmental protection agencies and government authorities always provide legal obstacles. The governments of numerous nations are enacting increasingly rigorous policies in response to such public debate. Recently, the European Union enacted a policy mandating that by 2030, all plastics used on the market must be fully recyclable. Brands, merchants, and food processing industries are responding independently to this severe scenario by establishing their goals to replace the least sustainable packaging materials with fully recyclable materials. For example, shops in Iceland pledge to eliminate plastic packaging from their private label commodities by 2023. 100% recyclable corrugated packaging is one of the most effective natural alternatives to plastic packaging material. According to Eurostat, corrugated packaging has the highest recycling rate among all packaging materials. Market leaders in producing corrugated packaging products are continuously working to discover areas where corrugated materials might replace plastic and other less sustainable materials. Collectively, these variables are predicted to create a lucrative potential for market expansion.
*Key Highlights*
· Based on the number of layers, the global corrugated pallets market is segmented into less than 3 layers of corrugated board (standard), 3-5 layers (robust), and more than 5 layers (extra robust for high dynamic and static capabilities). The Less than 3 layers segment accounted for the largest market share and is estimated to grow at a CAGR of 4.3% during the forecast period.
· Based on end-user, the global market is segmented into electronics, food and beverages, agriculture, chemical and pharma, automotive, and others. The food and beverages segment accounted for the largest market share and is estimated to register a CAGR of 6.2% during the forecast period.
*Regional Insights*
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific accounted for the largest market share and is estimated to grow at a CAGR of 5.6% during the forecast period. The purpose of corrugated pallets is to safeguard items from atmospheric, magnetic, electrostatic, vibrational, and shock damage. Asia-Pacific is predicted to have strong growth potential due to rising corrugated pallet advances in emerging economies and rapid industrialization. The growing popularity of online shopping in emerging economies is anticipated to increase demand for corrugated pallets to ship relatively small items. In addition, an increase in the spending power of consumers, particularly in India, South Korea, and Japan, is anticipated to accelerate market expansion. In addition, the increased demand for lightweight, flexible packaging among end users reduces carbon footprints, enhances logistics, convenience, and presentation, protects products from contamination, and is cost-effective. Thus, these factors collectively promote the expansion of the market for corrugated pallets in Asia-Pacific.
North America is the second largest region. It is anticipated to reach an expected value of USD 400 million by 2030, at a CAGR of 3.9%. North America's biggest markets for corrugated pallets include the United States and Canada. These nations have many production facilities; as a result, the use of corrugated pallets has expanded significantly, boosting the regional market's growth. Major drivers driving the growth and development of the packaging and protective packaging market in North America include the growth of the global e-commerce industry, the increase in demand for inflatable packaging, and the engagement of third-party logistic businesses. Easypack Limited, a manufacturer of paper-based protective packaging, was bought by Pregis Corporation in September 2016 to expand its existing product portfolio and include a complete line of cushioning, block/brace, and paper void fill solutions. Market leaders have substantially spent R&D strengthening their technological foundation, diversifying their product offerings, and broadening their geographic reach. Parallel to the expansion of the product portfolio, the need for corrugated pallets increases, propelling the market's expansion.
*Competitive Landscape*
The major global corrugated pallets market companies are *Kraftpal Technologies, DS Smith, Smurfitkappa, Conitex Sonoco, GL Packaging, Kamps Pallets, Millwood, Inc., PGS Group, the Corrugated Pallets Company, Life Corporation*.
*Market News*
· October 2022 - Toppan (TYO: 7911), a global leader in communication, security, packaging, décor materials, and electronic solutions, has developed new polypropylene (PP) mono-material barrier packaging with exceptional heat and water resistance, making it appropriate for retort sterilization.
· April 2022 - SDR Ventures is delighted to announce that Kamps, Inc. has purchased L&R Pallet Service, Inc. ("L&R Pallet" or "the Company") ("Kamps"). SDR served as L&R Pallet's sole sell-side counsel throughout the sale process.
*Global Corrugated Pallets Market: Segmentation*
*By Number of Layers*
· Less Than 3 Layers of Corrugated Board (Standard)
· 3-5 Layers (Robust)
· More Than 5 Layers (Extra Robust for High Dynamic and Static Capabilities)
*By End Use *
· Electronics
· Food And Beverages
· Agriculture
· Chemical and Pharma
· Automotive
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle-East and Africa.
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/corrugated-pallets-market/segmentation*
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