According to data derived from a market survey conducted by FMI, the global pallets market achieved a value of US$ 58.3 billion in 2022. Projections for the current year, 2023, estimate that the market will reach a total worth of US$ 60.4 billion. This FMI report anticipates a steady market growth at a Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period. By the conclusion of this projection in 2033, it is expected that the market will have surged to an impressive valuation of US$ 100.6 billion.
The global sales of pallets are anticipated to be driven by soaring demand for plastic packaging materials across several industrial verticals. Pallet sales have also increased with the high use of filler material in the shipping industries because of its capacity for supporting big loads. So, during the anticipated period, the market is anticipated to be driven by the increasing usage of pallets mostly for transportation purposes.