Regional Analysis

Regional Analysis:

Europe held a dominant position in the global pallet market and accounted for a market share of 30% in 2022. Development in the food and beverage and construction sector in Europe is a major factor driving the growth of the market in the region. Moreover, the increasing demand for pharmaceuticals and health supplements, due to the high prevalence of diseases such as obesity, diabetes, and others is expected to increase demand for plastic pallets as these pallets possess enhanced durability and are less prone to contamination.

Asia Pacific is estimated as the fastest-growing market in the global pallet market and is expected to exhibit the same trend over the forecast period. The growing industrialization and globalization in the emerging economies of the region is the major factor fueling the growth of the market. Moreover, the growth of the pharmaceutical and chemical industry has propelled the need for safer and more reliable transportation, storage, and other material handling activities, which in turn, drives the growth of the pallet market. Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines, 40% of the generic demand for the US, and 25% of all medicines for the UK. According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market stood at US$ 42 billion in 2021 and is likely to reach US$ 65 billion by 2024 and further expand to reach US$ 120-130 billion by 2030. In terms of overall revenue, the Indian pharmaceutical market increased by 13.9% in January 2022. India is the largest producer of vaccines worldwide, accounting for 60% of the total vaccines, as of 2021. As of August 2021, CARE Ratings expect India's pharmaceutical business to develop at an annual rate of 11% over the next two years, to reach more than US$ 60 billion in value.