India pallets market was valued at US$ 946.8 Mn in 2022, exhibiting a CAGR of 6.8% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1,604.5 Mn by 2030. Pallet is a structural foundation that allows storage and transportation of goods. Pallet facilitates several activities such as assembling and storing of goods in manufacturing units and warehouses. The pallets are lifted by jacking devices such as forklifts, front loaders, pallet jacks, or cranes. The material offers an inexpensive method for handling and storage activities in various manufacturing industries.
Driver
The growing need for safe transport
The growing need for safe transport of goods to consumers is projected to propel India pallets market growth. Pallets are majorly used for storing and supporting goods in large quantities as it allows faster conveyance of the goods. Moreover, pallets provide essential support to the structure during transportation. All these advantages offered by pallets in the manufacturing facilities is projected to foster the market growth.
Market Opportunities
Growing use of pallets in the food and beverage industry
Growing use of pallets in the food and beverage industry coupled with the growth in various infrastructural activities in India is projected to bring profitable growth to India pallets market. Increasing urbanization and industrialization in India is a primary factor stimulating the market growth. Moreover, the increasing population is further driving demand for new infrastructure which is again fuelling the market growth.
Market Restraints
The development of labour-intensive
The development of labour-intensive sectors in India, where manufacturing is still in its infancy compared to other industrialised nations, is anticipated to impede the market's expansion for pallets. A few companies in the area still choose manual labour since it is so readily available and inexpensive.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/india-pallets-market-4036
Key Takeaways:
On the basis of end use industry, the engineering products segment dominated India pallets market in 2022with around 55% of market share in terms of revenue, followed by pharmaceutical products and others.
Market Trends
RFID chips embedded pallets are gaining popularity
RFID chips embedded pallets are gaining popularity in the market and this is expected to spur the market growth. RFID chips embedded pallets enable easy traceability and real-time information of the products during transportation. Moreover, it measures the temperature, humidity, and impact during transportation. RFID chips embedded pallets are majorly used in the chemical, pharmaceutical, and food &beverage industries.
Competitive Section:
Key Companies
- Saraswati Engineering Limited,
- Schoeller Arca TIME Material Handling Solution
- Mekins Group
- Swift Technoplast Private limited
- Doll Plast Pallets
- JIT Wood Packaging
- LEAP India Pvt. Ltd.
- Spanco Enterprises
- Bharadwaj Packaging Private Limited
- Aristoplast Products Pvt. Ltd.
- D. Industries (India) Pvt. Ltd.
- Total Pack
- DNA Packaging Systems
