Pallets are an important tool across the logistics industry. It is a flat platform that can carry the load in the warehouse. They are basically used to store, protect, store, and transport materials during material handling. It is a portable platform and improves the operational efficiency of the warehouses by enabling easy movement of stacked […]
India Pallets Market Expected to Witness High Growth over the Forecast to 2027
Pallets are an important tool across the logistics industry. It is a flat platform that can carry the load in the warehouse. They are basically used to store, protect, store, and transport materials during material handling. It is a portable platform and improves the operational efficiency of the warehouses by enabling easy movement of stacked goods.
The India pallets market is projected to surpass INR 25000 Cr. by the end of 2027, in terms of revenue, growing at CAGR of 13.9% during the forecast period (2020 to 2027).
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Drivers
Rapid growth in the manufacturing industries in India is predominantly propelling the market growth of the pallets. According to the India Brand Equity Foundation, manufacturing industry has emerged as one of the high growth sectors in India. India is expected to become the fifth largest manufacturing country in the world by the end of the year 2020. The government aims to achieve a 25% GDP share and 100 million new jobs in the sector by 2022.
Increasing development of the warehousing industry in India is expected to drive the market growth of the pallets. Increase in the overseas trade coupled with the expansion of the warehousing industry in India is another major factor expected to propel the market growth of the pallets. Moreover, improvement in the supply chain management is creating demand for warehouses which in turn augmenting the market growth of the pallets.
Market Opportunities
Increasing utilization of pallets in the pharmaceutical industry for storing and transportation of the pharmaceutical product is projected to offer new market opportunities. Growing geriatric population coupled with the increasing prevalence of the chronic disease is creating demand for healthcare products such as drugs and devices. The growth of the pallets market is also attributed to the expansion of the pharmaceutical industry.
The advent of disposable plastic pallets as it has a lower negative impact on the environment is projected to offer potential opportunities in the near future. Growing demand for lightweight plastic pallets as they increase the payload capacity and are also easy to clean is propelling the market growth. Also, the use of disposable plastic pallets reduces the cleaning and shipping cost time. Hence, the growing use of disposable plastic pallets is projected to bolster the market growth.
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India pallets Market – Impact of Coronavirus (Covid-19) Pandemic
Rapid surge in demand for medical supplies, household essentials, and food products as compared to the pre-Covid-19 scenario has led to the changes in product category in this distribution channel. These changes has boosted the demand for corrugated boxes, cartons, pallets and other packaging products and is further expected to foster the growth of the India pallets Market till mid quarter of 2021.
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