The global pallet pooling industry is expected to reach US$ 7.1 billion by 2022. The market is expected to grow at a steady 6.1 percent CAGR, with sales reaching US$ 12.9 billion by 2032. Pallet pooling is the practice of renting or leasing pallets from a shared pool. This reduces the costs related to transportation and supply chain management. Owning and maintaining an inventory of pallets can be expensive for companies. Hence pallet pooling is a good cost reducing opportunity.
Wooden pallet pooling contributes to almost 90% of the global pallet pooling due to their cost efficiency over plastic pallets. However, demand for washable, hygienic and insect-free pallets are also driving demand for plastic pallets. Pooling pallets reduces the pressure of expenditure by eliminating huge payments of pallet procurement making it a cost efficient approach for sourcing pallets.
Pallet pooling ensures the availability of pallets at the operational location, which results in a lean supply chain. Lean supply chain management leads to effective operational lead time. Owing to the rising inclination of most end users towards cost reduction, along with optimum lead time, the pallet pooling market is estimated to gain noteworthy traction in the coming decade.
According to a new research report published by Future Market Insights (FMI), the pallet pooling market is estimated to exhibit 6% CAGR over the forecast period, to reach a valuation of more than US$ 11 Bn by the end of 2029.
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Key Takeaways of Pallet Pooling Market Study
- Pallet pooling has prominent application in the FMCG sector, as warehouses play a crucial role in this industry.
- In terms of material, plastic pallet pooling is estimated to witness notable demand, owing to high reliability, durability, and cost-effectiveness of plastic pallets as compared to other types.
- Globally, the pallet pooling market in GCC countries is estimated to witness lucrative growth, owing to the positive outlook for industrial trade activities in the region, particularly for the e-Commerce industry. The U.S. is expected to hold a leading share in the global market, registering a significant CAGR throughout the forecast period.
- In recent years, pallets tagged with RFID have become more popular amongst end consumers, owing to their ability to provide location and detailed information related to stacked products on pallets.
- Pallet pooling is a onetime investment business, in which, the owner has to purchase pallets and then pooling can be done with no enormous investment. As a result, the market offers high profit margins to its participants.
- For the effective operational efficiency of pallets, pallet service providers perform quality checks after every service cycle to provide high-quality pallets and efficient service cycles to end consumers. Continuous and high standard quality checks of pallets are estimated to help players in the global pallet pooling market gain a competitive advantage.
“In the pallet pooling market, flexible payment profiles allow end consumers to pay rent monthly at fixed rental rates throughout the term of the agreement, and customisations can be made in rental agreement terms to suit the period of budget allocation and income patterns.”
Competitive Landscape
For efficient supply chain monitoring as well as correct pallet transportation and supply management, market players are integrating radio frequency identification (RFID) tags with plastic pallets. RFID tags ensure traceability across the supply chain, from distribution or rental service centers to end-use users, by storing information in a microchip and transmitting it via a transponder.
For instance, Intelligent Global Pooling Systems (iGPS) Logistics LLC was the first pallet manufacturer to include RFID tags in its pallets to make supply chain management easier.
Focus on Technological Advancements in Pallet Pooling
Increasing requirement of technologically advanced pallet systems throughout the supply chain for lean management is anticipated to support the future growth of the global pallet pooling market.
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Find More Insights on Pallet Pooling Market
This research report analyses the total sales value of the pallet pooling market based on revenue generated by market players from the target product. The market is forecasted based on factors such as warehouse traffic flow, adoption rate, government regulations, and sustainable development. The research report includes pallet management services catering to FMCG, food & beverages, chemicals & pharmaceuticals, and other related end-use industries.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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