The global wood packaging market size is poised to grow by USD 16.99 billion during 2020-2024, progressing at a CAGR of 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Wood Packaging Market 2020-2024 (Graphic: Business Wire)
The introduction of stackable pallets is expected to drive the growth of this industry during the forecast period. The food and beverage industry is also increasingly adopting wooden pallets to transport the products because of its ability to absorb bacteria naturally. One of the main reasons for the wide adoption of wood pallets is that they have a lower average cost than plastic pallets and are also fully recyclable. Such cost benefits and diverse uses associated with wood packaging will drive the growth of the global wood packaging market during the forecast period.
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Report Highlights:
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Innovations in terms of design and size will be a Key Market Trend
The versatile use of pallets is allowing wood packing companies to come up with innovative products such as half pallets and quarter pallets to improve their market position and stay competitive in this highly fragmented market. Smart pallets are also being introduced by vendors to facilitate material handling in an automated supply chain. The stiffness and uniform geometry of smart pallets allow better interfacing with automated material handling equipment. Innovations in terms of design and size will drive the demand for wooden pallets during the next five years.
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Wood Packaging Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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