Global Wood Packaging Market 2019-2023 | Growing Innovation in Wooden Pallets to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Apr 8, 2019--The global wood packaging market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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The global wood packaging market will post a CAGR of over 4% during the period 2019-2023 (Graphic: Business Wire)
Wood packaging such as pallets and wooden boxes for export and import are a cost-effective option for end-users when compared to substitute products such as plastic pallets. For instance, the average cost of wooden pallets is two times lower than that of plastic pallets. Also, wood packaging products are 100% recyclable and naturally absorb bacteria which helps protect products from cross-contamination, when compared with plastic packaging products. Moreover, wooden pallet manufacturers are introducing stackable pallets that help reduce floor spacing as well as the cost for storing and transit of goods. Thus, with such advantages, the market for wood packaging is expected to grow significantly during the forecast period.
As per Technavio, the growing innovation in wooden pallets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global wood packaging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global wood packaging market: Growing innovation in wooden pallets
Vendors in the global wood packaging market are introducing innovative products to hold their market position. The wood packaging vendors are launching smaller pallets for display-ready packaging at retail shops, which can also be used for safe transportation of products from manufacturing units to retail stores. Furthermore, for an automated supply chain, which is facilitated with automated material handling equipment, wood packaging product manufacturers are introducing smarter pallets for easy handling. Smarter pallets are stiffer and uniform, and they avoid sagging and provide better interfacing with automated material handling equipment. Thus, with such innovations in terms of design and size, the demand for wood packaging is expected to increase during the forecast period.
“Apart from the growing innovation in wooden pallets, the implementation of advanced IT-enabled technology and the increased demand for safe and hygienic pallets are some other major aspects that will contribute to the growth of the market,” says a senior analyst at Technavio.
Global wood packaging market: Segmentation analysis
This market research report segments the global wood packaging market by product (pallets and cases, and boxes) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the increasing opportunities from various industries and growing warehouse expansion in key European countries.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: MANUFACTURING PACKAGING
SOURCE: Technavio Research
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PUB: 04/08/2019 10:18 AM/DISC: 04/08/2019 10:18 AM