LONDON--(BUSINESS WIRE)--The wood packaging market size is poised to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Wood packaging such as pallets and wooden boxes 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 space 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.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Wood Packaging Market: Growing Innovation in Wooden Pallets
Vendors in the 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, facilitated with automated material handling equipment, wood packaging product manufacturers are introducing smart pallets for easy handling. Smart pallets are stiffer and uniform, and they avoid sagging and provide better interface 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.
“Other factors such as the implementation of advanced IT-enabled technology, and increased demand for safe and hygienic pallets will have a significant impact on the growth of the wood packaging market value during the forecast period,” says a senior analyst at Technavio.
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Wood Packaging Market: Segmentation Analysis
This market research report segments the wood packaging market by product (pallets, 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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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