The global display pallets market is expected to increase at a growth rate of ~4.4%, during the forecast period. The display pallets market is estimated to witness a soaring growth in 2021 and forecasted to reach millions of tonnes by 2031. Counter display pallet containers have significantly raised sales of the target market due to their attractive and catchy features.
Display Pallets Market: An Overview
Display pallets are an exceptional kind of product that is majorly used in trade promotions. A display pallets consist of multiple quantities of one or more products. Custom pallet does not need special set-up or unpacking of product as it offers a ready-to-sell merchandising option.
These display pallets are useful for placing all products in one location. Display pallets are becoming increasingly common in the retail sector. The display pallets allow the brands to have a fair level of product differentiation in supermarkets and other stores.
Display pallets come in a wide range of styles and displays which offers attractive, catchy features coupled with supports for the retail store product displays. Display pallets is a popular tool for promoting and branding a specific product, any kind of offer, discounts in shopping malls, hypermarkets, departmental stores etc. Moreover, manufacturers are also focusing on improving durability and providing cost-effective packaging options for the product which is likely to fuel the demand for display pallets.
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Which Factors Boost the Demand for Display Pallets Market?
To improve the better material capabilities, aesthetic design, and product durability the manufacturers are increasing their focus which is driving the growth of the display pallets market. Increasing usage of in-store marketing practices coupled with increasing demand for innovative packaging solutions and product display methods is likely to further expand the growth for display pallets market.
How the Retail Sector Will Create an Opportunity for the Growth of the Display Pallets Market?
The display pallets are considered as one of the influential communication channels and points of attraction that allows the retail sector to attract and reach customers quickly and effectively. The astonishing growth of the retail sector is creating an opportunity for the demand for display pallets.
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What are the Key Challenges that Might Restrain Growth of the Display Pallets Market?
Nowadays, product suppliers and top brands are spending more on online advertisement and broadcast for advertising the product which is expected to hinder the growth of the display pallets market in the future. The brands in cosmetics & personal care, pharmaceuticals, printing & stationery industry targeting a large audience through online advertisements. Display pallets is a source of advertisement of product but the adoption of online advertising is restraining the growth of the display pallets market.
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What Strategies are the Key Players Adopting for Increasing their Market Share in the Display Pallets Market?
The key players adopt various strategies such as product launch, merger & acquisition, innovation and others to survive the competition in the market.
In April 2021, a company named ORBIS Corporation has presented at ProMatDX its Odyssey rackable pallet, which has been added to its suite of reusable plastic pallet offerings.
Why will India Generate High Demand for the Display Pallets Market?
Over the last decade, there is substantial growth in the display pallets market in India. Increasing demand for more attractive retail store product displays is attracting consumers more. Application-specific display pallets are expected to reflect favourably on the market during the forecast period.
What is the Repercussion of the Pandemic on the Growth of the Display Pallets Market?
Amid COVID-19, the movements were slowed down due to the restriction imposed in various countries which have largely affected the display pallets market. The display pallets market is directly impacted by the malls, supermarkets, hypermarkets and others.
Due to the closure of malls, hypermarkets and others, the sales and demand for display pallets have declined. Slowly, with the uplifting restriction on trade activities, the market for display pallets market will grow. The future market for non-slip pallet liners is likely to boost during the forecasted period.
