Market Value to Surge 1.4X through 2029
Westernization of diets, the concomitant rise of the middle class population, and increased disposable income, especially in developing countries, have played important roles in accelerating demand for fresh milk, fortified milk and milk products and refrigerated and temperature-stable dry and wet milk products. Subsequently, dairy farming equipment sector in general and milk tank cooling system market in particular are becoming an area of growth and interest across the industry. In a recently published report, Future Market Insights revealed that the milk tank cooling system market hit its US$ 600 Mn mark in 2019, and is set to grow 1.4X through 2029.
FREQUENTLY ASKED QUESTIONS ABOUT Milk Tank Cooling System Market
What is the global milk tank cooling system market value?
The global market for milk tank cooling systems was worth US$ 583 Bn in 2018. Increasing exports and inter-country transfer of milk coupled with variation in temperature conditions in different countries are catering to the growth of the milk tank cooling systems market.
Which type of cooling tank is poised to gain significance in the market?
In terms of capacity, 1000-5000 Lt tank is considered the most suitable and reliable type of milk tank cooling systems. Closed tanks are gaining huge prominence in the milk tank cooling systems market, as they help maintain milk quality and temperature.
Which key industry is accelerating the demand for milk tank cooling systems?
Milk farm industry currently holds a major revenue share of around 86% and this trend will continue over the forecast period. Milk farm application is witnessing exponential growth as compared to the milk processing plant industry. This growth is highly driven by the development of the downstream dairy market.
Which region is expected to lead global sales of milk tank cooling systems?
Europe remains at the forefront of the global milk tank cooling systems, with sales projected to grow at a moderate CAGR during the predefined timeframe. On the other hand, the sales of milk tank cooling systems in South Asia are most likely to witness above-average growth through 2029.
1000 - 5000 Lt Tanks to Stay in Demand
Milk cooling tanks of 1000 - 5000 Lt are witnessing high demand as compared to other capacity ranges, and will continue to account for 1/3rd of the revenue share. As the global dairy industry is split into commercial and private enterprises that range in size, market players are focusing on increasing production of milk cooling tanks of less than 1000 Lt to capitalize on small farms. Given consideration to growing reliance of large-scale commercial dairy farms on highly efficient cooling of milk in tanks integrated with modern technologies, manufacturers are investing in product innovation.
South Asia to Lead the Second Wave of Growth
In the first wave, Europe remains in the vanguard with 37% revenue share, owing to strong presence of market players and growing government investments in dairy industry to reconcile the needs for farmers and consumers demand for high-quality yet affordable products. However, high growth opportunities are expected in South Asia with emergence of developing countries, especially India, as the world’s leading milk producer. Favorable milk collection schemes in the region, allowing regular flow of cash and income from both urban and rural areas, along with relatively low operating and labors costs are attracting key players to establish their manufacturing plants in South Asia.
Synergy of Modern Technologies and Low GWP Refrigerants - Key Growth Influencer
Strong global focus on sustainability and energy-efficiency is resulting in tectonic shifts across industries. With numerous regulations in place requiring the phase down of HFC refrigerants, key players in the milk tank cooling system market are gradually shifting towards low GWP (global warming potential) refrigerants. These manufacturers are further leveraging modern technologies to provide energy efficient, sustainable, and smart components of milk tank cooling systems that not only meet labor shortage challenges but also bring milk cooling costs down. Emergence of smart sensors to monitor the milk cooling system and provide real-time information about the status of the tank to farmers will remain instrumental to market growth.
Tanks of 1000-5000 Lt remain highly preferred
Less than 1000 Lt tanks to witness high demand
Closed system takes the lead
Open system to see slow adoption
High application in milk farm
Increasing demand from milk processing plant
How Growth will Unfold
In current scenario, demand for milk tank cooling system is gaining a boost from exponential rise in production of milk - to sustain needs of growing populace - which requires to be cooled before and after processing to prevent from contamination. Adoption of these systems in milk farms or raw milk collection points will continue to grow on a significant pace, contributing around 87% of the total market share. Increasing scope of application in milk transportation, as collection points are often located in remote areas, is working in favor of market players. However, adoption in milk processing plants will remain relatively low, thereby resulting in declining market share.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Milk Tank Cooling System Market Analysis 2019-2029
The recent market study published by FMI on the Milk Tank Cooling System market includes global industry analysis for 2014-2018 & opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on historical as well as current growth parameters of the Milk Tank Cooling System market, growth prospects of the market are obtained with maximum precision.
Milk Tank Cooling System Market Taxonomy
The global Milk Tank Cooling System market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Milk Farm
- Milk Processing Plants
- Closed End
- Open End
- Less than 1000 Lt
- 1000 - 5000 Lt
- 5000 - 10000 Lt
- More than 10000 Lt
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
The report begins with the executive summary of the Milk Tank Cooling System market, which includes a summary of the key findings and statistics.
Readers can find the definitions and detailed taxonomy of the Milk Tank Cooling System market in this chapter, which will help them understand basic information about the Milk Tank Cooling System market. This section also highlights inclusions and exclusions, which will help readers understand the scope of the Milk Tank Cooling System market report.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the Milk Tank Cooling System market over the forecast period. Along with macroeconomic factors, this section also highlights the supply chain, forecast factors, and value chain analysis for the Milk Tank Cooling System market.
This section explains the global market value analysis and forecast for the Milk Tank Cooling System market for the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical Milk Tank Cooling System market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). The chapter also includes a pessimistic & optimistic outlook for Milk Tank Cooling System market. Along with this, an overview of key insights is also provided by market participants.
Based on application, the Milk Tank Cooling System market is segmented into Milk Farms and Milk Processing Plants. In this chapter, readers can find information about the key trends and developments in the Milk Tank Cooling System market and market attractiveness analysis based on application.
This chapter provides details about the Milk Tank Cooling System market based on Configuration, and has been classified into closed end and open end type. In this chapter, readers can understand the market attractiveness analysis based on vehicle type.
This chapter provides details about the Milk Tank Cooling System market based on capacity, and has been classified into less than 1,000 Lt; 1,000-5,000 Lt; 5,000-10,000 Lt and more than 10,000 Lt. In this chapter, readers can understand the market attractiveness analysis based on capacity.
This chapter explains how the Milk Tank Cooling System market will grow across several geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania and the Middle East & Africa.
This chapter includes a detailed analysis of the growth of the Milk Tank Cooling System market in North America, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on applications and countries in North America.
This chapter provides the growth scenario of the Milk Tank Cooling System market in Latin American countries such as Brazil, Mexico, Argentina and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the Milk Tank Cooling System market in several countries such as Germany, Italy, France, the U.K., Spain, Poland, Denmark, BENELUX, and the Rest of Europe are included in this chapter.
In this chapter, important growth prospects of the Milk Tank Cooling System market based on its end users in several countries such as China, Japan, and Rest of East Asia are included.
India, Thailand, Indonesia, Malaysia and Rest of South Asia are prominent countries in this region. Readers can find detailed information about the growth parameters of the South Asia Milk Tank Cooling System market during the forecast period of 2019-2029 in this chapter.
This chapter highlights the growth of the Milk Tank Cooling System market in MEA by focusing on GCC, South Africa, Morocco, Algeria, and Rest of MEA. This section also helps readers understand the key factors that are responsible for the growth of the Milk Tank Cooling System market in MEA.
This chapter highlights the growth of the Milk Tank Cooling System market in Oceania by focusing on Australia and New Zealand. This section also helps readers understand the key factors that are responsible for the growth of the Milk Tank Cooling System market in Oceania.
This chapter highlights the growth of the Milk Tank Cooling System market in emerging countries by focusing on China, India, and France. This section also helps readers understand the key factors that are responsible for the growth of the Milk Tank Cooling System market in emerging countries.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the Milk Tank Cooling System market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the Milk Tank Cooling System market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Danfoss, GEA Group AG, Paul Mueller Company, and Packo Cooling among others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the Milk Tank Cooling System market report.
This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the Milk Tank Cooling System market.
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