The global milk
tank cooling system market will expand at an moderate CAGR, expanding 1.4x
through the end of the forecast period in 2029. According to a new study by
Future Market Insights (FMI), the market for milk tank cooling system is
largely influenced by the expansion of the global middle class population, westernization
of global diets, and the growing demand for milk products, fresh milk, and
fortified milk, which has driven the establishment of large-scale commercial
dairy farms.
"The
demand for milk tank cooling systems is propelled by rising scope of automation
in milk storage facilities. Customization on the basis of cleaning process,
capacity, and temperature will contribute to the market growth," reveals
the FMI report.
Key Research
Findings
- Closed milk tank cooling systems
will remain a highly preferred segment through the forecast period, driven
by a focus on automated functionalities.
- Milk tank cooling systems with a
capacity of 1000 liters will display a high growth rate driven by ease of
use and operations.
- Milk farm applications will hold a
major revenue share in the market, while that of milk processing plants
will gain significant demand.
- Gains of the global milk tank
cooling system market will remain largely concentrated in Europe,
accounting for 37% of the revenue share.
- South Asia, particularly India
will display great remunerative opportunities, driven by better milk
collection schemes.
Key Growth
Drivers
- Strong focus by manufacturers on
automated operations in the dairy industry plays a major role in the
growth of market.
- Rising prevalence of a
middle-class consumer base in developing countries contributes to the
global footprint of producers.
- Extensive global consumption of
milk and milk products is a major factor contributing to market demand
growth.
- Rising international trade of
milk, and the global development of the downstream dairy market.
Key Impediments
- The milk tank cooling system
market is facing challenges owing to high initial costs, and the growing
overhead expense for meeting energy requirements.
- Strict government regulations
associated with the use of conventional refrigerants and the impact on the
environment will restrict manufacturers.
The Covid-19
Effect
Much of the
global dairy industry has already been suffering from years of low pricing.
With the massive shutdowns of businesses and restriction on movement, dairy
producers are struggling to get their milk of to various distribution channels.
The rising uncertainties arising from the coronavirus outbreak has also hit
milk imports and exports hard.
While milk
production continues at many places, issues with logistics and transportation
is leading to substantial wastage. With such trends encompassing the global
milk and milk products industry, the demand for milk tank cooling systems is
likely to remain sluggish in the coming months. However, the continuing demand
for milk from consumers, and its designation as an essential commodity in many
countries will mitigate some losses.
Competition
Structure Analysis - Milk Tank Cooling System Market
The competition
landscape of milk tank cooling system market is highly competitive, with
numerous small and medium scale enterprises. Key milk producers are also
pushing for automation of milk tank cooling systems. Manufacturers are also
strategically associating with dairy cooperative associations and local milk
farms, to maintain profitability.
Some of the key
players in the milk tank cooling system market include, but are not limited to
Packo Cooling, Danfoss, Denso, GEA Group AG, and Paul Mueller.
About the
Report
This report
offers global, regional, and national level analysis on the latest trends in
the industry influencing the milk tank cooling system market. The study
provides actionable insights on the milk tank cooling system market on the
basis of application (milk farm and milk processing plants), configuration
(closed end and open end), and capacity (less than 1000 Lt, 1000 - 5000 Lt.,
5000 - 10,000 Lt, and more than 10,000 Lt.) across 30 countries spanning seven
key regions (North America, Latin America, Europe, South Asia, East Asia,
Oceania, and MEA).
About Future
Market Insights (FMI)
Future Market
Insights (FMI) is a leading provider of market intelligence and consulting
services, serving clients in over 150 countries. FMI is headquartered in
London, the global financial capital, and has delivery centers in the U.S. and
India. FMI's latest market research reports and industry analysis help
businesses navigate challenges and take critical decisions with confidence and
clarity amidst breakneck competition.
Contact:
Mr. Abhishek
Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
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