Coronavirus Turmoil to Take Toll on Near-term Growth of Milk Tank Cooling System Market

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.

Source:https://www.accesswire.com/585386/Milk-Tank-Cooling-System-Sales-to-Expand-14X-Through-2029-Coronavirus-Impact-on-Dairy-Industry-to-Dampen-Profit-Generation-Future-Market-Insights

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.

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