The Milk Tank Cooling System market in India is expected to rise at nearly 4.7% CAGR over the estimated period. India has been a leading producer and consumer of dairy products across the globe for decades. India has managed to secure an export value of Rs 1,358.29 crores of dairy products for the year 2020-21, with the biggest market for Indian dairy products being the UAE.
According to National Dairy Development Board (NDDB), which expects the demand for milk and milk products at a pan India level to be 266.5 million metric tonnes in 2030 due to which demand for Milk tank cooling systems will increase. The country is expected to reach a value of about US$ 91.2 Mn by 2029.
According to Future Market Insights (FMI) the Global Milk Tank Cooling System Market is expected to grow with a year-on-year growth of 3.2% in 2022 reaching a value of about US$ 656.7 Mn by 2022 end. Industry is implementing automation to increase efficiency and reduce labour costs. Between 2022 and 2029, the global Milk Tank Cooling System Market is expected to grow at a significant CAGR of 3.3 percent.
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With more and more collection points found in remote areas, the market scope of these systems in milk transportation also increases. The surge in the volume of exported milk is also assisting the growth of cooling systems for milk tanks. Other factors like temperature differences on different continents and an increase in milk production in African and Central American countries are also supporting the growth of the target market during the forecast period.
“Increasing investment in dairy farming, export and distribution of milk within countries, and implementation of advancing technology will propel the global growth of the milk tank cooling system market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing the application of advanced technology will strengthen market prospects during 2022-2029.
- In 2022, milk tank cooling system market in Germany will generate revenue worth over US$ 53.9 Mn.
- The milk tank cooling system market in the United States will record a 2.2% CAGR.
- India’s milk tank cooling system market will expand at 4.7% CAGR over the assessment period.
- By capacity, the 1000-5000 segment will observe high demand.
- On the basis of application, the milk farm segment will account for about 86.4% of the market share by 2029.
Competitive Landscape
Danfoss, Paul Mueller Company, Delaval, GEA Group AG, Packo Cooling, Dairymaster, Fabdec Ltd, Serap Group, Boumatic, Wedholms AB, Daviesway Pty Ltd., Fil S.P.A, Milkplan, and Macrold Ltd., among others are some of the major players in the milk tank cooling system market profiled in the full version of the report.
Major market players are increasing their mergers and acquisition activities to enhance their supply and distribution routes. Some of the other businesses in the market are keen on incorporating new technologies into their product to gain a competitive advantage.
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More Insights into Milk Tank Cooling System Market Report
In its latest report, FMI offers an unbiased analysis of the global milk tank cooling system market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (milk farm, milk processing plant), configuration (closed end (horizontal, vertical), open end), capacity (less than 1000L, 1000-5000L, 5000-10000L, above 10000L), and region.
According to the latest FMI reports, based on segmentation, the 1000-5000 Lt capacity segment is likely to register high demand, particularly from large dairy farms. This segment is anticipated to account for 1/3rd of the revenue share and generate a growth opportunity of US$ 58.6 Mn. In terms of application, the milk farm segment is expected to dominate the market due to the high demand for milk and its related products from consumers. By 2029, the milk farm segment will hold about 86.4% of the global market share.