A CAGR of 6.5% is predicted for the global stock tank market during the anticipated time frame. By 2033, the market is expected to have grown from US$ 2.82 billion in 2023 to US$ 5.30 billion. Demand for stock tanks has been extremely high lately. Global warming has made summer more difficult for both people and animals. Farms are putting in a lot more stock tank pools to protect the livestock and beat the heat.
The need for state-of-the-art livestock management equipment is rising due to growing demands for higher productivity, improved farm management, and lower labour and operational costs. As a result, in an effort to enhance management procedures, stock tanks are becoming more widely available.
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One of the key reasons propelling the growth of the stock tank market is the rise in the consumption of dairy products throughout the world. The use of pioneering equipment in the agricultural sector to improve operational effectiveness is increasing. Besides, a rise in the use of breeding and milking equipment to increase total output also contribute to the market’s rapid expansion.
Over the forecast period, the market is expected to be driven by the rising demand from dairy farms for livestock farm equipment. In dairy farms, a variety of equipment is being extensively implemented, including automated feeders, stock tanks, and housing equipment.
Stock tank manufacturers even sell their products on their website to increase accessibility, Behlen stock tanks are available on Behlen’s website with a detailed description. Currently, the sale of stock tanks through e-commerce websites has significantly increased. E-commerce is expected to be crucial in facilitating easier access to inexpensive stock tanks.
The adoption of stock tanks has been influenced by an increase in the number of dairy farms in numerous North American and European nations. Stock tanks are now widely used because of benefits including decreased labor costs and improved dairy farm operating efficiency. Along with rising practical experience, awareness of the use of farming equipment has grown in recent years.
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Key Takeaways
The market for stock tanks in the United Kingdom is anticipated to grow at a CAGR of 7.0% through 2033.
The US dominated the stock tank market in 2022 holding a 26.5% share of the global market.
With a CAGR of 7.6% over the forecast period, India is predicted to grow rapidly in the market for stock tanks by 2033.
The stock market in China is expected to grow at a CAGR of 5.2% over the forecast period.
Germany accounted for 17.5% of the global stock tank market in 2022.
Competitive Landscape
The top manufacturers of the stock tank market are Behlen Mfg. Co, Rubbermaid Commercial Products, Miller Manufacturing Company, Tarter Farm & Ranch Equipment, Ranger Gate Company, KDM Steel, Forbes Group, High Country Plastics, Hastings Equity Manufacturing, Hutchison Incorporated and others.
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These businesses have employed a range of strategies to deepen their presence in the stock tank sector on a global scale. To grow its clientele and income, they have employed both organic and inorganic development strategies, including the introduction of new products, purchases, corporate expansions, and partnerships.
Recent Developments
In September 2022, to bring GuardianTM by Behlen Country, a patent-pending, ground-breaking stock tank monitoring device, to market, RealmFive and Behlen Mfg. Co. collaborated. A key limiting issue for livestock farmers is water, and GuardianTM uses cutting-edge technology to help them manage it.
In January 2022, in Anoka, Minnesota, Miller Manufacturing Corporation revealed the merger of a new plant along with the old Lakeland Tool and Engineering Inc.
Stock Tank Market Segmentation
By Type:
- Square
- Round
- Triangle
- Others
By Application:
- Household
- Agriculture
- Others
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