A CAGR of 6.5% is predicted for the global stock tank market over the forecast period. The market is anticipated to increase from US$ 2.82 Billion in 2023 to US$ 5.30 Billion by 2033. 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 market, valued at US$ 2.82 Billion in 2023, is anticipated to surge to US$ 5.30 Billion by 2033. This substantial growth is attributed to the heightened demand for stock tanks, driven by the challenges posed by global warming, especially during the summer season.
With rising temperatures affecting both humans and animals, the agricultural sector is witnessing increased adoption of stock tank pools by farms worldwide. These stock tank pools play a crucial role in safeguarding livestock and mitigating the impact of extreme heat.
The burgeoning demand for advanced livestock management equipment, fueled by the need for enhanced productivity, improved farm management, and reduced labor costs, is a key driver for the proliferation of stock tanks. Agricultural practices are evolving with a focus on implementing innovative equipment to enhance operational efficiency, including the utilization of breeding and milking equipment.
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Key Takeaways:
- The United Kingdom is poised to experience a CAGR of 7.0% in the stock tank market through 2033.
- The United States dominated the global market in 2022, holding a substantial 26.5% share.
- India is projected to exhibit rapid growth in the stock tank market with a CAGR of 7.6% by 2033.
- China’s stock market 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.
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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Competitive Landscape:
The leading manufacturers in the stock tank market include 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, among others. These industry players have implemented diverse strategies, encompassing organic and inorganic development, such as product launches, acquisitions, expansions, and partnerships, to fortify their global presence and augment their revenue.
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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.
Stock Tank Market Segmentation
By Type:
- Square
- Round
- Triangle
- Others
By Application:
- Household
- Agriculture
- Others
Recent Developments:
- In September 2022, Behlen Mfg. Co collaborated with RealmFive to introduce GuardianTM, a ground-breaking stock tank monitoring device designed to help livestock farmers manage water effectively.
- In January 2022, Miller Manufacturing Corporation revealed the merger of a new plant with the old Lakeland Tool and Engineering Inc. in Anoka, Minnesota.
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