Farmers need to increase production around the world by 60 percent in the next 40 years to feed a global population expected to reach 9 billion, and that increase is good news for Deere & Co.
The demand for food globally has sparked something of an industrial revolution in developing countries, and farmers are looking to Deere for better equipment. Farmers in countries like China, India and Brazil are Deere's biggest markets, according to Bloomberg.
In the past 10 years, Brazil alone has turned 32.5 million acres into farmland, and Deere expects another 49 million to be converted in the future, according to Bloomberg.
Deere has said it plans to increase its sales to $50 billion by 2018, and increase its international sales from 39 percent of total sales to 50 percent.
The product Deere is hoping to sell the most is its 8R tractor line, which is manufactured in Waterloo. The 8R is the first tractor Deere designed for global sale.
For more Business Record coverage on Deere's expansion, click here.