The Plows Global Market Report 2023 by The Business Research Company, provides plows market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Plows Global Market Report 2023, global plows market size will grow from $0.98 billion in 2022 to $1.06 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global plows is expected to grow to $1.43 billion in 2027 at a CAGR of 7.7%.
The expected rise in population that drives demand for agricultural products contributed to the growth of the plows market. According to the United Nations Organization, the worldwide population is expected to reach 9.7 billion by 2050 from 7.7 billion in 2020. With the population growth, consumption of foods will increase and boosts the demand for the agriculture sector and agricultural products such as plows. The population growth in the next 30 years is expected to drive the growth of the plows market during the forecast period.
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The plows market is segmented:
1) By Product Type: Reversible Plow, Disc Plow, Ridge Plow, Chisel Plow, Moldboard Plow
2) By Technology: Classic Plows, Modern Plows
3) By Application: Large Farm, Private Farm
The fluctuating raw material prices for manufacturing agriculture equipment such as plows are expected to limit the growth of the plows market. The price rise in raw materials is the culmination of cost-push and demand-pull factors. For instance, steel is a raw material for agricultural tools manufacturing, the cost of steel fluctuates depending upon the availability of iron ore and coking coal. Due to the COVID-19 pandemic, there is a shortage of iron-ore as there is a disruption in the supply chain. In India, many steel companies increased prices a third time since the start of the pandemic by $36.43 to $40.48 per ton. Such fluctuating raw material prices for manufacturing equipment would change the selling price of the plows and this has a negative impact on the plows market.
The plows market report table of contents includes:
1. Executive Summary
2. Plows Market Characteristics
3. Plows Market Trends And Strategies
4. Plows Market – Macro Economic Scenario
5. Plows Market Size And Growth
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26. Africa Plows Market
27. Plows Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Plows Market
29. Plows Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Amy’s Kitchen Inc
- Atlantic Natural Foods LLC
- Beyond Meat Inc
- Danone SA
- Garden Protein International Inc
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