Myanmar Agriculture equipment has been growing with a growth rate of 25% between 2014 and 2020. The growth is attributed to rising labor wages in the country and increasing government initiatives toward the development of the agriculture equipment industry. However, the market has several growth restraints that hold back its growth.
So, what does the future hold for the Myanmar Agriculture machinery sector? Find out here!
1. Farm Wages Grew rapidly initially due to labour scarcity which led to an increase in Agriculture mechanization in Myanmar
2. Presently, Government Initiatives, Growth In Machinery Supply, and Labour Migration have been driving the growth of the market
3. However, Changing Farmer Interests, Lack of Financing / Credit are posing as challenges in the Agriculture Equipment Sector
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4. But Regulatory bodies are framing policies in order to curb the issues and develop Agricultural Mechanization in Myanmar
4.1 Government of Myanmar has formulated various strategies to improve food security, agricultural growth, and improve farmers’ welfare
5. With Government Initiatives and Public-Private Partnerships, the industry has high potential to grow more in the future
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