The Myanmar Agriculture Machinery Market is eying to become an MMK 200 bn market by 2026. Will Myanmar be able to achieve that mark? Ken Research

Due to COVID-19 Outbreak, OEMs were unable to deliver new orders. Due to this, dealers faced low availability of machines, spares, and attachments. Major Product Categories witnessed a decline in sales between 4-12% on the basis of volume and value. The government's increased focus on agriculture mechanization in the country is expected to increase the demand for agricultural machinery in the country, registering a CAGR of 8.8% during the forecast period. Modernization would drive growth, as farmers are expected to increase the adoption of combined harvesters and tractors, thereby making their operations more efficient and reducing dependency on labor.

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1. Enhancing Access to Finance was Top Priority of Government for Tackling the Economic Slowdown in Myanmar

Request a Free Sample to learn more about the report: Click here Due to the Covid 19 Pandemic complete supply chain was disturbed from component supply to container availability for shipments. There were no containers on Inland Container Depots (ICDs). Myanmar Market being completely import driven faced high difficulties in providing orders for demand. The commercial backing by providing low interest loans to farmers, cutting down interest rates shows good intent from government. Moreover, structural reforms and government tenders will help the market demand in returning to normalcy. General Demand will also pick up slowly. Furthermore, Ministry of Finance and Planning increased the loan on paddy production to MMK 100,000 to MMK 150,000 per Acre.

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2. The Agriculture Machinery Market in Myanmar is Completely Import Driven.

The agriculture equipment market in Myanmar is currently exclusively import dependent. The Ministry of Commerce, effective from November 2017, granted the permission for joint ventures (JVs) between foreign and domestic companies to import and sell agricultural machinery. All OEMs such as Kubota, Sonalika, John Deere, New Holland and others are importing products in country. Moreover, the market has strong competition from Chinese brands importing in country in unorganized manner. Total 30-40 players are present in the market.

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3. Combine Harvesters were Introduced in Myanmar in 2012, so there is still a Big Untapped Market.

Farmers are able to minimize post-harvest loss and reduce the grain damage by using Combine Harvester. Further, it will help in saving costs of purchasing small machineries such as Threshers and Reapers. Using machineries farmers are able to harvest 10 acres in one day on an average. Thus, they are able to reduce the time and prepare for planting next crop in advance. Currently, Price is the biggest barrier for a farmer purchasing CH. Therefore, many farmers are renting them. Customers are purchasing Chinese and Thai Brands as they are low priced. Improvement in farm land holdings, systematic farm roads will help in increasing the access of CH in farms. In Future, more brands are expected to enter the market. John Deere also planned to launch their Combine Harvester by 2022 end. The demand will increase for Corn Combine Harvesters.

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4. Government Initiatives, Growth In Machinery Supply, etc. has developed the market for agriculture equipment's.

Govt through its various policies and initiatives such as Myanmar Sustainable Development Plan (MSDP, Feb 2018), Agriculture Development and Strategy Plan (August, 2018), Roadmap for Myanmar's Seed Sector (2017-20), has been strengthening the agriculture sector and penetration of mechanization. Number and location of machinery supply business increased drastically in Myanmar, which led to increase in variety of machines supplied. The machines became more affordable due to this. Furthermore, Systematic Farm Land reforms such as Rectangular Plot Shape, Boundary Ratio (1:3), Equal Plot Size, Irrigation and Drainage Facilities and other key changes are undertaken. This will help in more effective usage of farm machinery, lead to better crop production, mitigate the value chain and other benefits.

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.