ASEAN: Cow Peas Market 2024

Cow Peas Market Size in ASEAN

The ASEAN cow peas market shrank to $X in 2022, declining by -14% against the previous year. Over the period under review, consumption saw a abrupt setback. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Cow Peas Production in ASEAN

In value terms, cow peas production dropped slightly to $X in 2022 estimated in export price. Overall, production saw a abrupt contraction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 16%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Myanmar (X tons) constituted the country with the largest volume of cow peas production, comprising approx. 91% of total volume. Moreover, cow peas production in Myanmar exceeded the figures recorded by the second-largest producer, Thailand (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in Myanmar amounted to -3.4%.

The average cow peas yield reduced to X kg per ha in 2022, approximately reflecting the previous year. Overall, the yield continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2021 when the yield increased by 2.5%. The level of yield peaked at X tons per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cow peas harvested area reached X ha in 2022, leveling off at the previous year. Overall, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the harvested area increased by 1.4% against the previous year. The level of harvested area peaked at X ha in 2015; however, from 2016 to 2022, the harvested area failed to regain momentum.

Cow Peas Exports

Exports in ASEAN

In 2022, shipments abroad of cow peas (dry) increased by 70% to X tons, rising for the third consecutive year after two years of decline. Overall, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cow peas exports skyrocketed to $X in 2022. In general, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Myanmar (X tons) represented the main exporter of cow peas (dry), comprising 77% of total exports. It was distantly followed by Thailand (X tons), comprising a 16% share of total exports. Lao People's Democratic Republic (X tons) and Vietnam (X tons) followed a long way behind the leaders.

Myanmar was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +113.5% from 2012 to 2022. At the same time, Vietnam (+8.2%) and Lao People's Democratic Republic (+3.9%) displayed positive paces of growth. By contrast, Thailand (-6.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Myanmar increased by +77 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Myanmar ($X) remains the largest cow peas supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total exports. It was followed by Vietnam, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Myanmar totaled +102.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-7.0% per year) and Vietnam (+5.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, reducing by -9.2% against the previous year. Overall, the export price continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2014 an increase of 42% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+1.2%), while the other leaders experienced a decline in the export price figures.

Cow Peas Imports

Imports in ASEAN

In 2022, supplies from abroad of cow peas (dry) decreased by -21.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, showed slight growth. The growth pace was the most rapid in 2021 with an increase of 66%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, cow peas imports reduced remarkably to $X in 2022. Over the period under review, imports showed a mild setback. The pace of growth appeared the most rapid in 2021 with an increase of 61%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Vietnam represented the largest importer of cow peas (dry) in ASEAN, with the volume of imports recording X tons, which was approx. 66% of total imports in 2022. Thailand (X tons) took the second position in the ranking, followed by Malaysia (X tons), Singapore (X tons) and Indonesia (X tons). All these countries together held near 29% share of total imports. The following importers - the Philippines (X tons) and Lao People's Democratic Republic (X tons) - each recorded a 4.5% share of total imports.

Vietnam was also the fastest-growing in terms of the cow peas (dry) imports, with a CAGR of +25.2% from 2012 to 2022. At the same time, Thailand (+13.3%) and Lao People's Democratic Republic (+6.0%) displayed positive paces of growth. By contrast, Indonesia (-5.2%), Singapore (-6.0%), the Philippines (-6.8%) and Malaysia (-16.7%) illustrated a downward trend over the same period. Vietnam (+58 p.p.) and Thailand (+6.9 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines, Indonesia, Singapore and Malaysia saw its share reduced by -3.4%, -4.6%, -6.7% and -51.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported cow peas (dry) in ASEAN, comprising 52% of total imports. The second position in the ranking was taken by Singapore ($X), with a 13% share of total imports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam stood at +18.6%. In the other countries, the average annual rates were as follows: Singapore (-2.5% per year) and Malaysia (-15.8% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, falling by -2.7% against the previous year. In general, the import price saw a noticeable shrinkage. The pace of growth was the most pronounced in 2018 when the import price increased by 19% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform