Asia-Pacific: Cow Peas Market 2024

Cow Peas Market Size in Asia-Pacific

The Asia-Pacific cow peas market amounted to $X in 2021, picking up by 4.7% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Cow Peas Production in Asia-Pacific

In value terms, cow peas production contracted to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 11% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

The country with the largest volume of cow peas production was Myanmar (X tons), accounting for 81% of total volume. Moreover, cow peas production in Myanmar exceeded the figures recorded by the second-largest producer, China (X tons), eightfold.

In Myanmar, cow peas production declined by an average annual rate of -3.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (+1.3% per year) and Sri Lanka (-3.4% per year).

The average cow peas yield declined slightly to X kg per ha in 2021, waning by -2.6% compared with the previous year. Overall, the yield showed a noticeable decline. The most prominent rate of growth was recorded in 2020 when the yield increased by 5.5%. Over the period under review, the cow peas yield reached the maximum level at X tons per ha in 2012; however, from 2013 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of cow peas (dry) production in Asia-Pacific reduced to X ha, approximately reflecting the previous year. In general, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the harvested area increased by 1.2% against the previous year. The level of harvested area peaked at X ha in 2014; however, from 2015 to 2021, the harvested area remained at a lower figure.

Cow Peas Exports

Exports in Asia-Pacific

Cow peas exports soared to X tons in 2021, growing by 95% compared with the previous year's figure. In general, 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 surged to $X in 2021. Over the period under review, exports enjoyed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India represented the major exporter of cow peas (dry) in Asia-Pacific, with the volume of exports resulting at X tons, which was approx. 65% of total exports in 2021. It was distantly followed by Myanmar (X tons), mixing up a 31% share of total exports. China (X tons) took a little share of total exports.

India was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +122.8% from 2012 to 2021. At the same time, Myanmar (+13.2%) displayed positive paces of growth. By contrast, China (-16.4%) illustrated a downward trend over the same period. While the share of India (+65 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Myanmar (-4.2 p.p.) and China (-58 p.p.) displayed negative dynamics.

In value terms, India ($X), Myanmar ($X) and China ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 99% of total exports.

India, with a CAGR of +114.6%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, declining by -1.7% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 15%. The level of export peaked at $X per ton in 2020, and then contracted slightly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was China ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+6.0%), while the other leaders experienced mixed trends in the export price figures.

Cow Peas Imports

Imports in Asia-Pacific

In 2021, the amount of cow peas (dry) imported in Asia-Pacific skyrocketed to X tons, increasing by 26% compared with 2020 figures. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 222% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, cow peas imports soared to $X in 2021. Overall, imports posted a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 211%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

India prevails in imports structure, accounting for X tons, which was approx. 70% of total imports in 2021. Pakistan (X tons) took the second position in the ranking, followed by South Korea (X tons) and Sri Lanka (X tons). All these countries together took approx. 19% share of total imports. The following importers - Malaysia (X tons), Indonesia (X tons) and Vietnam (X tons) - each accounted for a 6.5% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cow peas imports into India stood at +29.4%. At the same time, Vietnam (+51.0%), Malaysia (+33.0%), Pakistan (+21.5%), Sri Lanka (+18.4%) and South Korea (+6.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +51.0% from 2012-2021. Indonesia experienced a relatively flat trend pattern. From 2012 to 2021, the share of India and Vietnam increased by +70 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported cow peas (dry) in Asia-Pacific, comprising 69% of total imports. The second position in the ranking was taken by South Korea ($X), with a 7.9% share of total imports. It was followed by Pakistan, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value in India stood at +33.4%. In the other countries, the average annual rates were as follows: South Korea (+15.3% per year) and Pakistan (+19.4% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 35% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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