Europe: Cow Peas Market 2024

Cow Peas Market Size in Europe

In 2021, after two years of decline, there was significant growth in the Europe cow peas market, when its value increased by 5.5% to $X. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Cow Peas Production in Europe

In value terms, cow peas production rose markedly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2013 when the production volume increased by 6.9% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Serbia (X tons) remains the largest cow peas producing country in Europe, accounting for 45% of total volume. Moreover, cow peas production in Serbia exceeded the figures recorded by the second-largest producer, North Macedonia (X tons), twofold. The third position in this ranking was held by Ukraine (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume in Serbia amounted to +2.1%. The remaining producing countries recorded the following average annual rates of production growth: North Macedonia (-0.0% per year) and Ukraine (-0.3% per year).

In 2021, the average cow peas yield in Europe amounted to X tons per ha, with an increase of 7.1% on the year before. The yield figure increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 13%. Over the period under review, the cow peas yield hit record highs in 2021 and is expected to retain growth in the near future. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of cow peas (dry) were harvested in Europe; remaining stable against the year before. In general, the harvested area, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the harvested area increased by 12%. As a result, the harvested area attained the peak level of X ha. From 2017 to 2021, the growth of the cow peas harvested area failed to regain momentum.

Cow Peas Exports

Exports in Europe

Cow peas exports skyrocketed to X tons in 2021, picking up by 112% on the previous year's figure. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 490%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, cow peas exports skyrocketed to $X in 2021. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 235% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Latvia prevails in exports structure, resulting at X tons, which was near 68% of total exports in 2021. The Netherlands (X tons) ranks second in terms of the total exports with a 6.5% share, followed by Hungary (5.7%). The UK (X tons), Portugal (X tons), Italy (X tons) and Greece (X tons) followed a long way behind the leaders.

Latvia was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +347.1% from 2012 to 2021. At the same time, Greece (+74.9%), Hungary (+50.8%), Portugal (+46.4%), the UK (+37.0%), the Netherlands (+23.5%) and Italy (+20.8%) displayed positive paces of growth. Latvia (+68 p.p.), the Netherlands (+6.5 p.p.), Hungary (+3.3 p.p.), Greece (+2.4 p.p.) and Portugal (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Italy saw its share reduced by -5.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Latvia ($X), the Netherlands ($X) and the UK ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 64% of total exports.

In terms of the main exporting countries, Latvia, with a CAGR of +232.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Europe amounted to $X per ton, reducing by -3% against the previous year. In general, the export price recorded a deep downturn. The most prominent rate of growth was recorded in 2015 an increase of 62%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.4%), while the other leaders experienced more modest paces of growth.

Cow Peas Imports

Imports in Europe

Cow peas imports declined to X tons in 2021, reducing by -5.1% against the year before. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 96%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, cow peas imports expanded markedly to $X in 2021. Over the period under review, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 86% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the six major importers of cow peas (dry), namely the UK, Portugal, Italy, Greece, Spain and the Netherlands, represented more than two-thirds of total import. France (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the Netherlands (with a CAGR of +57.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cow peas importing markets in Europe were the UK ($X), Portugal ($X) and Italy ($X), together accounting for 56% of total imports. Greece, Spain, the Netherlands and France lagged somewhat behind, together comprising a further 33%.

In terms of the main importing countries, the Netherlands, with a CAGR of +62.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Europe amounted to $X per ton, jumping by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2020 when the import price increased by 21% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Netherlands ($X per ton) and France ($X per ton), while Portugal ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform