Latin America and the Caribbean: Cow Peas Market 2024

Cow Peas Market Size in Latin America and the Caribbean

The Latin American cow peas market skyrocketed to $X in 2022, picking up by 36% against the previous year. Overall, consumption, however, showed a noticeable slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Cow Peas Production in Latin America and the Caribbean

In value terms, cow peas production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 20%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of cow peas production was Brazil (X tons), accounting for 57% of total volume. Moreover, cow peas production in Brazil exceeded the figures recorded by the second-largest producer, Haiti (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Haiti (+0.0% per year) and Peru (-5.5% per year).

The average cow peas yield totaled X tons per ha in 2022, therefore, remained relatively stable against the previous year's figure. In general, the yield showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 6.8%. Over the period under review, the cow peas yield reached the maximum level at X tons per ha in 2020; however, from 2021 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 fell modestly to X ha in 2022, dropping by -3.9% on the previous year. In general, the harvested area continues to indicate a slight slump. The most prominent rate of growth was recorded in 2021 with an increase of 8.3%. Over the period under review, the harvested area dedicated to cow peas production attained the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Cow Peas Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of cow peas (dry) were exported in Latin America and the Caribbean; shrinking by -31.1% compared with the previous year. Overall, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2018 with an increase of 269% against the previous year. The volume of export peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, cow peas exports reduced dramatically to $X in 2022. In general, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 135% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank significantly in the following year.

Exports by Country

In 2022, Brazil (X tons) was the main exporter of cow peas (dry), constituting 80% of total exports. It was distantly followed by Peru (X tons), committing an 18% share of total exports.

Brazil was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +23.4% from 2012 to 2022. Peru (-3.0%) illustrated a downward trend over the same period. Brazil (+53 p.p.) significantly strengthened its position in terms of the total exports, while Peru saw its share reduced by -47.9% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest cow peas supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was held by Peru ($X), with a 30% share of total exports.

In Brazil, cow peas exports increased at an average annual rate of +22.3% over the period from 2012-2022.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, dropping by -15% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 52%. 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($X per ton), while Brazil stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+6.5%).

Cow Peas Imports

Imports in Latin America and the Caribbean

After two years of decline, purchases abroad of cow peas (dry) increased by 4% to X tons in 2022. Overall, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2015 with an increase of 71% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cow peas imports expanded markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2018 with an increase of 70%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Colombia represented the largest importing country with an import of around X tons, which recorded 62% of total imports. Panama (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (6.1%), Cuba (5.6%) and Curacao (5.2%). Jamaica (X tons) and Saint Lucia (X tons) followed a long way behind the leaders.

Imports into Colombia decreased at an average annual rate of -8.6% from 2012 to 2022. At the same time, Saint Lucia (+22.4%), Cuba (+20.0%) and the Dominican Republic (+5.7%) displayed positive paces of growth. Moreover, Saint Lucia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.4% from 2012-2022. Panama and Curacao experienced a relatively flat trend pattern. By contrast, Jamaica (-2.3%) illustrated a downward trend over the same period. Panama (+14 p.p.), the Dominican Republic (+6.1 p.p.), Cuba (+5.1 p.p.), Curacao (+2.6 p.p.) and Saint Lucia (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Colombia saw its share reduced by -18.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported cow peas (dry) in Latin America and the Caribbean, comprising 53% of total imports. The second position in the ranking was taken by Panama ($X), with a 14% share of total imports. It was followed by the Dominican Republic, with a 13% share.

In Colombia, cow peas imports decreased by an average annual rate of -7.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Panama (+5.7% per year) and the Dominican Republic (+18.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 6.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2018 when the import price increased by 20% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Saint Lucia ($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 Dominican Republic (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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