MERCOSUR: Cow Peas Market 2024

Cow Peas Market Size in MERCOSUR

In 2021, the MERCOSUR cow peas market decreased by -70.8% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption faced a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cow Peas Production in MERCOSUR

In value terms, cow peas production declined slightly to $X in 2021 estimated in export price. In general, production saw a mild increase. The most prominent rate of growth was recorded in 2019 with an increase of 23%. Over the period under review, production reached the maximum level at $X in 2020, and then reduced slightly in the following year.

Brazil (X tons) remains the largest cow peas producing country in MERCOSUR, comprising approx. 78% of total volume. Moreover, cow peas production in Brazil exceeded the figures recorded by the second-largest producer, Peru (X tons), fourfold.

In Brazil, cow peas production remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Peru (-7.2% per year) and Argentina (+0.8% per year).

The average cow peas yield reduced to X tons per ha in 2021, with a decrease of -11.6% compared with the previous year. The yield indicated buoyant growth from 2012 to 2021: its figure increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cow peas yield decreased by -11.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 45% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2021, the growth of the cow peas 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.

In 2021, the total area harvested in terms of cow peas (dry) production in MERCOSUR skyrocketed to X ha, jumping by 16% against 2020 figures. In general, the harvested area, however, saw a deep slump. The pace of growth was the most pronounced in 2019 with an increase of 36%. Over the period under review, the harvested area dedicated to cow peas production reached the maximum at X ha in 2012; however, from 2013 to 2021, the harvested area remained at a lower figure.

Cow Peas Exports

Exports in MERCOSUR

In 2021, approx. X tons of cow peas (dry) were exported in MERCOSUR; picking up by 97% compared with the year before. Overall, exports recorded resilient growth. The growth pace was the most rapid in 2018 when exports increased by 268%. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, cow peas exports surged to $X in 2021. Over the period under review, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 135% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Brazil was the major exporting country with an export of about X tons, which reached 84% of total exports. It was distantly followed by Peru (X tons), generating a 15% share of total exports.

Brazil was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +32.2% from 2012 to 2021. Peru (-1.2%) illustrated a downward trend over the same period. While the share of Brazil (+57 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Peru (-50.8 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) remains the largest cow peas supplier in MERCOSUR, comprising 76% of total exports. The second position in the ranking was taken by Peru ($X), with a 22% share of total exports.

In Brazil, cow peas exports increased at an average annual rate of +34.6% over the period from 2012-2021.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, increasing by 10% against the previous year. Export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cow peas export price increased by +72.3% against 2018 indices. The pace of growth was the most pronounced in 2014 an increase of 52%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Peru ($X per ton), while Brazil totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+7.7%).

Cow Peas Imports

Imports in MERCOSUR

In 2021, purchases abroad of cow peas (dry) decreased by -13.1% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a abrupt curtailment. The growth pace was the most rapid in 2019 when imports increased by 118%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, cow peas imports shrank sharply to $X in 2021. Over the period under review, imports showed a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by 123% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Colombia prevails in imports structure, finishing at X tons, which was near 88% of total imports in 2021. It was distantly followed by Brazil (X tons), comprising a 6% share of total imports. The following importers - Chile (X tons) and Peru (X tons) - each recorded a 3.3% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cow peas imports into Colombia stood at -10.5%. At the same time, Chile (+70.8%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +70.8% from 2012-2021. Peru experienced a relatively flat trend pattern. By contrast, Brazil (-14.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile and Colombia increased by +1.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported cow peas (dry) in MERCOSUR, comprising 86% of total imports. The second position in the ranking was taken by Brazil ($X), with a 6.8% share of total imports. It was followed by Peru, with a 2.1% share.

In Colombia, cow peas imports declined by an average annual rate of -9.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-13.8% per year) and Peru (+2.9% per year).

Import Prices by Country

In 2021, the import price in MERCOSUR amounted to $X per ton, waning by -4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2018 an increase of 27%. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2021.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Peru ($X per ton) and Brazil ($X per ton), while Chile ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform