Peru: Cow Peas Market 2024

Cow Peas Market Size in Peru

The Peruvian cow peas market declined dramatically to $X in 2021, dropping by -25.9% against the previous year. Over the period under review, consumption showed a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Cow Peas Production in Peru

In value terms, cow peas production totaled $X in 2021 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 124%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

In 2021, the average cow peas yield in Peru fell slightly to X tons per ha, approximately mirroring 2020 figures. Overall, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the yield increased by 17% against the previous year. Over the period under review, the average cow peas yield attained the maximum level at X tons per ha in 2012; afterwards, it flattened through to 2021. 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 in Peru soared to X ha in 2021, growing by 16% against the year before. Overall, the harvested area, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 36% against the previous year. The cow peas harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Cow Peas Exports

Exports from Peru

In 2021, exports of cow peas (dry) from Peru skyrocketed to X tons, picking up by 58% against the previous year's figure. Over the period under review, exports, however, showed a mild shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 58%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, cow peas exports soared to $X in 2021. In general, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for cow peas exports from Peru, with a 32% share of total exports. Moreover, cow peas exports to the United States exceeded the volume sent to the second major destination, Colombia (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-4.4% per year) and South Korea (+43.8% per year).

In value terms, the United States ($X) remains the key foreign market for cow peas exports from Peru, comprising 33% of total exports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total exports. It was followed by the UK, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+75.5% per year) and the UK (+7.6% per year).

Export Prices by Country

The average cow peas export price stood at $X per ton in 2021, surging by 9.8% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +7.7% 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 +44.9% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 51% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Georgia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+22.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cow Peas Imports

Imports into Peru

For the fourth year in a row, Peru recorded growth in supplies from abroad of cow peas (dry), which increased by 1.3% to X tons in 2021. Overall, imports showed a relatively flat trend pattern. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, cow peas imports skyrocketed to $X in 2021. In general, imports posted a pronounced increase. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the UK (X tons) was the main cow peas supplier to Peru, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the UK was relatively modest.

In value terms, the UK ($X) constituted the largest supplier of cow peas to Peru.

From 2012 to 2021, the average annual growth rate of value from the UK was relatively modest.

Import Prices by Country

The average cow peas import price stood at $X per ton in 2021, picking up by 85% against the previous year. In general, the import price showed a measured expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for the UK.

From 2012 to 2021, the rate of growth in terms of prices for Italy amounted to +0.8% per year.

Source: IndexBox Platform

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