Philippines: Cow Peas Market 2024

Cow Peas Market Size in the Philippines

After two years of decline, the Philippine cow peas market increased by 69% to $X in 2021. In general, consumption continues to indicate a measured expansion. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Cow Peas Production in the Philippines

In value terms, cow peas production fell dramatically to $X in 2021 estimated in export price. In general, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +51.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 103%. Cow peas production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

The average yield of cow peas (dry) in the Philippines was estimated at X tons per ha in 2021, flattening at the previous year's figure. In general, the yield, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2013 when the yield increased by 34%. The cow peas yield peaked at X tons per ha in 2014; however, from 2015 to 2021, the yield failed to regain momentum. 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 the Philippines stood at X ha in 2021, almost unchanged from 2020 figures. Over the period under review, the harvested area, however, saw a perceptible descent. The cow peas harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area remained at a lower figure.

Cow Peas Exports

Exports from the Philippines

In 2021, approx. X kg of cow peas (dry) were exported from the Philippines; growing by 27% against 2020 figures. Overall, exports, however, saw a noticeable setback. The pace of growth was the most pronounced in 2019 when exports increased by 67% against the previous year. The exports peaked at X kg in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, cow peas exports soared to $X in 2021. In general, exports posted a resilient expansion. The growth pace was the most rapid in 2020 when exports increased by 53% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Thailand (X kg) was the main destination for cow peas exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled -2.4%.

In value terms, Thailand ($X) also remains the key foreign market for cow peas exports from the Philippines.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +15.0%.

Export Prices by Country

The average cow peas export price stood at $X per ton in 2021, with an increase of 5.7% against the previous year. In general, the export price saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 an increase of 108%. The export price peaked in 2021 and is likely to see steady growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Thailand.

From 2012 to 2021, the rate of growth in terms of prices for Thailand amounted to +17.9% per year.

Cow Peas Imports

Imports into the Philippines

In 2021, after two years of decline, there was significant growth in supplies from abroad of cow peas (dry), when their volume increased by 250% to X tons. Overall, imports enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when imports increased by 748% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, cow peas imports skyrocketed to $X in 2021. Over the period under review, imports showed significant growth. The pace of growth was the most pronounced in 2018 with an increase of 789% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

Myanmar (X tons), Brazil (X tons) and China (X tons) were the main suppliers of cow peas imports to the Philippines, with a combined 99% share of total imports.

From 2012 to 2021, the biggest increases were in Brazil (with a CAGR of +43.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X), Brazil ($X) and China ($X) constituted the largest cow peas suppliers to the Philippines, together comprising 99% of total imports.

Among the main suppliers, Brazil, with a CAGR of +44.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average cow peas import price stood at $X per ton in 2021, dropping by -14.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average import price increased by 16% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per ton), while the price for China ($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 (+0.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :