South-Eastern Asia: Cow Peas Market 2024

Cow Peas Market Size in South-Eastern Asia

The Southeast Asian cow peas market fell significantly to $X in 2022, shrinking by -22.6% against the previous year. Over the period under review, consumption saw a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Cow Peas Production in South-Eastern Asia

In value terms, cow peas production fell modestly to $X in 2022 estimated in export price. In general, production saw a noticeable descent. The pace of growth was the most pronounced in 2016 when the production volume increased by 41% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Myanmar (X tons) remains the largest cow peas producing country in South-Eastern Asia, accounting for 99% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Myanmar totaled -3.4%.

The average cow peas yield contracted slightly to X kg per ha in 2022, remaining relatively unchanged against the previous year. In general, the yield showed a pronounced descent. The pace of growth was the most pronounced in 2021 with an increase of 2.6%. The level of yield peaked at X tons per ha in 2012; however, from 2013 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.

In 2022, the cow peas harvested area in South-Eastern Asia was estimated at X ha, approximately equating 2021 figures. In general, the harvested area, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the harvested area increased by 1.4%. The level of harvested area peaked at X ha in 2015; however, from 2016 to 2022, the harvested area failed to regain momentum.

Cow Peas Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of cow peas (dry) increased by 1,951% to X tons, rising for the second year in a row after three years of decline. Overall, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cow peas exports soared to $X in 2022. Over the period under review, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Myanmar (X tons) represented roughly 100% of total exports in 2022.

Myanmar was also the fastest-growing in terms of the cow peas (dry) exports, with a CAGR of +130.3% from 2012 to 2022. From 2012 to 2022, the share of Myanmar increased by +99 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Myanmar ($X) also remains the largest cow peas supplier in South-Eastern Asia.

From 2012 to 2022, the average annual growth rate of value in Myanmar stood at +137.6%.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, dropping by -21.7% against the previous year. Over the period under review, the export price saw a deep slump. The most prominent rate of growth was recorded in 2020 an increase of 28%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Myanmar amounted to +3.2% per year.

Cow Peas Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of cow peas (dry) decreased by -8.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2018 with an increase of 119% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cow peas imports reduced to $X in 2022. Overall, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 113%. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Indonesia was the key importing country with an import of around X tons, which finished at 59% of total imports. Vietnam (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (12%) and Malaysia (9.5%). Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cow peas imports into Indonesia stood at -1.9%. At the same time, Thailand (+104.8%), Vietnam (+23.9%), the Philippines (+6.4%) and Malaysia (+4.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +104.8% from 2012-2022. While the share of Vietnam (+13 p.p.), the Philippines (+12 p.p.), Thailand (+2.1 p.p.) and Malaysia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-29 p.p.) displayed negative dynamics.

In value terms, Indonesia ($X) constitutes the largest market for imported cow peas (dry) in South-Eastern Asia, comprising 54% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports. It was followed by the Philippines, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia amounted to +4.1%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+25.8% per year) and the Philippines (+27.4% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, dropping by -6.1% against the previous year. Import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cow peas import price increased by +97.1% against 2013 indices. The pace of growth was the most pronounced in 2015 when the import price increased by 30% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the Philippines ($X per ton) and Thailand ($X per ton), while Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+19.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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