Sri Lanka: Cow Peas Market 2024

Cow Peas Market Size in Sri Lanka

The Sri Lankan cow peas market rose rapidly to $X in 2022, increasing by 5.9% against the previous year. In general, consumption, however, saw a deep reduction. Cow peas consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Cow Peas Production in Sri Lanka

In value terms, cow peas production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 63% against the previous year. Cow peas production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

In 2022, the average yield of cow peas (dry) in Sri Lanka totaled X tons per ha, almost unchanged from 2021. Overall, the yield, however, showed a slight reduction. The most prominent rate of growth was recorded in 2016 when the yield increased by 22%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2022, the growth of the average cow peas yield remained at a somewhat 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 in Sri Lanka reached X ha in 2022, with an increase of 5.2% on 2021 figures. Over the period under review, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 60% against the previous year. The cow peas harvested area peaked at X ha in 2014; however, from 2015 to 2022, the harvested area failed to regain momentum.

Cow Peas Exports

Exports from Sri Lanka

In 2022, shipments abroad of cow peas (dry) decreased by -90.7% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2014 when exports increased by 1,280%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cow peas exports declined dramatically to $X in 2022. In general, exports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 944% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The UK (X tons), Maldives (X kg) and Italy (X kg) were the main destinations of cow peas exports from Sri Lanka, together comprising 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Maldives (with a CAGR of +59.7%), while the other leaders experienced more modest paces of growth.

In value terms, Maldives ($X) emerged as the key foreign market for cow peas (dry) exports from Sri Lanka, comprising 71% of total exports. The second position in the ranking was taken by the UK ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives stood at +40.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+28.4% per year) and Italy (0.0% per year).

Export Prices by Country

In 2022, the average cow peas export price amounted to $X per ton, picking up by 41% against the previous year. Overall, the export price showed perceptible growth. The pace of growth was the most pronounced in 2021 an increase of 77%. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (-2.1%), while the prices for the other major destinations experienced a decline.

Cow Peas Imports

Imports into Sri Lanka

In 2022, purchases abroad of cow peas (dry) decreased by -89.9% to X tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a sharp decrease. The growth pace was the most rapid in 2015 with an increase of 444%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cow peas imports dropped to $X in 2022. In general, imports recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 409%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest cow peas supplier to Sri Lanka, accounting for a 89% share of total imports. Moreover, cow peas imports from Vietnam exceeded the figures recorded by the second-largest supplier, Thailand (X kg), eightfold.

From 2012 to 2022, the average annual growth rate of volume from Vietnam amounted to +25.9%.

In value terms, Vietnam ($X) constituted the largest supplier of cow peas (dry) to Sri Lanka, comprising 78% of total imports. The second position in the ranking was taken by Thailand ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam stood at +28.7%.

Import Prices by Country

The average cow peas import price stood at $X per ton in 2022, surging by 766% against the previous year. Over the period under review, the import price enjoyed a significant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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