Thailand: Cow Peas Market 2024

Cow Peas Market Size in Thailand

In 2021, the Thai cow peas market increased by 142% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption posted a strong increase. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Cow Peas Production in Thailand

In value terms, cow peas production stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a slight setback. The pace of growth was the most pronounced in 2013 with a decrease of -65.8% against the previous year. Cow peas production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Cow Peas Exports

Exports from Thailand

In 2021, overseas shipments of cow peas (dry) decreased by -10.4% to X tons, falling for the second consecutive year after three years of growth. In general, exports recorded a significant decline. The pace of growth was the most pronounced in 2019 with an increase of 311% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, cow peas exports reduced slightly to $X in 2021. Over the period under review, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 251% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons), South Korea (X tons) and the Netherlands (X kg) were the main destinations of cow peas exports from Thailand, with a combined 100% share of total exports.

From 2012 to 2021, the biggest increases were in Germany (with a CAGR of +22.0%), while shipments for the other leaders experienced a decline.

In value terms, Germany ($X) remains the key foreign market for cow peas exports from Thailand, comprising 63% of total exports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Germany totaled +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-7.8% per year) and the Netherlands (-10.1% per year).

Export Prices by Country

The average cow peas export price stood at $X per ton in 2021, with an increase of 9.5% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cow peas export price increased by +53.7% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 40%. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to South Korea ($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 the United States (+8.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cow Peas Imports

Imports into Thailand

In 2021, approx. X tons of cow peas (dry) were imported into Thailand; dropping by -38.5% against the previous year's figure. In general, imports, however, posted a mild expansion. The most prominent rate of growth was recorded in 2014 with an increase of 23,596% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, cow peas imports fell significantly to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 24,329%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Brazil (X tons) was the main cow peas supplier to Thailand, with a 92% share of total imports. Moreover, cow peas imports from Brazil exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+38.0% per year) and Vietnam (-56.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of cow peas to Thailand, comprising 90% of total imports. The second position in the ranking was held by India ($X), with a 7.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+2.8% per year) and Vietnam (-49.0% per year).

Import Prices by Country

In 2021, the average cow peas import price amounted to $X per ton, picking up by 2.5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Vietnam ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+18.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :