Cow Peas Market

The global cow peas market is projected to see an increase in consumption and market value over the next eight years, with a forecasted CAGR of +1.9% in volume and +3.8% in value from 2022 to 2030. In 2022, approximately 10M tons of cow peas were consumed worldwide, with Nigeria, Niger, and Burkina Faso being the top consuming countries. Global production of cow peas reached 10M tons in 2022, with Nigeria, Niger, and Burkina Faso leading in production. Imports and exports of cow peas also saw fluctuations in volumes and prices over the analyzed period. The article provides detailed insights into consumption patterns, production trends, import-export dynamics, and price fluctuations in the global cow peas market.

Market Forecast

Driven by increasing demand for cow peas (dry) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $23.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cow Peas (Dry)

In 2022, approx. 10M tons of cow peas (dry) were consumed worldwide; with an increase of 16% compared with 2021. The total consumption volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in years to come.

The global cow peas market size reached $17.7B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a mild shrinkage. Global consumption peaked at $22.5B in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Nigeria (4.1M tons), Niger (2.9M tons) and Burkina Faso (829K tons), together accounting for 75% of global consumption. Ghana, Mali, Kenya, Sudan and Cameroon lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Sudan (with a CAGR of +19.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Nigeria ($13.8B) led the market, alone. The second position in the ranking was held by Niger ($1.2B). It was followed by Burkina Faso.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -2.2%. The remaining consuming countries recorded the following average annual rates of market growth: Niger (+8.6% per year) and Burkina Faso (+2.2% per year).

In 2022, the highest levels of cow peas per capita consumption was registered in Niger (110 kg per person), followed by Burkina Faso (38 kg per person), Nigeria (19 kg per person) and Mali (12 kg per person), while the world average per capita consumption of cow peas was estimated at 1.3 kg per person.

From 2012 to 2022, the average annual growth rate of the cow peas per capita consumption in Niger stood at +3.9%. In the other countries, the average annual rates were as follows: Burkina Faso (+0.4% per year) and Nigeria (-4.7% per year).

Production

World Production of Cow Peas (Dry)

In 2022, global production of cow peas (dry) totaled 10M tons, picking up by 13% against the previous year. The total output volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 27% against the previous year. Global production peaked in 2022 and is expected to retain growth in the near future. The general positive trend in terms output was largely conditioned by a mild expansion of the harvested area and a slight decline in yield figures.

In value terms, cow peas production shrank to $6.7B in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 2,553% against the previous year. As a result, production attained the peak level of $185.6B. From 2014 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Nigeria (4.1M tons), Niger (2.9M tons) and Burkina Faso (829K tons), with a combined 75% share of global production. Ghana, Mali, Canada, Sudan, Cameroon and the United States lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Sudan (with a CAGR of +19.1%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2022, the global average yield of cow peas (dry) stood at 687 kg per ha, surging by 9.1% compared with 2021 figures. In general, the yield, however, continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2016 when the yield increased by 12%. Over the period under review, the average cow peas yield hit record highs at 791 kg per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure.

Harvested Area

The global cow peas harvested area rose to 15M ha in 2022, picking up by 3.8% against the year before. The harvested area increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2016 when the harvested area increased by 13%. The global harvested area peaked in 2022 and is likely to see gradual growth in the near future.

Imports

World Imports of Cow Peas (Dry)

Global cow peas imports rose markedly to 542K tons in 2022, increasing by 12% compared with the previous year's figure. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 37% against the previous year. As a result, imports attained the peak of 697K tons. From 2018 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, cow peas imports reached $486M in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 37%. Over the period under review, global imports hit record highs at $494M in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (126K tons), distantly followed by Kenya (63K tons), the Dominican Republic (37K tons), Afghanistan (30K tons) and Pakistan (30K tons) were the key importers of cow peas (dry), together creating 53% of total imports. Vietnam (24K tons), India (23K tons), Japan (17K tons), Rwanda (16K tons), Canada (16K tons), Angola (15K tons) and China (11K tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +135.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($146M) constitutes the largest market for imported cow peas (dry) worldwide, comprising 30% of global imports. The second position in the ranking was held by the Dominican Republic ($41M), with an 8.3% share of global imports. It was followed by Japan, with a 4.5% share.

In the United States, cow peas imports expanded at an average annual rate of +2.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Dominican Republic (+2.4% per year) and Japan (-0.6% per year).

Import Prices By Country

In 2022, the average cow peas import price amounted to $898 per ton, falling by -3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 30%. Over the period under review, average import prices reached the maximum at $930 per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($1,289 per ton), while Rwanda ($220 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Angola (+6.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cow Peas (Dry)

After two years of growth, overseas shipments of cow peas (dry) decreased by -21.9% to 570K tons in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 40% against the previous year. As a result, the exports attained the peak of 836K tons. From 2018 to 2022, the growth of the global exports remained at a lower figure.

In value terms, cow peas exports reduced to $584M in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 23% against the previous year. Over the period under review, the global exports reached the peak figure at $628M in 2021, and then shrank in the following year.

Exports By Country

Canada (170K tons) and the United States (139K tons) represented roughly 54% of total exports in 2022. It was distantly followed by Uzbekistan (69K tons), Madagascar (41K tons) and Afghanistan (29K tons), together generating a 24% share of total exports. Myanmar (21K tons), Tanzania (16K tons), Peru (10K tons), the UK (9.9K tons) and Uganda (9K tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Myanmar (with a CAGR of +113.6%), while the other global leaders experienced more modest paces of growth.

In value terms, Canada ($181M), the United States ($155M) and Uzbekistan ($109M) were the countries with the highest levels of exports in 2022, together accounting for 76% of global exports. Afghanistan, Madagascar, Peru, Myanmar, Tanzania, the UK and Uganda lagged somewhat behind, together comprising a further 14%.

Among the main exporting countries, Myanmar, with a CAGR of +102.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average cow peas export price stood at $1,025 per ton in 2022, jumping by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 28%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($1,609 per ton), while Uganda ($233 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+14.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform