Worldwide Green Peas Market to Reach 24M Tons in Volume and $41.4B in Value by 2035, Forecasting +0.9% CAGR

IndexBox has just published a new report: World - Peas (Green) - Market Analysis, Forecast, Size, Trends and Insights.

The market for green peas is set to experience a steady rise in consumption due to rising demand across the globe. Forecasts suggest a growth in market volume to 24M tons and market value to $41.4B by 2035, with projected CAGRs of +0.9% and +1.1% in volume and value terms respectively.

Market Forecast

Driven by increasing demand for peas (green) worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market volume to 24M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $41.4B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Peas (Green)

In 2024, after five years of growth, there was decline in consumption of peas (green), when its volume decreased by -0.6% to 21M tons. The total consumption volume increased at an average annual rate of +1.9% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the maximum volume at 22M tons in 2023, and then shrank slightly in the following year.

The global green peas market revenue shrank to $36.8B in 2024, declining by -4.4% 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). The market value increased at an average annual rate of +1.2% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked at $38.5B in 2023, and then fell in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (12M tons), India (6.4M tons) and Pakistan (395K tons), with a combined 87% share of global consumption.

From 2013 to 2024, the biggest increases were recorded for Pakistan (with a CAGR of +11.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest green peas markets worldwide were China ($20.3B), India ($11.3B) and Pakistan ($353M), together comprising 87% of the global market.

Pakistan, with a CAGR of +13.5%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of green peas per capita consumption in 2024 were China (8.3 kg per person), India (4.5 kg per person) and Pakistan (1.7 kg per person).

From 2013 to 2024, the biggest increases were recorded for Pakistan (with a CAGR of +9.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Peas (Green)

In 2024, after seven years of growth, there was decline in production of peas (green), when its volume decreased by -0.8% to 21M tons. The total output volume increased at an average annual rate of +1.9% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 11% against the previous year. Over the period under review, global production hit record highs at 22M tons in 2023, and then dropped modestly in the following year. The general positive trend in terms output was largely conditioned by mild growth of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, green peas production fell to $36.9B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2015 when the production volume increased by 11%. Global production peaked at $39B in 2023, and then shrank in the following year.

Production By Country

The countries with the highest volumes of production in 2024 were China (12M tons), India (6.4M tons) and Pakistan (395K tons), with a combined 87% share of global production.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Pakistan (with a CAGR of +12.0%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average green peas yield fell slightly to 8 tons per ha in 2024, approximately equating the previous year's figure. Overall, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 3.8%. Over the period under review, the average green peas yield hit record highs at 8.1 tons per ha in 2023, and then reduced slightly in the following year.

Harvested Area

In 2024, approx. 2.7M ha of peas (green) were harvested worldwide; remaining constant against 2023 figures. The harvested area increased at an average annual rate of +1.5% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 7.4%. The global harvested area peaked at 2.7M ha in 2023, and then fell modestly in the following year.

Imports

World's Imports of Peas (Green)

In 2024, overseas purchases of peas (green) increased by 4% to 251K tons for the first time since 2021, thus ending a two-year declining trend. In general, imports, however, recorded a noticeable descent. The pace of growth appeared the most rapid in 2017 when imports increased by 88%. As a result, imports reached the peak of 551K tons. From 2018 to 2024, the growth of global imports failed to regain momentum.

In value terms, green peas imports expanded markedly to $506M in 2024. The total import value increased at an average annual rate of +1.3% from 2013 to 2024; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 18% against the previous year. Global imports peaked in 2024 and are expected to retain growth in years to come.

Imports By Country

Belgium represented the major importing country with an import of around 79K tons, which reached 32% of total imports. The United States (34K tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (11%) and the UK (8.5%). Spain (10K tons), Canada (8.9K tons), Thailand (6.8K tons), Germany (5.9K tons), France (4.3K tons) and Italy (4.1K tons) held a little share of total imports.

From 2013 to 2024, average annual rates of growth with regard to green peas imports into Belgium stood at -3.1%. At the same time, Spain (+16.7%), Italy (+7.3%) and the UK (+5.5%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +16.7% from 2013-2024. Germany experienced a relatively flat trend pattern. By contrast, the United States (-1.8%), Thailand (-2.6%), Canada (-3.9%), the Netherlands (-6.4%) and France (-8.5%) illustrated a downward trend over the same period. From 2013 to 2024, the share of the UK and Spain increased by +5 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest green peas importing markets worldwide were the Netherlands ($115M), the United States ($114M) and the UK ($52M), with a combined 55% share of global imports. Belgium, Canada, Germany, France, Spain, Thailand and Italy lagged somewhat behind, together comprising a further 28%.

Spain, with a CAGR of +15.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average green peas import price stood at $2,017 per ton in 2024, rising by 8.9% against the previous year. Over the period under review, import price indicated tangible growth from 2013 to 2024: its price increased at an average annual rate of +4.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, green peas import price increased by +41.0% against 2021 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 49%. Global import price peaked in 2024 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($4,827 per ton), while Spain ($590 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Netherlands (+12.8%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Peas (Green)

In 2024, overseas shipments of peas (green) decreased by -12% to 215K tons, falling for the third year in a row after five years of growth. Overall, exports recorded a pronounced curtailment. The pace of growth was the most pronounced in 2021 with an increase of 16%. As a result, the exports reached the peak of 293K tons. From 2022 to 2024, the growth of the global exports remained at a lower figure.

In value terms, green peas exports dropped to $372M in 2024. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 13%. As a result, the exports attained the peak of $443M. From 2022 to 2024, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

In 2024, France (37K tons), distantly followed by Guatemala (21K tons), Poland (19K tons), the Netherlands (19K tons), China (15K tons), Mexico (15K tons), Romania (14K tons), the United States (11K tons) and Lithuania (10K tons) represented the largest exporters of peas (green), together comprising 75% of total exports. Peru (9.3K tons) took a minor share of total exports.

From 2013 to 2024, the biggest increases were recorded for Poland (with a CAGR of +31.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest green peas supplying countries worldwide were Guatemala ($54M), the Netherlands ($53M) and Mexico ($48M), together comprising 42% of global exports. The United States, Peru, China, France, Poland, Romania and Lithuania lagged somewhat behind, together accounting for a further 38%.

In terms of the main exporting countries, Poland, with a CAGR of +25.3%, saw the highest rates of growth with regard to 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

In 2024, the average green peas export price amounted to $1,728 per ton, surging by 6% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2020 an increase of 6.5%. The global export price peaked in 2024 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 the United States ($4,327 per ton), while Romania ($356 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+13.1%), while the other global leaders experienced more modest paces of growth.