Cow Peas Export in America Slumps 20% to 9.7K Tons in November 2022

U.S. Cow Peas Exports

Cow peas exports from the United States declined rapidly to 9.7K tons in November 2022, which is down by -19.8% compared with the previous month. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 with an increase of 77% m-o-m. The exports peaked at 14K tons in April 2022; however, from May 2022 to November 2022, the exports remained at a lower figure.

In value terms, cow peas exports dropped sharply to $11M (IndexBox estimates) in November 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 when exports increased by 89% m-o-m. As a result, the exports reached the peak of $16M. From April 2022 to November 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (3.4K tons), the Dominican Republic (3K tons) and Turkey (488 tons) were the main destinations of cow peas exports from the United States, together accounting for 71% of total exports. Costa Rica, Italy, Canada, Japan, Haiti and China lagged somewhat behind, together comprising a further 18%.

From January 2022 to November 2022, the biggest increases were in Italy (with a CAGR of +27.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($3.9M), the Dominican Republic ($2.8M) and Turkey ($695K) appeared to be the largest markets for cow peas exported from the United States worldwide, with a combined 69% share of total exports. These countries were followed by Costa Rica, Canada, Italy, Japan, Haiti and China, which together accounted for a further 19%.

In terms of the main countries of destination, Italy, with a CAGR of +25.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In November 2022, the cow peas price stood at $1,087 per ton (FOB, US), approximately reflecting the previous month. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in March 2022 an increase of 6.9% against the previous month. Over the period under review, the average export prices hit record highs at $1,157 per ton in August 2022; however, from September 2022 to November 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In November 2022, the country with the highest price was Turkey ($1,424 per ton), while the average price for exports to China ($573 per ton) was amongst the lowest.

From January 2022 to November 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cow Pea Market Overview

The cow pea is a legume that is native to Africa and has been cultivated there for centuries. Cow peas are often used as a meat substitute in vegetarian dishes, and they can be cooked in a variety of ways.

The cow pea market in the United States has been growing steadily in recent years. This is due to the increasing popularity of international cuisine, as well as the growing demand for healthy and affordable foods. Cow peas are typically very affordable, and they are sold both fresh and dry. Some of the leading brands of cow peas include Goya, D'allesandro, and Progresso.

There are several factors driving the growth of the cow pea market in the United States. First, more and more Americans are becoming aware of the health benefits of cow peas. This legume is a good source of protein and fiber, which can help people lose weight or maintain a healthy weight. Additionally, cow peas are low in calories and fat, making them a healthy choice for people looking to improve their diet.

Another factor driving the growth of the cow pea market is the increasing popularity of plant-based diets. More and more people are choosing to eat less meat and dairy, and instead focus on eating more fruits, vegetables, and grains. Cow peas are a perfect food for people following a plant-based diet, as they are packed with nutrients and fiber.

Finally, the price of cow peas has been dropping in recent years, making them more affordable for consumers. The combination of all these factors has resulted in strong growth for the cow pea market in the United States.

Source: IndexBox Market Intelligence Platform