Hong Kong SAR, China: Cow Peas Market 2023

Cow Peas Market Size in Hong Kong SAR, China

The Hong Kong cow peas market declined remarkably to $X in 2021, falling by -23.9% 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). Overall, consumption continues to indicate a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cow Peas Exports

Exports from Hong Kong SAR, China

In 2021, exports of cow peas (dry) from Hong Kong SAR contracted to X tons, reducing by -2.8% against the previous year's figure. In general, exports saw a deep reduction. The growth pace was the most rapid in 2019 with an increase of 61% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, cow peas exports amounted to $X in 2021. Over the period under review, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 27% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for cow peas exports from Hong Kong SAR, accounting for a 67% share of total exports. Moreover, cow peas exports to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), sevenfold. The third position in this ranking was taken by Canada (X tons), with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to Macao SAR stood at -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+22.3% per year) and Canada (-3.3% per year).

In value terms, Macao SAR ($X) remains the key foreign market for cow peas exports from Hong Kong SAR, comprising 56% of total exports. The second position in the ranking was taken by the United States ($X), with an 11% share of total exports. It was followed by Canada, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Macao SAR totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+36.7% per year) and Canada (-1.5% per year).

Export Prices by Country

The average cow peas export price stood at $X per ton in 2021, with an increase of 4.4% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 41%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Malaysia ($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 (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cow Peas Imports

Imports into Hong Kong SAR, China

After four years of growth, overseas purchases of cow peas (dry) decreased by -24.4% to X tons in 2021. Overall, imports recorded a perceptible downturn. The pace of growth was the most pronounced in 2020 with an increase of 22% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, cow peas imports dropped remarkably to $X in 2021. Over the period under review, imports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 15%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), the United States (X tons) and Myanmar (X tons) were the main suppliers of cow peas imports to Hong Kong SAR, with a combined 87% share of total imports. These countries were followed by India, Japan, Madagascar and Singapore, which together accounted for a further 10%.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +67.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest cow peas suppliers to Hong Kong SAR were China ($X), the United States ($X) and Japan ($X), together comprising 84% of total imports. Myanmar, India, Singapore and Madagascar lagged somewhat behind, together comprising a further 13%.

In terms of the main suppliers, India, with a CAGR of +67.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cow peas import price stood at $X per ton in 2021, picking up by 4.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 12%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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