Latin America and the Caribbean: Cow Peas Market 2024

Cow Peas Market Size in Latin America and the Caribbean

After three years of growth, the Latin American cow peas market decreased by X% to $X in 2022. Over the period under review, consumption recorded a mild decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cow Peas Production in Latin America and the Caribbean

In value terms, cow peas production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Haiti (X tons) and Peru (X tons), together comprising X% of total production. Argentina, El Salvador, Nicaragua and Bolivia lagged somewhat behind, together comprising a further X%.

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

The average cow peas yield reached X tons per ha in 2022, growing by X% compared with the previous year's figure. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the yield increased by X%. The level of yield peaked in 2022 and is likely to continue growth in the near future. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cow peas (dry) were harvested in Latin America and the Caribbean; waning by X% against 2021 figures. Overall, the harvested area recorded a perceptible decrease. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the harvested area dedicated to cow peas production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

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Cow Peas Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of cow peas (dry) decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, exports continue to indicate a perceptible slump. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, cow peas exports declined markedly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Peru represented the largest exporter of cow peas (dry) in Latin America and the Caribbean, with the volume of exports recording X tons, which was near X% of total exports in 2022. Nicaragua (X tons) ranks second in terms of the total exports with an X% share, followed by Belize (X%), Brazil (X%) and Argentina (X%). Colombia (X tons) and Venezuela (X tons) followed a long way behind the leaders.

Exports from Peru increased at an average annual rate of X% from 2012 to 2022. At the same time, Venezuela (X%), Nicaragua (X%) and Colombia (X%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Belize experienced a relatively flat trend pattern. By contrast, Argentina (X%) and Brazil (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Peru, Nicaragua, Belize, Colombia and Venezuela increased by X, X, X, X and X percentage points, respectively.

In value terms, Peru ($X) remains the largest cow peas supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Nicaragua ($X), with a X% share of total exports. It was followed by Belize, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Peru totaled X%. In the other countries, the average annual rates were as follows: Nicaragua (X% per year) and Belize (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cow peas export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Cow Peas Imports

Imports in Latin America and the Caribbean

After four years of growth, purchases abroad of cow peas (dry) decreased by X% to X tons in 2022. Over the period under review, imports continue to indicate a drastic downturn. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cow peas imports fell sharply to $X in 2022. Overall, imports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2020 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Dominican Republic (X tons) and Mexico (X tons) represented the main importers of cow peas (dry) in Latin America and the Caribbean, together resulting at approx. X% of total imports. It was distantly followed by Haiti (X tons), achieving a X% share of total imports. Venezuela (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Haiti (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cow peas importing markets in Latin America and the Caribbean were Mexico ($X), the Dominican Republic ($X) and Haiti ($X), with a combined X% share of total imports.

Haiti, with a CAGR of X%, recorded 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 leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Mexico ($X per ton) and Haiti ($X per ton), while Venezuela ($X per ton) and the Dominican Republic ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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