Dry Peas Market

The article highlights the increasing demand for dry peas globally, with market performance expected to accelerate. Consumption, production, exports, and imports of dry peas are analyzed from 2012 to 2022, with projections for the period up to 2030. Key findings include trends in consumption volumes and values, major producing and consuming countries, average yield and harvested areas, as well as import and export prices.

Market Forecast

Driven by increasing demand for peas (dry) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 19M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $9.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Dry Peas

In 2022, consumption of peas (dry) decreased by -5% to 14M tons, falling for the second year in a row after two years of growth. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 16M tons in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

The global dry peas market value stood at $6.6B in 2022, growing by 2.8% 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 +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $7.2B. From 2017 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (3.1M tons), Russia (2.5M tons) and Canada (1.3M tons), together accounting for 49% of global consumption. India, the United States, Ethiopia, Germany, Pakistan, Bangladesh, France and Italy lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +14.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.5B), Russia ($779M) and the United States ($446M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 41% of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +11.6%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of dry peas per capita consumption in 2022 were Canada (33 kg per person), Russia (18 kg per person) and Germany (5.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +13.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Dry Peas

In 2022, the amount of peas (dry) produced worldwide stood at 14M tons, almost unchanged from 2021. The total output volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 25% against the previous year. Over the period under review, global production reached the peak volume at 16M tons in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure. The general positive trend in terms output was largely conditioned by a pronounced expansion of the harvested area and notable growth in yield figures.

In value terms, dry peas production rose sharply to $6.7B in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 36% against the previous year. As a result, production attained the peak level of $8.4B. From 2018 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Russia (3.6M tons), Canada (3.4M tons) and China (1.5M tons), with a combined 60% share of global production. India, the United States, Ethiopia, France, Germany, Argentina, Australia and Ukraine lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +8.8%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average dry peas yield totaled 2 tons per ha in 2022, flattening at 2021 figures. The yield figure increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 15% against the previous year. Over the period under review, the average dry peas yield hit record highs at 2.1 tons per ha in 2020; however, from 2021 to 2022, the yield failed to regain momentum.

Harvested Area

The global dry peas harvested area reached 7.2M ha in 2022, almost unchanged from 2021 figures. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 8.2%. The global harvested area peaked at 8M ha in 2017; however, from 2018 to 2022, the harvested area stood at a somewhat lower figure.

Imports

World Imports of Dry Peas

In 2022, global dry peas imports contracted markedly to 5.4M tons, falling by -17.6% compared with the previous year's figure. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.1% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 19%. Over the period under review, global imports hit record highs at 7.2M tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, dry peas imports expanded modestly to $2.9B in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when imports increased by 23%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, China (1.6M tons) represented the main importer of peas (dry), creating 30% of total imports. It was distantly followed by Turkey (491K tons), Pakistan (345K tons), the United States (343K tons) and Bangladesh (289K tons), together creating a 27% share of total imports. Latvia (175K tons), Italy (172K tons), Germany (170K tons), Belgium (131K tons), Iraq (112K tons), Norway (111K tons), Afghanistan (102K tons) and the United Arab Emirates (81K tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to dry peas imports into China stood at +9.2%. At the same time, Latvia (+68.1%), Turkey (+34.2%), Afghanistan (+26.8%), Iraq (+26.3%), the United States (+17.3%), Norway (+12.7%), the United Arab Emirates (+11.5%), Germany (+10.7%), Italy (+6.2%), Pakistan (+5.9%), Bangladesh (+2.3%) and Belgium (+1.2%) displayed positive paces of growth. Moreover, Latvia emerged as the fastest-growing importer imported in the world, with a CAGR of +68.1% from 2012-2022. From 2012 to 2022, the share of China, Turkey, the United States, Latvia, Iraq, Afghanistan, Germany and Pakistan increased by +13, +8.4, +4.6, +3.2, +1.8, +1.6, +1.6 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($856M) constitutes the largest market for imported peas (dry) worldwide, comprising 29% of global imports. The second position in the ranking was taken by Pakistan ($236M), with an 8.1% share of global imports. It was followed by Turkey, with a 7.1% share.

In China, dry peas imports increased at an average annual rate of +11.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+7.3% per year) and Turkey (+33.0% per year).

Import Prices By Country

The average dry peas import price stood at $537 per ton in 2022, rising by 26% against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dry peas import price increased by +67.7% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Pakistan ($684 per ton), while the United Arab Emirates ($351 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Dry Peas

In 2022, the amount of peas (dry) exported worldwide declined to 5.5M tons, falling by -3.8% against the year before. The total export volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when exports increased by 20%. The global exports peaked at 6.7M tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, dry peas exports skyrocketed to $2.8B in 2022. The total export value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when exports increased by 20%. Over the period under review, the global exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports By Country

In 2022, Canada (2.2M tons) was the major exporter of peas (dry), achieving 39% of total exports. Russia (1,094K tons) ranks second in terms of the total exports with a 20% share, followed by Turkey (7.8%). The United States (247K tons), France (198K tons), Australia (184K tons), Ukraine (171K tons), Latvia (153K tons), India (138K tons) and Argentina (137K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Latvia (with a CAGR of +88.0%), while the other global leaders experienced more modest paces of growth.

In value terms, Canada ($1.1B) remains the largest dry peas supplier worldwide, comprising 40% of global exports. The second position in the ranking was taken by Russia ($453M), with a 16% share of global exports. It was followed by Turkey, with an 8.2% share.

In Canada, dry peas exports expanded at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (+6.1% per year) and Turkey (+34.5% per year).

Export Prices By Country

In 2022, the average dry peas export price amounted to $508 per ton, surging by 24% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dry peas export price increased by +66.3% against 2018 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 28% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($798 per ton), while Ukraine ($325 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform