Updated Jan 11, 2023 00:29

Cow Peas Market in Romania

Market Overview
In , the Romanian cow peas market decreased by -% to $, falling for the fourth consecutive year after three years of growth. Over the period under review, consumption continues to indicate a deep contraction. Over the period under review, the market attained the peak level at $ in 2007; however, from 2008 to , consumption remained at a lower figure.


Consumption
In , consumption of cow peas (dry) decreased by -% to tons, falling for the fourth year in a row after five years of growth. Over the period under review, consumption showed a abrupt shrinkage. Cow peas consumption peaked at tons in 2007; however, from 2008 to , consumption remained at a lower figure.

The value of the cow peas market in Romania fell to $ in , dropping by -% 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). In general, consumption recorded a deep contraction. Cow peas consumption peaked at $ in 2007; however, from 2008 to , consumption remained at a lower figure.


Market Forecast
Depressed by shrinking demand for cow peas in Romania, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

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


Market Structure
Driven by a growing demand, the share of imports in total supply in Romania increased significantly over the last fifteen-year period (from % to %). Total import supply of cow peas is expected to rise, though it will be moderately impacted by price increases. Cow peas market in Romania consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Romania relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.


Trade Balance
Romania remains a net importer of cow peas; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.