Updated Jan 1, 2023 21:56

Pigeon Peas Market in Japan

Market Overview
In , the Japanese pigeon peas market was finally on the rise to reach $ after two years of decline. Overall, consumption continues to indicate a prominent increase. Over the period under review, the market hit record highs at $ in 2016; however, from 2017 to , consumption failed to regain momentum.


Consumption
In , consumption of pigeon peas was finally on the rise to reach tons for the first time since 2019, thus ending a two-year declining trend. Overall, consumption posted a buoyant expansion. As a result, consumption reached the peak volume of tons. From to , the growth of the consumption remained at a lower figure.

The value of the pigeon peas market in Japan amounted to $ in , growing 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). Over the period under review, consumption enjoyed a prominent increase. Pigeon peas consumption peaked at $ in 2016; however, from 2017 to , consumption stood at a somewhat lower figure.


Market Forecast
Driven by increasing demand for pigeon peas in Japan, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase 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
Pigeon peas market in Japan consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
Japan remains a net importer of pigeon peas; in physical and value terms, imports consistently exceeded exports from 2012 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.