Cowpeas have garnered immense popularity around the world over the past few years due to a range of factors, including increasing consumer demand for plant-based proteins, significant rise in the number of vegans and herbivore population worldwide, and growing consumer awareness pertaining to the benefits and properties of natural legumes. The production of cowpeas continues to grow in several regions around the world, owing to nutraceutical and nutritional properties and favorable social and economic production parameters– a trend that is expected to bolster the growth of the global cowpeas market during the forecast period.
Over the past few years, cowpeas are increasingly being included in food security programs in several regions of the world. The demand for cowpeas is on the rise, as cowpeas are rich in nutraceutical compounds such as santioxidants, polyphenols, polyunsaturated fatty acids, and dietary fibers. While cowpeas have a high nutritional content and are relatively safe, their production stability, productivity, and high tolerance to environmental stress, including drought, is another major factor that is likely to boost to the growth of the global cowpeas market during the assessment period.
Favorable government initiatives, increasing consumer affinity toward plant-based products, influx of a number of brands that are mainly focused on including plant-based proteins in their product portfolio, and effective pricing strategies are some of the other major factors projected to drive the global cowpeas market past the US$ 10.5 Bn mark by the end of 2030.
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Increasing Cultivation Volume in Arid, Semi-arid Regions to Fuel Demand
Traditionally, cowpeas are the most vital food sources across the tropical, semi-arid, and arid regions of Asia Pacific, Africa, Latin America, and Europe. The consumption of cowpeas is relatively high in the continent of Africa in comparison with that in other regions of the world. Over the past few decades, cowpeas have emerged as lucrative revenue-generating crops for farmers and grain traders around the world– a trend that is likely to continue during the forecast period. As per the data from the United Nation’s Food and Agriculture Organization (FAO), the production of cowpeas is witnessing a year-on-year growth in several major regions of the world. Research and development activities continue to explore the stability and adaptability of various genotypes of cowpeas, including hybrid, lineage, and cultivar in various environmental conditions. The major players in the cowpeas market are increasingly focusing on modifying production systems by improving plant density, spacing, and other parameters to enhance productivity and the economic viability of cowpeas in major cowpeas producing regions.
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In addition, as the demand for sustainable cropping systems continues to grow around the world, particularly in sub-humid tropical regions, the production of cowpeas has witnessed considerable growth, as it addresses the requirements of modern-day farming. Furthermore, cowpeas also play an imperative role in improving the fertility of the soil due to the exceptional biological nitrogen fixation (BNF). Cowpeas, thus, continue to attract more number of farmers and grain traders.
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Demand for Cowpeas to Remain High in Developing Regions amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a low impact on the overall growth of the global cowpeas market, as production and cultivation of vital crops are anticipated to remain unaffected. Moreover, cowpeas are critical legumes in underdeveloped and developing regions of the world and significant part of the food security programs in these regions due to which, their demand is likely to remain high amid the ongoing COVID-19 pandemic. In addition, in several regions of the world, cowpeas are gaining immense popularity as a healthier alternative to soya bean. Thus, the cowpeas market is projected to witness considerable growth in 2020 and beyond.
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