November 7, 2024
Gaurav Jain reports on the slowdown in Europe’s pea trade; what caused the change in pace and what might the possible outcomes be going into next year.
Although not the largest player in the game, the European Union has always been a net pea exporter. In the past few years, however, rising domestic consumption and a fall in production led it to become a key market for Russian peas. Exports peaked when demand from the Indian subcontinent was high but once India imposed import restrictions in 2017, European farmers dropped peas from their crop rotation and the bloc became a net importer.
Countries like Spain and Italy, in particular, expanded their pea consumption multifold in this decade and Russian exporters were happy to supply to various industries, including snacks, feed and pet food.
After a sharp increase in price following India opening to imports in December 2023, EU farmers increased their pea acreages to the highest in seven years. Subpar yields, however, somewhat spoiled the party.
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