International Grains Council: Global pea consumption will grow by 11% in 2024

Published Mar 5, 2024

Tridge summary

The International Grains Council forecasts an 11% increase in global pea consumption this season, reaching 16.5 million tonnes, despite a stable global harvest. This surge in demand has resulted in a 10% reduction in global ending stocks, with main exporting countries experiencing a more significant 17% decline. However, global pea trade in 2024 is expected to decrease by 2% to 6.1 million tonnes. Rising demand is particularly noted in the Middle East, North Africa, and Southeast Asia, but future availability and price could be impacted by challenges such as unfavorable weather and increasing fertilizer prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the International Grains Council (IGC), global pea consumption is expected to rise significantly this season. Demand is forecast to rise to 16.5 million tonnes, up 11% from the previous season. As reported on the website graininfo.ru, despite a stable global pea harvest of 13.9 million tons, increased demand led to a reduction in global ending stocks to 2.3 million tons, which is 10% less than last year. Among the main pea exporting countries (Australia, Canada, EU, Russia, USA), the decline in stocks will be even more noticeable, reaching 17%, to a level of 1.8 million tons. IGC forecasts that in calendar year 2024 (January/December) global pea trade will be 6.1 million tonnes, down 2% on last year but still above average. Imports to China are expected to decline, while exports from Canada are expected to decline by 10% due to stable supplies from Russia. In addition to India, experts note rising demand for peas in other regions of the world, including the ...

Source: Agrosektor