GLOBAL OUTLOOK: Dark Red Kidney Beans
The marked is formed by four main producers: Argentina, Canada, China and the USA. The production shows constant growth (10% annually) pattern over the last 5 years. Global production is expected to rise up by more than 7% to 164 000 tons in 2021.
Among these countries, the US produces 50% of all red kidney beans and is the main player on the market. Then goes Argentina – 20%, Canada and China have similar 10% market share. Another 10% of the market are divided between Costa Rica, Nicaragua, Ukraine, Ethiopia, etc.
The US consumes most of its beans – 78%. Exports in 2021 is projected to be around 20%. Canada in its turn consumes 55% of the produced beans. The export is expected to be 35%. Estimated ending stocks in these two north American countries will make up around 5% of all produced beans.
Argentina exports almost 80% of its red kidney beans. This county is expected to have a significant increase in production compared to previous years.
China is a kind of dark horse in global supply and demand market. There are no reliable date regarding its expected production, however experts believe that it can be around 20 000 tons this year which is an average indicator. Everything will depend on local consumption.
In general, the global consumption of dark red kidney beans is trending upwards as well as production volumes and total demand. We don’t expect this trend is going to change in the upcoming year.