★ Over the past year, the global pea market has undergone significant changes. Pea production in 2025 was exceptionally strong. In Canada, output rose to 3.9 million tonnes, around 31% higher than the previous year. As a result, Canada’s total supply is nearly 1.2 million tonnes higher than last season.

★ At the global level, total pea production among major producers is estimated at 15.1 million tonnes in 2025, up from 13.7 million tonnes in 2024. Canada, Russia, and the European Union have been the largest contributors to this increase.

★ Despite strong supply, demand has remained relatively weak, creating challenges for Canada. Competition in Asian markets has intensified from Russia and other Black Sea region exporters. In addition, trade restrictions imposed by China and limited buying interest from India have put pressure on Canadian pea exports, leading to a year-on-year decline in shipments.

★ If exports to China are not fully restored, Canada’s ending stocks could remain very high. Ending stocks are estimated at around 1.3–1.4 million tonnes, pushing the stock-to-use ratio to elevated levels. This situation discourages buyers from locking in early contracts for the next crop, and any weather-related risks during the growing season are likely to have a limited impact on prices.

★ Pea prices have remained range-bound over the past few months. If stocks stay high and exports remain weak, planting decisions for the next season could be affected.

★ In India, pea acreage has declined, and imports have also been weaker compared to last year. Looking ahead, there is an expectation that prices could strengthen in the future.