Cassava Market

The article discusses the projected growth of the global cassava market, with an anticipated CAGR of +2.4% in volume and +4.4% in value from 2022 to 2030. Consumption, production, and trade patterns are analyzed, with insights into top consuming, producing, and exporting countries. Market trends in terms of yield, harvested area, import and export prices, and growth rates are also discussed in detail.

Market Forecast

Driven by increasing demand for cassava worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 403M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $308B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cassava

For the third consecutive year, the global market recorded growth in consumption of cassava, which increased by 2% to 333M tons in 2022. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 5.5%. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global cassava market revenue shrank modestly to $217.7B in 2022, with a decrease of -2.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 9.9%. As a result, consumption reached the peak level of $222.5B, and then contracted slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Nigeria (61M tons), Democratic Republic of the Congo (49M tons) and Thailand (32M tons), together comprising 43% of global consumption. Ghana, Brazil, Cambodia, Indonesia, China, Angola, Vietnam, Mozambique, Tanzania and Cote d'Ivoire lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +10.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cassava markets worldwide were Nigeria ($37.2B), Democratic Republic of the Congo ($34.1B) and Ghana ($24.3B), with a combined 44% share of the global market. Brazil, Indonesia, Angola, Thailand, Cambodia, China, Tanzania, Vietnam, Cote d'Ivoire and Mozambique lagged somewhat behind, together comprising a further 31%.

Cambodia, with a CAGR of +7.0%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cassava per capita consumption in 2022 were Cambodia (892 kg per person), Ghana (790 kg per person) and Democratic Republic of the Congo (512 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Cote d'Ivoire (with a CAGR of +7.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cassava

For the third year in a row, the global market recorded growth in production of cassava, which increased by 1.3% to 330M tons in 2022. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when the production volume increased by 5.7%. Global production peaked in 2022 and is likely to continue growth in years to come. The general positive trend in terms output was largely conditioned by slight growth of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, cassava production reduced to $217.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 30% against the previous year. As a result, production attained the peak level of $235.2B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Nigeria (61M tons), Democratic Republic of the Congo (49M tons) and Thailand (34M tons), with a combined 43% share of global production. Ghana, Cambodia, Brazil, Indonesia, Vietnam, Angola, Mozambique, Tanzania, Cote d'Ivoire and Cameroon lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Cote d'Ivoire (with a CAGR of +10.1%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average cassava yield dropped slightly to 10 tons per ha in 2022, approximately equating the year before. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the yield increased by 4.6% against the previous year. Over the period under review, the average cassava yield reached the maximum level at 11 tons per ha in 2018; however, from 2019 to 2022, the yield stood at a somewhat lower figure.

Harvested Area

The global cassava harvested area was estimated at 32M ha in 2022, with an increase of 1.8% compared with the previous year. The harvested area increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the harvested area increased by 9.5%. The global harvested area peaked in 2022 and is likely to see steady growth in years to come.

Imports

World Imports of Cassava

In 2022, purchases abroad of cassava increased by 34% to 12M tons, rising for the third year in a row after two years of decline. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +128.4% against 2019 indices. Global imports peaked at 12M tons in 2017; afterwards, it flattened through to 2022.

In value terms, cassava imports skyrocketed to $3.1B in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +134.7% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 49%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports By Country

China was the main importing country with an import of around 7.1M tons, which resulted at 59% of total imports. It was distantly followed by Thailand (4.3M tons), achieving a 35% share of total imports. South Korea (311K tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.0%), while purchases for the other global leaders experienced a decline in the imports figures.

In value terms, China ($2B) constitutes the largest market for imported cassava worldwide, comprising 66% of global imports. The second position in the ranking was held by Thailand ($585M), with a 19% share of global imports.

In China, cassava imports expanded at an average annual rate of +1.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+20.2% per year) and South Korea (-1.3% per year).

Import Prices By Country

The average cassava import price stood at $258 per ton in 2022, dropping by -2.5% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 16% against the previous year. As a result, import price attained the peak level of $264 per ton, and then contracted modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($342 per ton), while Thailand ($137 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cassava

In 2022, shipments abroad of cassava increased by 11% to 9.5M tons, rising for the third year in a row after two years of decline. In general, exports recorded noticeable growth. The most prominent rate of growth was recorded in 2020 with an increase of 59% against the previous year. Over the period under review, the global exports hit record highs at 11M tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, cassava exports skyrocketed to $3.6B in 2022. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 64%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Thailand represented the major exporting country with an export of about 6M tons, which reached 63% of total exports. It was distantly followed by Cambodia (2.4M tons) and Vietnam (0.8M tons), together achieving a 33% share of total exports. Lao People's Democratic Republic (174K tons) held a little share of total exports.

Exports from Thailand increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Lao People's Democratic Republic (+36.1%) and Cambodia (+21.0%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +36.1% from 2012-2022. By contrast, Vietnam (-10.8%) illustrated a downward trend over the same period. Cambodia (+20 p.p.) and Lao People's Democratic Republic (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while Vietnam saw its share reduced by -23.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($1.5B), Cambodia ($1.4B) and Lao People's Democratic Republic ($287M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 88% of global exports.

Lao People's Democratic Republic, with a CAGR of +48.2%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average cassava export price amounted to $378 per ton, rising by 21% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cassava export price increased by +14.0% against 2019 indices. The pace of growth appeared the most rapid in 2019 an increase of 34%. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($1,643 per ton), while Thailand ($254 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+8.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform