Global Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size

The global taro (cocoyam) market rose slightly to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, the global market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Taro (Cocoyam) Production

In value terms, taro (cocoyam) production expanded remarkably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, global (cocoyam) production growth remained at a lower figure.

The countries with the highest volumes of production in 2022 were Nigeria (X tons), Ethiopia (X tons) and China (X tons), with a combined X% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Ethiopia (with a CAGR of X%), while production for the other global leaders experienced more modest paces of growth.

In 2022, the global average yield of taro totaled X tons per ha, flattening at 2021 figures. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the yield increased by X% against the previous year. Over the period under review, the average taro (cocoyam) yield hit record highs at X tons per ha in 2013; however, from 2014 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of taro production worldwide dropped slightly to X ha, therefore, remained relatively stable against 2021 figures. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The global harvested area peaked at X ha in 2016; afterwards, it flattened through to 2022.

Taro (Cocoyam) Exports

Exports

In 2022, approx. X tons of taro were exported worldwide; with a decrease of X% compared with 2021 figures. Over the period under review, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The global exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, taro (cocoyam) exports expanded slightly to $X in 2022. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China represented the main exporter of taro in the world, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Ecuador (X tons) ranks second in terms of the total exports with a X% share, followed by Fiji (X%), Costa Rica (X%) and Nicaragua (X%). Indonesia (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) exports from China stood at X%. At the same time, Ecuador (X%), Indonesia (X%), Myanmar (X%), Costa Rica (X%) and Fiji (X%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2022. By contrast, Nicaragua (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ecuador, Costa Rica, Indonesia, Fiji and Myanmar increased by X, X, X, X and X percentage points, respectively.

In value terms, China ($X) remains the largest taro (cocoyam) supplier worldwide, comprising X% of global exports. The second position in the ranking was held by Ecuador ($X), with a X% share of global exports. It was followed by Fiji, with a X% share.

In China, taro (cocoyam) exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ecuador (X% per year) and Fiji (X% per year).

Export Prices by Country

In 2022, the average taro (cocoyam) export price amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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 Fiji ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

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

Taro (Cocoyam) Imports

Imports

In 2022, global imports of taro declined to X tons, reducing by X% against 2021. Over the period under review, imports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Over the period under review, global (cocoyam) imports attained the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, taro (cocoyam) imports rose remarkably to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) was the largest importer of taro, constituting X% of total imports. Japan (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (X%). Malaysia (X tons), New Zealand (X tons), Canada (X tons), Australia (X tons), the Netherlands (X tons), Burundi (X tons) and Singapore (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) imports into the United States stood at X%. At the same time, Burundi (X%), Malaysia (X%), the Netherlands (X%), Canada (X%) and Australia (X%) displayed positive paces of growth. Moreover, Burundi emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2022. Singapore and the United Arab Emirates experienced a relatively flat trend pattern. By contrast, New Zealand (X%) and Japan (X%) illustrated a downward trend over the same period. The United States (X p.p.), Malaysia (X p.p.) and Burundi (X p.p.) significantly strengthened its position in terms of the global imports, while New Zealand, the United Arab Emirates and Japan saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Japan ($X) and New Zealand ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of global imports. Australia, Canada, the Netherlands, Singapore, the United Arab Emirates, Malaysia and Burundi lagged somewhat behind, together comprising a further X%.

Burundi, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average taro (cocoyam) import price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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 Australia ($X per ton), while Burundi ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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