Taro (cocoyam) Market

The global taro (cocoyam) market is forecasted to show consistent growth from 2022 to 2030, with an anticipated increase in consumption, production, imports, and exports. Consumption levels are expected to rise steadily, with certain countries such as Nigeria, Ethiopia, and Cameroon leading in volume. Production is also projected to increase, led by countries like Nigeria, Ethiopia, and China. The import and export markets are expected to expand, with the United States, Japan, and China being major players. Overall, the market is set to grow in both volume and value terms, with various countries showing notable growth rates in different aspects of the market.

Market Forecast

Driven by increasing demand for taro 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 +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $22.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Taro

Global taro (cocoyam) consumption totaled 13M tons in 2022, stabilizing at 2021 figures. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2017 with an increase of 4.7% against the previous year. Over the period under review, global (cocoyam) consumption attained the peak volume at 13M tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global taro (cocoyam) market value stood at $17.3B in 2022, increasing by 3.5% 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 +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the global market hit record highs at $17.8B in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Nigeria (3.2M tons), Ethiopia (2.1M tons) and Cameroon (1.8M tons), together comprising 57% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Ethiopia (with a CAGR of +8.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Nigeria ($5.2B) led the market, alone. The second position in the ranking was taken by Ethiopia ($2.5B). It was followed by China.

In Nigeria, the taro (cocoyam) market remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Ethiopia (+9.1% per year) and China (+0.3% per year).

The countries with the highest levels of taro (cocoyam) per capita consumption in 2022 were Cameroon (65 kg per person), Ghana (40 kg per person) and Papua New Guinea (30 kg per person).

From 2012 to 2022, the biggest increases were recorded for Ethiopia (with a CAGR of +6.0%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Taro

In 2022, approx. 13M tons of taro were produced worldwide; almost unchanged from the previous year's figure. The total output volume increased at an average annual rate of +1.4% 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 2017 with an increase of 4.5%. Global production peaked at 13M tons in 2020; however, from 2021 to 2022, production remained at a lower figure. The general positive trend in terms (cocoyam) output was largely conditioned by slight growth of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, taro (cocoyam) production expanded sharply to $17.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 27%. As a result, production reached the peak level of $18.8B. From 2021 to 2022, global (cocoyam) production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Nigeria (3.2M tons), Ethiopia (2.1M tons) and China (1.9M tons), with a combined 57% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Ethiopia (with a CAGR of +8.9%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2022, the global average yield of taro stood at 7 tons per ha, therefore, remained relatively stable against the previous year's figure. Over the period under review, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 8.4%. Over the period under review, the average taro (cocoyam) yield attained the maximum level at 7.7 tons per ha in 2013; however, from 2014 to 2022, the yield remained at a lower figure.

Harvested Area

In 2022, the global taro (cocoyam) harvested area shrank to 1.8M ha, remaining stable against the previous year's figure. The harvested area increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 14%. The global harvested area peaked at 1.8M ha in 2016; afterwards, it flattened through to 2022.

Imports

World Imports of Taro

In 2022, global taro (cocoyam) imports reduced to 146K tons, which is down by -6.1% on the year before. In general, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 60%. Over the period under review, global (cocoyam) imports attained the maximum at 156K tons in 2021, and then declined in the following year.

In value terms, taro (cocoyam) imports rose sharply to $190M in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +27.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 32%. Over the period under review, global (cocoyam) imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (69K tons) represented the main importer of taro, mixing up 47% of total imports. Japan (34K tons) took the second position in the ranking, distantly followed by the United Arab Emirates (7.8K tons). All these countries together took approx. 29% share of total imports. Malaysia (4.8K tons), New Zealand (4.7K tons), Canada (3.3K tons), Australia (2.8K tons), the Netherlands (2.5K tons), Burundi (2.2K tons) and Singapore (2.2K tons) held a minor share of total imports.

Imports into the United States increased at an average annual rate of +39.6% from 2012 to 2022. At the same time, Burundi (+185.9%), Malaysia (+18.1%), the Netherlands (+7.5%), Canada (+5.0%) and Australia (+2.8%) displayed positive paces of growth. Moreover, Burundi emerged as the fastest-growing importer imported in the world, with a CAGR of +185.9% from 2012-2022. Singapore and the United Arab Emirates experienced a relatively flat trend pattern. By contrast, New Zealand (-2.1%) and Japan (-3.2%) illustrated a downward trend over the same period. While the share of the United States (+44 p.p.), Malaysia (+3.3 p.p.) and Burundi (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of New Zealand (-4.4 p.p.), the United Arab Emirates (-5.4 p.p.) and Japan (-38.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest taro (cocoyam) importing markets worldwide were the United States ($68M), Japan ($65M) and New Zealand ($9.8M), with a combined 75% share of global imports. Australia, Canada, the Netherlands, Singapore, the United Arab Emirates, Malaysia and Burundi lagged somewhat behind, together accounting for a further 15%.

Burundi, with a CAGR of +188.8%, recorded the highest growth rate of the value of imports, in terms of 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

In 2022, the average taro (cocoyam) import price amounted to $1,297 per ton, growing by 18% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 27% against the previous year. As a result, import price reached the peak level of $1,927 per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($3,247 per ton), while Burundi ($67 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Taro

In 2022, approx. 121K tons of taro were exported worldwide; waning by -14.4% on 2021 figures. In general, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 26% against the previous year. The global exports peaked at 141K tons in 2021, and then fell in the following year.

In value terms, taro (cocoyam) exports amounted to $162M in 2022. Overall, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +47.5% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 17% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China represented the major exporting country with an export of about 60K tons, which resulted at 50% of total exports. Ecuador (20K tons) took the second position in the ranking, distantly followed by Fiji (6.9K tons), Costa Rica (6K tons) and Nicaragua (5.5K tons). All these countries together held approx. 32% share of total exports. Indonesia (3.2K tons) and Myanmar (2.6K 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 -1.7%. At the same time, Ecuador (+142.1%), Indonesia (+48.6%), Myanmar (+41.7%), Costa Rica (+11.9%) and Fiji (+8.5%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in the world, with a CAGR of +142.1% from 2012-2022. By contrast, Nicaragua (-1.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ecuador, Costa Rica, Indonesia, Fiji and Myanmar increased by +17, +2.8, +2.6, +2.3 and +2.2 percentage points, respectively.

In value terms, China ($81M) remains the largest taro (cocoyam) supplier worldwide, comprising 50% of global exports. The second position in the ranking was held by Ecuador ($31M), with a 19% share of global exports. It was followed by Fiji, with a 9.3% 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 (+141.5% per year) and Fiji (+12.6% per year).

Export Prices By Country

In 2022, the average taro (cocoyam) export price amounted to $1,343 per ton, jumping by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 28%. As a result, the export price reached the peak level of $1,591 per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Fiji ($2,212 per ton), while Myanmar ($231 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 (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform