ECOWAS: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in ECOWAS

The ECOWAS taro (cocoyam) market rose slightly to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Taro (Cocoyam) Production in ECOWAS

In value terms, taro (cocoyam) production expanded notably to $X in 2022 estimated in export price. The total production indicated a slight 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) production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The country with the largest volume of taro (cocoyam) production was Nigeria (X tons), comprising approx. X% of total volume. Moreover, taro (cocoyam) production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), twofold. Guinea (X tons) ranked third in terms of total production with a X% share.

In Nigeria, taro (cocoyam) production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Guinea (X% per year).

In 2022, the average yield of taro in ECOWAS dropped slightly to X tons per ha, flattening at 2021. Overall, the yield continues to indicate a mild slump. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2013; however, from 2014 to 2022, the yield remained at a 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, approx. X ha of taro were harvested in ECOWAS; remaining stable against 2021. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, the harvested area dedicated to taro (cocoyam) production reached the peak figure at X ha in 2016; however, from 2017 to 2022, the harvested area stood at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports in ECOWAS

In 2022, approx. X tons of taro were exported in ECOWAS; which is down by X% against the previous year. In general, exports showed a precipitous decrease. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the (cocoyam) exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, taro (cocoyam) exports expanded markedly to $X in 2022. Overall, exports saw a precipitous setback. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the (cocoyam) exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana represented the key exporter of taro in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X kg), generating an X% share of total exports. Togo (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) exports from Ghana stood at X%. At the same time, Cote d'Ivoire (X%) and Togo (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Cote d'Ivoire (X p.p.) and Togo (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest taro (cocoyam) supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Ghana stood at X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the export price saw a resilient expansion. The pace of growth appeared the most rapid in 2019 an increase of X%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Taro (Cocoyam) Imports

Imports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas purchases of taro, when their volume increased by X% to X tons. Overall, imports posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of X%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, taro (cocoyam) imports skyrocketed to $X in 2022. In general, imports recorded a significant expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Cabo Verde dominates imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by Guinea (X kg), making up a X% share of total imports. Liberia (X kg) followed a long way behind the leaders.

Cabo Verde was also the fastest-growing in terms of the taro imports, with a CAGR of X% from 2012 to 2022. Liberia (X%) and Guinea (X%) illustrated a downward trend over the same period. While the share of Cabo Verde (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Liberia (X p.p.) displayed negative dynamics.

In value terms, Cabo Verde ($X) constitutes the largest market for imported taro in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Guinea ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Cabo Verde totaled X%. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Liberia (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price 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, taro (cocoyam) import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the import price increased by X%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 Guinea ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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