Latin America and the Caribbean: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Latin America and the Caribbean

The Latin American taro (cocoyam) market skyrocketed to $X in 2022, rising by X% against the previous year. In general, consumption, however, recorded a noticeable slump. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in Latin America and the Caribbean

In value terms, taro (cocoyam) production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X%. As a result, production reached the peak level of $X. From 2016 to 2022, (cocoyam) production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Ecuador (X tons), Nicaragua (X tons) and Dominica (X tons), with a combined X% share of total production. Guyana, Costa Rica, Honduras and Trinidad and Tobago lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average taro (cocoyam) yield rose remarkably to X tons per ha in 2022, increasing by X% compared with the year before. The yield indicated a perceptible increase from 2012 to 2022: its figure 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) yield decreased by X% against 2020 indices. The growth pace was the most rapid in 2015 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2022, the growth of the taro (cocoyam) yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The taro (cocoyam) harvested area reduced slightly to X ha in 2022, remaining constant against 2021 figures. In general, the harvested area showed a noticeable descent. The pace of growth appeared the most rapid in 2013 when the harvested area increased by X% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2014 to 2022, the growth of the taro (cocoyam) harvested area failed to regain momentum.

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Taro (Cocoyam) Exports

Exports in Latin America and the Caribbean

In 2022, taro (cocoyam) exports in Latin America and the Caribbean declined markedly to X tons, waning by X% on the year before. In general, exports, however, enjoyed a strong increase. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the (cocoyam) exports reached the peak figure at X tons in 2021, and then contracted significantly in the following year.

In value terms, taro (cocoyam) exports fell to $X in 2022. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador represented the main exporter of taro in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near X% of total exports in 2022. Costa Rica (X tons) ranks second in terms of the total exports with an X% share, followed by Nicaragua (X%) and Honduras (X%).

Ecuador was also the fastest-growing in terms of the taro exports, with a CAGR of X% from 2012 to 2022. At the same time, Costa Rica (X%) displayed positive paces of growth. Honduras experienced a relatively flat trend pattern. By contrast, Nicaragua (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ecuador increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest taro (cocoyam) supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total exports. It was followed by Nicaragua, with a X% share.

In Ecuador, taro (cocoyam) exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Costa Rica (X% per year) and Nicaragua (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Export price indicated resilient growth 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. As a result, the export price reached the peak level and is likely to continue 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 Ecuador ($X per ton), while Nicaragua ($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 leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in Latin America and the Caribbean

Taro (cocoyam) imports soared to X tons in 2022, with an increase of X% compared with 2021. Over the period under review, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, taro (cocoyam) imports surged to $X in 2022. In general, imports, however, continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Costa Rica (X tons) and Aruba (X tons) prevails in imports structure, together creating X% of total imports. The following importers - El Salvador (X tons) and Panama (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Aruba (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Aruba ($X) constitutes the largest market for imported taro in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total imports. It was followed by Panama, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Aruba totaled X%. In the other countries, the average annual rates were as follows: Costa Rica (X% per year) and Panama (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the import price, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2019 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Panama ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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