Philippines: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in the Philippines

The Philippine taro (cocoyam) market amounted to $X in 2022, therefore, remained relatively stable against the previous year. The market 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. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Taro (Cocoyam) Production in the Philippines

In value terms, taro (cocoyam) production rose modestly to $X in 2022 estimated in export price. In general, production posted a strong increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, (cocoyam) production growth remained at a somewhat lower figure.

In 2022, the average yield of taro in the Philippines stood at X tons per ha, stabilizing at the previous year's figure. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by X%. The taro (cocoyam) yield peaked at X tons per ha in 2015; however, from 2016 to 2022, the 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.

In 2022, the harvested area of taro in the Philippines reached X ha, almost unchanged from the previous year's figure. Overall, the harvested area, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to taro (cocoyam) production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports from the Philippines

After two years of growth, shipments abroad of taro decreased by X% to X tons in 2022. In general, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then fell remarkably in the following year.

In value terms, taro (cocoyam) exports fell rapidly to $X in 2022. Overall, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the (cocoyam) exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X tons) was the main destination for taro (cocoyam) exports from the Philippines, with a X% share of total exports. Moreover, taro (cocoyam) exports to Canada exceeded the volume sent to the second major destination, Australia (X kg), more than tenfold. Singapore (X kg) ranked third in terms of total exports with a X% share.

From 2017 to 2022, the average annual growth rate of volume to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Singapore (X% per year).

In value terms, Canada ($X) emerged as the key foreign market for taro exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2017 to 2022, the average annual growth rate of value to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Australia (X% per year).

Export Prices by Country

The average taro (cocoyam) export price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, showed a deep contraction. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Taro (Cocoyam) Imports

Imports into the Philippines

In 2022, purchases abroad of taro was finally on the rise to reach X tons after two years of decline. Over the period under review, imports posted a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, taro (cocoyam) imports surged to $X in 2022. In general, imports recorded a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of (cocoyam) imports remained at a somewhat lower figure.

Imports by Country

China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of taro (cocoyam) imports to the Philippines.

From 2018 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of taro to the Philippines, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports.

From 2018 to 2022, the average annual growth rate of value from Taiwan (Chinese) totaled X%.

Import Prices by Country

In 2022, the average taro (cocoyam) import price amounted to $X per ton, declining by X% against the previous year. Over the period under review, import price indicated mild growth from 2018 to 2022: its price increased at an average annual rate of X% over the last four years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) import price decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China stood at $X per ton.

From 2018 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%).

Source: IndexBox Platform

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