ASEAN: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in ASEAN

In 2022, the ASEAN taro (cocoyam) market decreased by -0.9% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6.4% against the previous year. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in ASEAN

In value terms, taro (cocoyam) production reached $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) production increased by +1.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 61% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, (cocoyam) production growth remained at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Lao People's Democratic Republic (X tons), the Philippines (X tons) and Thailand (X tons), together comprising 96% of total production. These countries were followed by Vietnam, which accounted for a further 1.7%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Vietnam (with a CAGR of +3.3%), while production for the other leaders experienced mixed trends in the production figures.

In 2022, the average taro (cocoyam) yield in ASEAN contracted modestly to X tons per ha, shrinking by -1.5% on the previous year. Overall, the yield, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the yield increased by 3.9%. As a result, the yield reached the peak level of X tons per ha, and then shrank modestly in the following year. 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 in ASEAN stood at X ha, flattening at the previous year. Overall, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 1.1% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2016 to 2022, the growth of the taro (cocoyam) harvested area remained at a lower figure.

Taro (Cocoyam) Exports

Exports in ASEAN

In 2022, approx. X tons of taro were exported in ASEAN; growing by 24% against the year before. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2017 with an increase of 118% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the near future.

In value terms, taro (cocoyam) exports reduced to $X in 2022. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2017 with an increase of 101% against the previous year. Over the period under review, the (cocoyam) exports attained the peak figure at $X in 2021, and then dropped in the following year.

Exports by Country

Vietnam (X tons), Indonesia (X tons) and Myanmar (X tons) represented roughly 97% of total exports in 2022. Thailand (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Indonesia (with a CAGR of +50.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest taro (cocoyam) supplying countries in ASEAN were Vietnam ($X), Indonesia ($X) and Thailand ($X), with a combined 94% share of total exports.

Indonesia, with a CAGR of +61.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, reducing by -24.8% against the previous year. In general, the export price saw a abrupt curtailment. The growth pace was the most rapid in 2021 an increase of 6.3%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 Thailand ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in ASEAN

In 2022, overseas purchases of taro decreased by -1.8% to X tons, falling for the third consecutive year after three years of growth. Overall, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 83% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of (cocoyam) imports remained at a somewhat lower figure.

In value terms, taro (cocoyam) imports declined modestly to $X in 2022. In general, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 42%. Over the period under review, (cocoyam) imports hit record highs at $X in 2021, and then shrank modestly in the following year.

Imports by Country

Malaysia was the largest importer of taro in ASEAN, with the volume of imports amounting to X tons, which was near 64% of total imports in 2022. It was distantly followed by Singapore (X tons), comprising a 27% share of total imports. The following importers - Indonesia (X tons) and Thailand (X tons) - each resulted at a 5.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) imports into Malaysia stood at +14.4%. At the same time, Indonesia (+55.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +55.0% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Thailand (-2.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and Indonesia increased by +29 and +2.7 percentage points, respectively.

In value terms, the largest taro (cocoyam) importing markets in ASEAN were Singapore ($X), Malaysia ($X) and Indonesia ($X), with a combined 96% share of total imports.

Indonesia, with a CAGR of +59.7%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, dropping by -2.5% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 25%. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform