Asia-Pacific: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Asia-Pacific

The Asia-Pacific taro (cocoyam) market amounted to $X in 2022, approximately equating the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Taro (Cocoyam) Production in Asia-Pacific

In value terms, taro (cocoyam) production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% 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 2014 when the production volume increased by 34% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, (cocoyam) production growth failed to regain momentum.

China (X tons) remains the largest taro (cocoyam) producing country in Asia-Pacific, accounting for 67% of total volume. Moreover, taro (cocoyam) production in China exceeded the figures recorded by the second-largest producer, Papua New Guinea (X tons), sevenfold. Japan (X tons) ranked third in terms of total production with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Papua New Guinea (+0.2% per year) and Japan (-2.2% per year).

In 2022, the average yield of taro in Asia-Pacific dropped to X tons per ha, approximately reflecting 2021. Over the period under review, the yield, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the yield increased by 1.5% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2019 to 2022, the growth of the taro (cocoyam) yield remained at a somewhat 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, the total area harvested in terms of taro production in Asia-Pacific declined slightly to X ha, leveling off at the year before. Overall, the harvested area, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 2.4% against the previous year. Over the period under review, the harvested area dedicated to taro (cocoyam) production attained the peak figure at X ha in 2014; however, from 2015 to 2022, the harvested area remained at a lower figure.

Taro (Cocoyam) Exports

Exports in Asia-Pacific

In 2022, overseas shipments of taro decreased by -0.8% to X tons, falling for the third year in a row after five years of growth. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 17%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports expanded significantly to $X in 2022. The total export value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 11% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

China prevails in exports structure, finishing at X tons, which was approx. 73% of total exports in 2022. Fiji (X tons) took an 8.2% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (6.4%). Indonesia (X tons), Myanmar (X tons) and Samoa (X tons) took a little share of total exports.

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, Indonesia (+50.9%), Myanmar (+41.7%), Vietnam (+29.2%), Samoa (+24.9%) and Fiji (+8.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +50.9% from 2012-2022. From 2012 to 2022, the share of Vietnam, Indonesia, Fiji and Myanmar increased by +5.9, +4.4, +4.3 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest taro (cocoyam) supplier in Asia-Pacific, comprising 72% of total exports. The second position in the ranking was taken by Fiji ($X), with a 14% share of total exports. It was followed by Vietnam, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Fiji (+12.6% per year) and Vietnam (+20.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 7.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2014 when the export price increased by 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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 Fiji ($X per ton), while Myanmar ($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 more modest paces of growth.

Taro (Cocoyam) Imports

Imports in Asia-Pacific

In 2022, imports of taro in Asia-Pacific dropped slightly to X tons, reducing by -4.4% against 2021 figures. Over the period under review, imports recorded a mild slump. The most prominent rate of growth was recorded in 2021 when imports increased by 21% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, taro (cocoyam) imports stood at $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 27% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan prevails in imports structure, finishing at X tons, which was near 64% of total imports in 2022. Malaysia (X tons) ranks second in terms of the total imports with a 9.8% share, followed by New Zealand (8.7%) and Australia (5.2%). The following importers - Singapore (X tons) and Taiwan (Chinese) (X tons) - each amounted to an 8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) imports into Japan stood at -3.2%. At the same time, Taiwan (Chinese) (+32.3%), Malaysia (+14.4%) and Australia (+2.8%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +32.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, New Zealand (-2.1%) illustrated a downward trend over the same period. While the share of Malaysia (+7.5 p.p.), Taiwan (Chinese) (+3.7 p.p.) and Australia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-15.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported taro in Asia-Pacific, comprising 68% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 10% share of total imports. It was followed by Australia, with a 9.5% share.

In Japan, taro (cocoyam) imports declined by an average annual rate of -1.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (+3.1% per year) and Australia (+8.5% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, surging by 7.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2014 an increase of 24%. As a result, import price attained the peak level of $X per ton. From 2015 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 Australia ($X per ton), while Malaysia ($X 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 leaders experienced more modest paces of growth.

Source: IndexBox Platform

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