Asia: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Asia

In 2022, the Asian taro (cocoyam) market increased by 0.3% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Taro (Cocoyam) Production in Asia

In value terms, taro (cocoyam) production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 36%. As a result, production attained the peak level of $X. From 2015 to 2022, (cocoyam) production growth remained at a lower figure.

China (X tons) constituted the country with the largest volume of taro (cocoyam) production, comprising approx. 78% of total volume. Moreover, taro (cocoyam) production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold. Lao People's Democratic Republic (X tons) ranked third in terms of total production with a 5.4% share.

In China, taro (cocoyam) production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (-2.2% per year) and Lao People's Democratic Republic (-0.4% per year).

In 2022, the average taro (cocoyam) yield in Asia contracted slightly to X tons per ha, flattening at the year before. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by 1%. The level of yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the yield stood 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, approx. X ha of taro were harvested in Asia; leveling off at the previous year. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 1.4% against the previous year. Over the period under review, the harvested area dedicated to taro (cocoyam) production reached the peak figure at X ha in 2021, and then declined slightly in the following year.

Taro (Cocoyam) Exports

Exports in Asia

In 2022, overseas shipments of taro decreased by -2.1% to X tons, falling for the third consecutive year after five years of growth. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 17% against the previous year. Over the period under review, the (cocoyam) exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, taro (cocoyam) exports rose markedly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 12%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the (cocoyam) exports remained at a lower figure.

Exports by Country

China prevails in exports structure, reaching X tons, which was near 81% of total exports in 2022. Vietnam (X tons) took the second position in the ranking, followed by Indonesia (X tons). All these countries together took near 12% share of total exports. Myanmar (X tons) took a relatively small 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%) and Vietnam (+29.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +50.9% from 2012-2022. Vietnam (+6.6 p.p.), Indonesia (+4.9 p.p.) and Myanmar (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -17.1% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest taro (cocoyam) supplier in Asia, comprising 86% of total exports. The second position in the ranking was held by Vietnam ($X), with a 5.5% share of total exports. It was followed by Indonesia, with a 4% share.

In China, taro (cocoyam) exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+20.2% per year) and Indonesia (+61.7% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, growing by 8.7% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 37% against the previous year. As a result, the export price attained 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 China ($X per ton), while Myanmar ($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 Asia

In 2022, approx. X tons of taro were imported in Asia; waning by -5% against 2021 figures. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. Over the period under review, (cocoyam) imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, taro (cocoyam) imports expanded modestly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 29% against the previous year. Over the period under review, (cocoyam) imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Japan was the largest importer of taro in Asia, with the volume of imports recording X tons, which was near 60% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 13% share, followed by Malaysia (9.3%). Singapore (X tons), Taiwan (Chinese) (X tons), Oman (X tons) and Kuwait (X tons) held a relatively small 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%), Kuwait (+27.3%), Oman (+23.3%) and Malaysia (+14.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia, with a CAGR of +32.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-1.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, Taiwan (Chinese) and Oman increased by +7.1, +3.5 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported taro in Asia, comprising 79% of total imports. The second position in the ranking was held by Singapore ($X), with a 5% share of total imports. It was followed by the United Arab Emirates, with a 4.1% share.

In Japan, taro (cocoyam) imports plunged 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: Singapore (+3.7% per year) and the United Arab Emirates (-2.4% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 7.6% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 35% against the previous year. 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 Japan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+13.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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