Australia and Oceania: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Australia and Oceania

The taro (cocoyam) market in Australia and Oceania expanded markedly to $X in 2022, picking up by 6.5% against the previous year. The market value increased at an average annual rate of +2.9% over the period 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 2021 to 2022, the growth of the market remained at a lower figure.

Taro (Cocoyam) Production in Australia and Oceania

In value terms, taro (cocoyam) production rose notably to $X in 2022 estimated in export price. The total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) production decreased by -10.3% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 70% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, (cocoyam) production growth remained at a somewhat lower figure.

Papua New Guinea (X tons) constituted the country with the largest volume of taro (cocoyam) production, accounting for 68% of total volume. Moreover, taro (cocoyam) production in Papua New Guinea exceeded the figures recorded by the second-largest producer, Fiji (X tons), fivefold. The third position in this ranking was taken by Solomon Islands (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in Papua New Guinea was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Fiji (-1.0% per year) and Solomon Islands (+0.9% per year).

In 2022, the average taro (cocoyam) yield in Australia and Oceania was estimated at X tons per ha, remaining constant against 2021 figures. Overall, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 5.4% against the previous year. Over the period under review, the taro (cocoyam) yield hit record highs at X tons per ha in 2019; however, from 2020 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.

The taro (cocoyam) harvested area dropped slightly to X ha in 2022, standing approx. at the year before. In general, the harvested area, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 8.4% 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.

Taro (Cocoyam) Exports

Exports in Australia and Oceania

Taro (cocoyam) exports rose rapidly to X tons in 2022, surging by 11% compared with the year before. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +8.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) exports increased by +17.5% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 52%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, taro (cocoyam) exports expanded significantly to $X in 2022. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 45%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Fiji was the key exporter of taro in Australia and Oceania, with the volume of exports reaching X tons, which was near 73% of total exports in 2022. It was distantly followed by Samoa (X tons) and Tonga (X tons), together mixing up a 27% share of total exports.

Exports from Fiji increased at an average annual rate of +8.5% from 2012 to 2022. At the same time, Samoa (+24.9%) and Tonga (+2.8%) displayed positive paces of growth. Moreover, Samoa emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +24.9% from 2012-2022. From 2012 to 2022, the share of Samoa increased by +10 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Fiji ($X) remains the largest taro (cocoyam) supplier in Australia and Oceania, comprising 84% of total exports. The second position in the ranking was held by Samoa ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Fiji amounted to +12.6%. In the other countries, the average annual rates were as follows: Samoa (+31.1% per year) and Tonga (+1.5% per year).

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, falling by -4.3% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) export price increased by +10.6% against 2016 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 23%. The level of export peaked at $X per ton in 2021, and then reduced slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Samoa (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in Australia and Oceania

After four years of growth, supplies from abroad of taro decreased by -1.3% to X tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 52% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of (cocoyam) imports remained at a somewhat lower figure.

In value terms, taro (cocoyam) imports totaled $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) imports increased by +90.2% against 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. Over the period under review, (cocoyam) imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

New Zealand was the largest importing country with an import of around X tons, which reached 60% of total imports. It was distantly followed by Australia (X tons), creating a 36% share of total imports. American Samoa (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by American Samoa (with a CAGR of +52.7%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest taro (cocoyam) importing markets in Australia and Oceania were New Zealand ($X), Australia ($X) and American Samoa ($X), together comprising 100% of total imports.

American Samoa, with a CAGR of +58.7%, 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 Australia and Oceania stood at $X per ton in 2022, rising by 4.8% against the previous year. Import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) import price increased by +93.4% against 2014 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 35%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($X per ton), while American Samoa ($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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