Belgium: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Belgium

The Belgian taro (cocoyam) market soared to $X in 2022, surging by 30% against the previous year. Overall, consumption posted moderate growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in Belgium

In value terms, taro (cocoyam) production stood at less than $X in 2022 estimated in export price. Overall, production faced a dramatic setback. The most prominent rate of growth was recorded in 2016 with a decrease of 99.9%. Over the period under review, (cocoyam) production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average taro (cocoyam) yield in Belgium stood at less than X kg per ha, standing approx. at the previous year. Over the period under review, the yield showed a relatively flat trend pattern. 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 Belgium stood at less than X ha, stabilizing at the previous year. In general, the harvested area saw a relatively flat trend pattern.

Taro (Cocoyam) Exports

Exports from Belgium

In 2022, after six years of growth, there was significant decline in shipments abroad of taro, when their volume decreased by -96.2% to X tons. In general, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 14,820% against the previous year. The exports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, taro (cocoyam) exports fell sharply to $X in 2022. Overall, exports showed a drastic downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 21,072% against the previous year. Over the period under review, the (cocoyam) exports hit record highs at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Russia (X tons) was the main destination for taro (cocoyam) exports from Belgium, accounting for a 84% share of total exports. Moreover, taro (cocoyam) exports to Russia exceeded the volume sent to the second major destination, Luxembourg (X kg), ninefold. France (X kg) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to Russia stood at -64.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+13.3% per year) and France (-29.2% per year).

In value terms, Russia ($X) remains the key foreign market for taro exports from Belgium, comprising 82% of total exports. The second position in the ranking was held by Luxembourg ($X), with a 10% share of total exports. It was followed by France, with a 4% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to -61.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+8.0% per year) and France (-26.0% per year).

Export Prices by Country

The average taro (cocoyam) export price stood at $X per ton in 2022, surging by 64% against the previous year. Over the period under review, the export price continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 when the average export price increased by 130%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Taro (Cocoyam) Imports

Imports into Belgium

In 2022, purchases abroad of taro decreased by -92% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports recorded a abrupt setback. The pace of growth was the most pronounced in 2020 when imports increased by 2,980%. Imports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, taro (cocoyam) imports declined remarkably to $X in 2022. In general, imports recorded a pronounced slump. The growth pace was the most rapid in 2020 with an increase of 4,688%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of (cocoyam) imports remained at a lower figure.

Imports by Country

Uganda (X tons), Cameroon (X tons) and Italy (X tons) were the main suppliers of taro (cocoyam) imports to Belgium, together comprising 62% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Uganda (with a CAGR of +204.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest taro (cocoyam) suppliers to Belgium were Uganda ($X), Italy ($X) and France ($X), together accounting for 59% of total imports.

In terms of the main suppliers, Uganda, with a CAGR of +224.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average taro (cocoyam) import price amounted to $X per ton, picking up by 25% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 +60.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 76% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 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 Italy ($X per ton), while the price for Cameroon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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