Eastern Asia: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Eastern Asia

In 2022, the East Asian taro (cocoyam) market increased by 0.5% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption recorded 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 Eastern Asia

In value terms, taro (cocoyam) production totaled $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 38%. As a result, production reached the peak level of $X. From 2015 to 2022, (cocoyam) production growth remained at a lower figure.

China (X tons) remains the largest taro (cocoyam) producing country in Eastern Asia, accounting for 91% of total volume. Moreover, taro (cocoyam) production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold.

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: Japan (-2.2% per year) and Taiwan (Chinese) (-0.7% per year).

The average taro (cocoyam) yield totaled X tons per ha in 2022, almost unchanged from the previous year. In general, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the yield increased by 1%. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2022, the growth of the taro (cocoyam) yield failed to regain momentum. 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 modestly to X ha in 2022, remaining stable against the previous year. Overall, the harvested area, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 1.7%. The level of harvested area peaked at X ha in 2021, and then contracted slightly in the following year.

Taro (Cocoyam) Exports

Exports in Eastern Asia

In 2022, shipments abroad of taro decreased by -5.6% to X tons, falling for the third consecutive year after five years of growth. In general, exports recorded a mild curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. 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 rose significantly to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 11%. 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

In 2022, China (X tons) was the main exporter of taro in Eastern Asia, mixing up 100% of total export.

China was also the fastest-growing in terms of the taro exports, with a CAGR of -1.7% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest taro (cocoyam) supplier in Eastern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, rising by 16% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) export price increased by +24.2% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the export price increased by 39%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +1.2% per year.

Taro (Cocoyam) Imports

Imports in Eastern Asia

Taro (cocoyam) imports dropped to X tons in 2022, falling by -5.5% on the previous year's figure. Overall, imports showed a noticeable descent. The growth pace was the most rapid in 2021 when imports increased by 34% 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 stood at a somewhat lower figure.

In value terms, taro (cocoyam) imports expanded to $X in 2022. Over the period under review, imports recorded a mild contraction. The pace of growth was the most pronounced in 2021 with an increase of 35% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Japan prevails in imports structure, amounting to X tons, which was near 90% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), mixing up a 5.6% share of total imports. Macao SAR (X tons) followed a long way behind the leaders.

Imports into Japan decreased at an average annual rate of -3.2% from 2012 to 2022. At the same time, Taiwan (Chinese) (+32.3%) and Macao SAR (+11.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +32.3% from 2012-2022. While the share of Taiwan (Chinese) (+5.3 p.p.) and Macao SAR (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-8.5 p.p.) displayed negative dynamics.

In value terms, Japan ($X) constitutes the largest market for imported taro in Eastern Asia, comprising 95% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 1.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Japan amounted to -1.8%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+32.5% per year) and Macao SAR (+8.3% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 9.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2014 an increase of 34%. 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 ($X per ton), while Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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