ECOWAS: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in ECOWAS

The ECOWAS taro (cocoyam) market contracted slightly to $X in 2022, approximately reflecting the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in ECOWAS

In value terms, taro (cocoyam) production reduced modestly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 85%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of taro (cocoyam) production was Nigeria (X tons), accounting for 69% of total volume. Moreover, taro (cocoyam) production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), threefold. Guinea (X tons) ranked third in terms of total production with a 2.6% share.

In Nigeria, 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: Ghana (-0.9% per year) and Guinea (+2.2% per year).

The average taro (cocoyam) yield stood at X tons per ha in 2022, almost unchanged from 2021. In general, the yield, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in 2017 with an increase of 6.9% against the previous year. Over the period under review, the taro (cocoyam) yield reached the peak level at X tons per ha in 2014; however, from 2015 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, the harvested area of taro in ECOWAS amounted to X ha, therefore, remained relatively stable against the year before. The harvested area increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the harvested area increased by 21%. Over the period under review, the harvested area dedicated to taro (cocoyam) production reached the maximum at X ha in 2016; however, from 2017 to 2022, the harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports in ECOWAS

In 2022, the amount of taro exported in ECOWAS declined to X tons, with a decrease of -14.4% against the year before. Overall, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 114%. Over the period under review, the (cocoyam) exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, taro (cocoyam) exports stood at $X in 2022. In general, exports faced a dramatic setback. The pace of growth appeared the most rapid in 2016 when exports increased by 189% against the previous year. Over the period under review, the (cocoyam) exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana was the major exporter of taro in ECOWAS, with the volume of exports resulting at X tons, which was approx. 76% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X kg) and Togo (X kg), together generating a 24% share of total exports.

Exports from Ghana decreased at an average annual rate of -29.7% from 2012 to 2022. At the same time, Togo (+29.8%) and Cote d'Ivoire (+29.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +29.8% from 2012-2022. While the share of Cote d'Ivoire (+18 p.p.) and Togo (+5.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-24.1 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest taro (cocoyam) supplier in ECOWAS, comprising 79% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled -26.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+16.4% per year) and Togo (+30.4% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 18% against the previous year. Overall, the export price posted a noticeable expansion. The growth pace was the most rapid in 2020 an increase of 58%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in supplies from abroad of taro, which decreased by -0.9% to X kg in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 466% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of (cocoyam) imports remained at a lower figure.

In value terms, taro (cocoyam) imports amounted to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 214%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cabo Verde (X kg) was the main importer of taro, generating 76% of total imports. It was distantly followed by Guinea (X kg), constituting a 21% share of total imports. Liberia (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) imports into Cabo Verde stood at -2.4%. At the same time, Guinea (+1.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +1.9% from 2012-2022. By contrast, Liberia (-1.6%) illustrated a downward trend over the same period. While the share of Guinea (+21 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cabo Verde (-20.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported taro in ECOWAS, comprising 77% of total imports. The second position in the ranking was taken by Guinea ($X), with a 21% share of total imports.

In Cabo Verde, taro (cocoyam) imports plunged by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guinea (+4.8% per year) and Liberia (-5.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, stabilizing at the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 122% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform