EU: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in the EU

After four years of growth, the EU taro (cocoyam) market decreased by less than 0.1% to $X in 2022. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) consumption increased by +41.1% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Taro (Cocoyam) Production in the EU

In value terms, taro (cocoyam) production declined to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 20%. Over the period under review, (cocoyam) production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Cyprus (X tons) remains the largest taro (cocoyam) producing country in the European Union, accounting for 95% of total volume. It was followed by Austria (X tons), with a 1.8% share of total production.

In Cyprus, taro (cocoyam) production plunged by an average annual rate of -6.1% over the period from 2012-2022.

In 2022, the average yield of taro in the European Union stood at X tons per ha, surging by 2.6% compared with 2021 figures. Overall, the yield, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2016 when the yield increased by 6.1%. The level of yield peaked at X tons per ha in 2012; however, from 2013 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 total area harvested in terms of taro production in the European Union contracted slightly to X ha, with a decrease of -1.7% on the previous year's figure. In general, the harvested area showed a noticeable decrease. The pace of growth appeared the most rapid in 2014 when the harvested area increased by 5.3% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports in the EU

In 2022, after five years of growth, there was significant decline in shipments abroad of taro, when their volume decreased by -46.9% to X tons. In general, exports, however, showed tangible growth. The most prominent rate of growth was recorded in 2020 when exports increased by 58% against the previous year. Over the period under review, the (cocoyam) exports attained the maximum at X tons in 2021, and then reduced rapidly in the following year.

In value terms, taro (cocoyam) exports fell dramatically to $X in 2022. Over the period under review, exports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 61% against the previous year. The level of export peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

The Netherlands represented the main exporting country with an export of about X tons, which resulted at 72% of total exports. Spain (X tons) ranks second in terms of the total exports with a 12% share, followed by Bulgaria (4.9%). France (X tons), Cyprus (X tons) and Portugal (X tons) took a minor share of total exports.

Exports from the Netherlands increased at an average annual rate of +4.6% from 2012 to 2022. At the same time, Spain (+65.2%), Bulgaria (+56.0%) and France (+3.6%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +65.2% from 2012-2022. By contrast, Cyprus (-2.7%) and Portugal (-13.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Spain, Bulgaria and the Netherlands increased by +11, +4.9 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest taro (cocoyam) supplier in the European Union, comprising 78% of total exports. The second position in the ranking was held by Spain ($X), with an 11% share of total exports. It was followed by Bulgaria, with a 2.3% share.

In the Netherlands, taro (cocoyam) exports expanded at an average annual rate of +11.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+82.9% per year) and Bulgaria (+175.4% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, with an increase of 30% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+76.5%), while the other leaders experienced more modest paces of growth.

Taro (Cocoyam) Imports

Imports in the EU

After two years of growth, supplies from abroad of taro decreased by -28.4% to X tons in 2022. In general, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 41%. The volume of import peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, taro (cocoyam) imports reduced to $X in 2022. Overall, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 41% against the previous year. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

The Netherlands (X tons) and France (X tons) represented roughly 66% of total imports in 2022. Spain (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Italy (6.2%) and Germany (4.7%).

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +22.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), France ($X) and Spain ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 78% of total imports.

Spain, with a CAGR of +27.9%, recorded the highest growth rate of the value of imports, in terms of 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 the European Union stood at $X per ton in 2022, growing by 38% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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