Europe: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Europe

For the seventh consecutive year, the Europe taro (cocoyam) market recorded growth in sales value, which increased by 6.4% to $X in 2022. Over the period under review, consumption, however, continues to indicate resilient growth. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Taro (Cocoyam) Production in Europe

In value terms, taro (cocoyam) production soared to $X in 2022 estimated in export price. In general, production showed a buoyant increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 195% against the previous year. Over the period under review, (cocoyam) production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Austria (X tons), Belgium (X tons) and Slovenia (X tons), with a combined 70% share of total production.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +173.4%), while production for the other leaders experienced more modest paces of growth.

Taro (Cocoyam) Exports

Exports in Europe

In 2022, after five years of growth, there was significant decline in shipments abroad of taro, when their volume decreased by -47.8% to X tons. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 60% against the previous year. The volume of export peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, taro (cocoyam) exports shrank rapidly to $X in 2022. Over the period under review, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 63%. Over the period under review, the (cocoyam) exports hit record highs at $X in 2021, and then contracted sharply in the following year.

Exports by Country

The Netherlands represented the main exporting country with an export of about X tons, which recorded 73% of total exports. Spain (X tons) ranks second in terms of the total exports with a 12% share, followed by Bulgaria (5%). France (X tons), Portugal (X tons) and the UK (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) exports from the Netherlands stood at +4.6%. 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 Europe, with a CAGR of +65.2% from 2012-2022. By contrast, Portugal (-13.0%) and the UK (-25.3%) illustrated a downward trend over the same period. The Netherlands (+24 p.p.), Spain (+12 p.p.) and Bulgaria (+5 p.p.) significantly strengthened its position in terms of the total exports, while Portugal and the UK saw its share reduced by -6.5% and -31.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In the Netherlands, taro (cocoyam) exports increased at an average annual rate of +11.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (+82.9% per year) and Bulgaria (+175.4% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2022, rising by 32% against the previous year. Export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +7.2% 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Portugal ($X per ton), while Bulgaria ($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 Europe

After two years of growth, supplies from abroad of taro decreased by -23.7% to X tons in 2022. Overall, imports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 41% against the previous year. The volume of import peaked at X tons in 2021, and then fell notably in the following year.

In value terms, taro (cocoyam) imports reached $X in 2022. In general, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 44% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of taro (cocoyam) imports in 2022 were the Netherlands (X tons), France (X tons) and the UK (X tons), together amounting to 72% of total import. It was distantly followed by Spain (X tons) and Italy (X tons), together achieving an 18% share of total imports. Germany (X tons) held a little share of total imports.

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 largest taro (cocoyam) importing markets in Europe were the Netherlands ($X), the UK ($X) and France ($X), with a combined 68% share of total imports. Spain, Italy and Germany lagged somewhat behind, together accounting for a further 24%.

Among the main importing countries, Spain, with a CAGR of +27.9%, recorded the highest rates of growth with regard to 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 import price in Europe amounted to $X per ton, increasing by 36% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.5%. As a result, import price attained 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