GCC: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in GCC

In 2022, the GCC taro (cocoyam) market decreased by -4.2% to $X, falling for the second consecutive year after four years of growth. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Taro (Cocoyam) Production in GCC

In value terms, taro (cocoyam) production fell to $X in 2022 estimated in export price. Overall, production, however, saw a sharp contraction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 20%. Over the period under review, (cocoyam) production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Saudi Arabia (X tons) constituted the country with the largest volume of taro (cocoyam) production, accounting for 100% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Saudi Arabia stood at +1.8%.

Taro (Cocoyam) Exports

Exports in GCC

In 2022, shipments abroad of taro decreased by -4.9% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 932%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports declined sharply to $X in 2022. Overall, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2019 with an increase of 633%. The level of export peaked at $X in 2021, and then fell sharply in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the key exporter of taro in GCC, achieving 100% of total export.

The United Arab Emirates was also the fastest-growing in terms of the taro exports, with a CAGR of +37.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest taro (cocoyam) supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +34.5%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, reducing by -11.4% against the previous year. In general, the export price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2021 when the export price increased by 47% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -2.4% per year.

Taro (Cocoyam) Imports

Imports in GCC

In 2022, the amount of taro imported in GCC fell to X tons, dropping by -5.6% on 2021 figures. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 140% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of (cocoyam) imports remained at a lower figure.

In value terms, taro (cocoyam) imports fell to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) imports decreased by -7.6% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 56% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of (cocoyam) imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X tons, which was approx. 68% of total imports in 2022. Oman (X tons) ranks second in terms of the total imports with a 9.7% share, followed by Kuwait (8.8%), Qatar (7.9%) and Bahrain (5.5%).

Imports into the United Arab Emirates decreased at an average annual rate of -1.5% from 2012 to 2022. At the same time, Bahrain (+108.5%), Qatar (+32.8%), Kuwait (+27.3%) and Oman (+23.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +108.5% from 2012-2022. Oman (+8.5 p.p.), Kuwait (+8 p.p.), Qatar (+7.9 p.p.) and Bahrain (+5.5 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -14.8% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported taro in GCC, comprising 56% of total imports. The second position in the ranking was taken by Qatar ($X), with a 14% share of total imports. It was followed by Oman, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -2.4%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+55.3% per year) and Oman (+40.2% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, growing by 3.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 56% against the previous year. 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.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+17.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform