Italy: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Italy

The Italian taro (cocoyam) market declined to $X in 2022, waning by -8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +13.1% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports from Italy

In 2022, the amount of taro exported from Italy declined markedly to X tons, falling by -22.3% on the previous year's figure. Over the period under review, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2019 when exports increased by 1,145%. Over the period under review, the (cocoyam) exports reached the peak figure at X tons in 2021, and then declined dramatically in the following year.

In value terms, taro (cocoyam) exports contracted slightly to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 450% against the previous year. Over the period under review, the (cocoyam) exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X tons) was the main destination for taro (cocoyam) exports from Italy, accounting for a 65% share of total exports. Moreover, taro (cocoyam) exports to Spain exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by Hungary (X kg), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Spain totaled +246.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+69.3% per year) and Hungary (+9.8% per year).

In value terms, Spain ($X) remains the key foreign market for taro exports from Italy, comprising 65% of total exports. The second position in the ranking was taken by Hungary ($X), with a 17% share of total exports. It was followed by Germany, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain stood at +238.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+15.2% per year) and Germany (+39.3% per year).

Export Prices by Country

The average taro (cocoyam) export price stood at $X per ton in 2022, surging by 26% against the previous year. In general, the export price, however, recorded a slight reduction. The pace of growth was the most pronounced in 2020 an increase of 303% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malta (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Taro (Cocoyam) Imports

Imports into Italy

Taro (cocoyam) imports into Italy shrank sharply to X tons in 2022, with a decrease of -30% against 2021 figures. Overall, imports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 89%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of (cocoyam) imports remained at a somewhat lower figure.

In value terms, taro (cocoyam) imports declined slightly to $X in 2022. Over the period under review, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) imports increased by +23.3% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 100% against the previous year. Over the period under review, (cocoyam) imports hit record highs at $X in 2021, and then reduced slightly in the following year.

Imports by Country

Costa Rica (X tons), Spain (X tons) and the Netherlands (X tons) were the main suppliers of taro (cocoyam) imports to Italy, with a combined 81% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +61.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Spain ($X) and the Netherlands ($X) appeared to be the largest taro (cocoyam) suppliers to Italy, together comprising 82% of total imports.

In terms of the main suppliers, Spain, with a CAGR of +63.2%, 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

The average taro (cocoyam) import price stood at $X per ton in 2022, surging by 41% against the previous year. In general, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) import price increased by +120.8% against 2015 indices. 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Bangladesh ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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