MERCOSUR: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in MERCOSUR

The MERCOSUR taro (cocoyam) market dropped to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption showed a strong increase. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Taro (Cocoyam) Production in MERCOSUR

In value terms, taro (cocoyam) production dropped slightly to $X in 2022 estimated in export price. In general, production enjoyed buoyant growth. The growth pace was the most rapid in 2015 when the production volume increased by 72% against the previous year. Over the period under review, (cocoyam) production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Ecuador (X tons) constituted the country with the largest volume of taro (cocoyam) production, accounting for 72% of total volume. Moreover, taro (cocoyam) production in Ecuador exceeded the figures recorded by the second-largest producer, Guyana (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume in Ecuador totaled +1.3%.

The average taro (cocoyam) yield totaled X tons per ha in 2022, with an increase of 3% on 2021 figures. In general, the yield enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 when the yield increased by 140%. The level of yield peaked at X tons per ha in 2020; however, from 2021 to 2022, the yield failed to regain momentum. 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 MERCOSUR reduced modestly to X ha, which is down by -2.7% on 2021. Over the period under review, the harvested area saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 153%. As a result, the harvested area attained the peak level of X ha. From 2019 to 2022, the growth of the taro (cocoyam) harvested area remained at a lower figure.

Taro (Cocoyam) Exports

Exports in MERCOSUR

In 2022, overseas shipments of taro decreased by -1.5% to X tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 42% against the previous year. Over the period under review, the (cocoyam) exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports dropped to $X in 2022. Overall, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 70%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the (cocoyam) exports remained at a somewhat lower figure.

Exports by Country

In 2022, Ecuador (X tons) represented the largest exporter of taro in MERCOSUR, committing 100% of total export.

Ecuador was also the fastest-growing in terms of the taro exports, with a CAGR of +3.2% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) also remains the largest taro (cocoyam) supplier in MERCOSUR.

In Ecuador, taro (cocoyam) exports expanded at an average annual rate of +9.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, which is down by -4.2% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) export price increased by +4.8% against 2020 indices. The pace of growth was the most pronounced in 2019 an increase of 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 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 Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Ecuador amounted to +6.0% per year.

Taro (Cocoyam) Imports

Imports in MERCOSUR

In 2022, after five years of growth, there was significant decline in supplies from abroad of taro, when their volume decreased by -8.3% to X tons. Overall, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 111%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, taro (cocoyam) imports shrank to $X in 2022. In general, imports, however, saw a significant increase. The growth pace was the most rapid in 2017 with an increase of 83%. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Ecuador (X tons) was the largest importer of taro in MERCOSUR, generating 100% of total import.

Ecuador was also the fastest-growing in terms of the taro imports, with a CAGR of +21.7% from 2012 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) constitutes the largest market for imported taro in MERCOSUR.

In Ecuador, taro (cocoyam) imports increased at an average annual rate of +28.1% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, leveling off at the previous year. In general, the import price, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2016 an increase of 87% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Ecuador amounted to +5.3% per year.

Source: IndexBox Platform