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Nigeria - Taro - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Nigeria

The Nigerien taro (cocoyam) market contracted modestly to $X in 2022, with a decrease of -3.1% against the previous year. In general, consumption continues to indicate a mild shrinkage. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Taro (Cocoyam) Production in Nigeria

In value terms, taro (cocoyam) production fell to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable descent. The growth pace was the most rapid in 2016 when the production volume increased by 86% against the previous year. Over the period under review, (cocoyam) production reached the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

The average yield of taro in Nigeria reached X tons per ha in 2022, approximately mirroring the previous year's figure. Over the period under review, the yield, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 9.1%. Over the period under review, the average taro (cocoyam) yield reached the peak level 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 harvested area of taro in Nigeria dropped to X ha, almost unchanged from 2021 figures. The harvested area increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 29%. Over the period under review, the harvested area dedicated to taro (cocoyam) production reached the maximum at X ha in 2016; however, from 2017 to 2022, the harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports from Nigeria

In 2022, shipments abroad of taro was finally on the rise to reach X kg for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 968% against the previous year. As a result, the exports attained the peak of X kg. From 2018 to 2022, the growth of the (cocoyam) exports remained at a somewhat lower figure.

In value terms, taro (cocoyam) exports surged to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 706%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the (cocoyam) exports remained at a lower figure.

Exports by Country

Switzerland (X kg), Belgium (X kg) and Canada (X kg) were the main destinations of taro (cocoyam) exports from Nigeria, with a combined 74% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Switzerland ($X) remains the key foreign market for taro exports from Nigeria, comprising 77% of total exports. The second position in the ranking was taken by Belgium ($X), with a 10% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Switzerland stood at -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and Canada (-11.3% per year).

Export Prices by Country

In 2022, the average taro (cocoyam) export price amounted to $X per ton, declining by -6.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 92% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Canada ($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 Switzerland (+7.0%), while the prices for the other major destinations experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for taro in the world?

The countries with the highest volumes of taro cocoyam) consumption in 2020 were Nigeria, Cameroon and China, with a combined 56% share of global consumption. Ethiopia, Ghana, Papua New Guinea, Burundi, Madagascar and Rwanda lagged somewhat behind, together accounting for a further 31%.

What are the largest producers of taro in the world?

The countries with the highest volumes of taro cocoyam) production in 2020 were Nigeria, China and Cameroon, with a combined 57% share of global production. Ethiopia, Ghana, Papua New Guinea and Burundi lagged somewhat behind, together accounting for a further 27%.

What are the leading suppliers of taro to Nigeria?

In value terms, the United Arab Emirates constituted the largest supplier of taro cocoyam) to Nigeria.

What are the leading importers of taro from Nigeria?

In value terms, the largest markets for taro cocoyam) exported from Nigeria were the United Arab Emirates $7) and Canada $5).

What is the average export price for taro in Nigeria?

The average taro cocoyam) export price stood at $2,000 per ton in 2020, dropping by -4.8% against the previous year.

What is the average import price for taro in Nigeria?

In 2019, the average taro cocoyam) import price amounted to $889 per ton, almost unchanged from the previous year.

This report provides an in-depth analysis of the taro (cocoyam) market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 136 - Taro (Cocoyam)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023