Philippines: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in the Philippines

After two years of growth, the Philippine taro (cocoyam) market decreased by -0.2% to $X in 2022. The market value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Taro (Cocoyam) Production in the Philippines

In value terms, taro (cocoyam) production rose to $X in 2022 estimated in export price. Overall, production, however, showed strong growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 397%. As a result, production reached the peak level of $X. From 2018 to 2022, (cocoyam) production growth remained at a somewhat lower figure.

The average yield of taro in the Philippines contracted slightly to X tons per ha in 2022, reducing by -1.6% against the year before. Overall, the yield, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the yield increased by 4.1%. Over the period under review, the average taro (cocoyam) yield hit record highs at X tons per ha in 2021, and then fell modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The taro (cocoyam) harvested area in the Philippines stood at X ha in 2022, therefore, remained relatively stable against the year before. Overall, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the harvested area increased by 0.8% against the previous year. The taro (cocoyam) harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports from the Philippines

In 2022, shipments abroad of taro decreased by -68.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 392% against the previous year. The exports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, taro (cocoyam) exports contracted notably to $X in 2022. In general, exports saw a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 446%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for taro (cocoyam) exports from the Philippines, with a 92% share of total exports. Moreover, taro (cocoyam) exports to Canada exceeded the volume sent to the second major destination, Australia (X kg), more than tenfold. Singapore (X kg) ranked third in terms of total exports with a 2.2% share.

From 2017 to 2022, the average annual rate of growth in terms of volume to Canada amounted to -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-23.0% per year) and Singapore (0.0% per year).

In value terms, Canada ($X) emerged as the key foreign market for taro exports from the Philippines, comprising 91% of total exports. The second position in the ranking was taken by Singapore ($X), with a 4.2% share of total exports. It was followed by Australia, with a 4.2% share.

From 2017 to 2022, the average annual rate of growth in terms of value to Canada totaled -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (0.0% per year) and Australia (-40.6% per year).

Export Prices by Country

In 2022, the average taro (cocoyam) export price amounted to $X per ton, surging by 43% against the previous year. In general, the export price, however, showed a abrupt curtailment. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+53.2%), while the prices for the other major destinations experienced more modest paces of growth.

Taro (Cocoyam) Imports

Imports into the Philippines

In 2022, taro (cocoyam) imports into the Philippines surged to X tons, picking up by 113% against the year before. Over the period under review, imports saw a significant expansion. The growth pace was the most rapid in 2019 with an increase of 724% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of (cocoyam) imports failed to regain momentum.

In value terms, taro (cocoyam) imports soared to $X in 2022. In general, imports showed significant growth. The growth pace was the most rapid in 2019 with an increase of 455%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of (cocoyam) imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons) and China (X tons) were the main suppliers of taro (cocoyam) imports to the Philippines.

From 2018 to 2022, the biggest increases were recorded for China (with a CAGR of +20.4%).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of taro to the Philippines, comprising 68% of total imports. The second position in the ranking was taken by China ($X), with a 32% share of total imports.

From 2018 to 2022, the average annual growth rate of value from Taiwan (Chinese) stood at -9.6%.

Import Prices by Country

In 2022, the average taro (cocoyam) import price amounted to $X per ton, with an increase of 152% against the previous year. In general, the import price, however, continues to indicate a abrupt setback. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China stood at $X per ton.

From 2018 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-3.8%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :