South-Eastern Asia: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in South-Eastern Asia

After two years of growth, the Southeast Asian taro (cocoyam) market decreased by -0.9% to $X in 2022. Overall, consumption showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the market value increased by 6.4%. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Taro (Cocoyam) Production in South-Eastern Asia

In value terms, taro (cocoyam) production amounted to $X in 2022 estimated in export price. The total production indicated a notable expansion 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) production increased by +1.5% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 61% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, (cocoyam) production growth remained at a lower figure.

The countries with the highest volumes of production in 2022 were Lao People's Democratic Republic (X tons), the Philippines (X tons) and Thailand (X tons), with a combined 96% share of total production. These countries were followed by Vietnam, which accounted for a further 1.7%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Vietnam (with a CAGR of +3.3%), while production for the other leaders experienced mixed trends in the production figures.

The average taro (cocoyam) yield reduced modestly to X tons per ha in 2022, which is down by -1.5% compared with 2021 figures. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 3.9%. As a result, the yield reached the peak level of X tons per ha, and then fell 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.

In 2022, the total area harvested in terms of taro production in South-Eastern Asia was estimated at X ha, leveling off at the year before. In general, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the harvested area increased by 1.1%. As a result, the harvested area reached the peak level of X ha. From 2016 to 2022, the growth of the taro (cocoyam) harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports in South-Eastern Asia

Taro (cocoyam) exports soared to X tons in 2022, growing by 24% on the previous year. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 118%. Over the period under review, the (cocoyam) exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, taro (cocoyam) exports fell to $X in 2022. In general, exports enjoyed significant growth. The growth pace was the most rapid in 2017 when exports increased by 101%. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Vietnam (X tons), Indonesia (X tons) and Myanmar (X tons) represented roughly 97% of total exports in 2022. Thailand (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +50.9%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Indonesia ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2022, with a combined 94% share of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +61.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, reducing by -24.8% against the previous year. Overall, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 6.3%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of taro decreased by -1.8% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 83%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of (cocoyam) imports failed to regain momentum.

In value terms, taro (cocoyam) imports fell slightly to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 42% against the previous year. Over the period under review, (cocoyam) imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

Malaysia was the major importer of taro in South-Eastern Asia, with the volume of imports finishing at X tons, which was near 64% of total imports in 2022. It was distantly followed by Singapore (X tons), mixing up a 27% share of total imports. The following importers - Indonesia (X tons) and Thailand (X tons) - each accounted for a 5.4% share of total imports.

Imports into Malaysia increased at an average annual rate of +14.4% from 2012 to 2022. At the same time, Indonesia (+55.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +55.0% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Thailand (-2.6%) illustrated a downward trend over the same period. Malaysia (+29 p.p.) and Indonesia (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Singapore saw its share reduced by -4.7% and -28% from 2012 to 2022, respectively.

In value terms, the largest taro (cocoyam) importing markets in South-Eastern Asia were Singapore ($X), Malaysia ($X) and Indonesia ($X), with a combined 96% share of total imports.

Indonesia, with a CAGR of +59.7%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, dropping by -2.5% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 25% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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