Vietnam: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Vietnam

The Vietnamese taro (cocoyam) market fell markedly to $X in 2022, shrinking by -29.8% against the previous year. In general, consumption faced a precipitous shrinkage. Taro (cocoyam) consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in Vietnam

In value terms, taro (cocoyam) production rose modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 20%. Over the period under review, (cocoyam) production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

The average yield of taro in Vietnam was estimated at less than X kg per ha in 2022, therefore, remained relatively stable against the previous year's figure. Over the period under review, the yield saw a relatively flat trend pattern. 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 Vietnam amounted to less than X ha in 2022, stabilizing at the year before. In general, the harvested area showed a relatively flat trend pattern.

Taro (Cocoyam) Exports

Exports from Vietnam

In 2022, the amount of taro exported from Vietnam soared to X tons, jumping by 36% against the year before. Over the period under review, exports showed a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 428% against the previous year. Over the period under review, the (cocoyam) exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, taro (cocoyam) exports shrank to $X in 2022. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2018 with an increase of 349%. Over the period under review, the (cocoyam) exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Australia (X tons), France (X tons) and the UK (X tons) were the main destinations of taro (cocoyam) exports from Vietnam, together comprising 69% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +70.6%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), France ($X) and the UK ($X) constituted the largest markets for taro (cocoyam) exported from Vietnam worldwide, together comprising 51% of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +63.9%, recorded the highest growth rate of 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 average taro (cocoyam) export price stood at $X per ton in 2022, dropping by -31% against the previous year. Over the period under review, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 an increase of 27% against the previous year. Over the period under review, the average export prices attained the maximum 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 for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to France ($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 South Korea (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Taro (Cocoyam) Imports

Imports into Vietnam

Taro (cocoyam) imports into Vietnam reduced to X tons in 2022, with a decrease of -8.2% compared with the year before. In general, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2015 when imports increased by 347% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, taro (cocoyam) imports plummeted to $X in 2022. Overall, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2015 when imports increased by 365% against the previous year. Over the period under review, (cocoyam) imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest taro (cocoyam) supplier to Vietnam, accounting for a 85% share of total imports. Moreover, taro (cocoyam) imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +32.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-1.1% per year) and Indonesia (-21.7% per year).

In value terms, China ($X) constituted the largest supplier of taro to Vietnam, comprising 82% of total imports. The second position in the ranking was held by Thailand ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+6.6% per year) and Indonesia (-16.7% per year).

Import Prices by Country

The average taro (cocoyam) import price stood at $X per ton in 2022, dropping by -7.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 36% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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