Western Africa: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Western Africa

The West African taro (cocoyam) market shrank slightly to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Taro (Cocoyam) Production in Western Africa

In value terms, taro (cocoyam) production declined to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 85%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nigeria (X tons) constituted the country with the largest volume of taro (cocoyam) production, accounting for 69% of total volume. Moreover, taro (cocoyam) production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), threefold. The third position in this ranking was held by Guinea (X tons), with a 2.6% share.

In Nigeria, taro (cocoyam) production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-0.9% per year) and Guinea (+2.2% per year).

The average taro (cocoyam) yield was estimated at X tons per ha in 2022, stabilizing at the previous year's figure. Overall, the yield, however, recorded a mild slump. The pace of growth appeared the most rapid in 2017 with an increase of 6.9% against the previous year. Over the period under review, the taro (cocoyam) yield hit record highs at X tons per ha in 2014; however, from 2015 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.

The taro (cocoyam) harvested area was estimated at X ha in 2022, flattening at the previous year's figure. The harvested area increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when the harvested area increased by 21% against the previous year. The level of harvested area peaked at X ha in 2016; however, from 2017 to 2022, the harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports in Western Africa

In 2022, exports of taro in Western Africa shrank to X tons, with a decrease of -14.4% on the year before. In general, exports continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 114% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, taro (cocoyam) exports stood at $X in 2022. Over the period under review, exports showed a sharp decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 189% against the previous year. Over the period under review, the (cocoyam) exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana was the major exporting country with an export of about X tons, which amounted to 76% of total exports. Cote d'Ivoire (X kg) ranks second in terms of the total exports with an 18% share, followed by Togo (5.4%).

Exports from Ghana decreased at an average annual rate of -29.7% from 2012 to 2022. At the same time, Togo (+29.8%) and Cote d'Ivoire (+29.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +29.8% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire and Togo increased by +18 and +5.4 percentage points, respectively.

In value terms, Ghana ($X) remains the largest taro (cocoyam) supplier in Western Africa, comprising 79% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled -26.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+16.4% per year) and Togo (+30.4% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, jumping by 18% against the previous year. Over the period under review, the export price showed a temperate expansion. The most prominent rate of growth was recorded in 2020 an increase of 58%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Taro (Cocoyam) Imports

Imports in Western Africa

In 2022, taro (cocoyam) imports in Western Africa reduced rapidly to X tons, which is down by -16.5% against the year before. In general, imports, however, saw pronounced growth. The pace of growth was the most pronounced in 2019 when imports increased by 466%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of (cocoyam) imports remained at a lower figure.

In value terms, taro (cocoyam) imports shrank to $X in 2022. Over the period under review, imports, however, posted a modest increase. The most prominent rate of growth was recorded in 2015 when imports increased by 214% against the previous year. Over the period under review, (cocoyam) imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Cabo Verde (X kg) represented the major importer of taro, committing 61% of total imports. It was distantly followed by Saint Helena, Ascension and Tristan da Cunha (X kg) and Guinea (X kg), together constituting a 36% share of total imports. Liberia (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to taro (cocoyam) imports into Cabo Verde stood at -2.4%. At the same time, Guinea (+1.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +1.9% from 2012-2022. By contrast, Liberia (-1.6%) and Saint Helena, Ascension and Tristan da Cunha (-50.0%) illustrated a downward trend over the same period. Saint Helena, Ascension and Tristan da Cunha (+19 p.p.) and Guinea (+17 p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde saw its share reduced by -35.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported taro in Western Africa, comprising 70% of total imports. The second position in the ranking was taken by Guinea ($X), with a 19% share of total imports. It was followed by Saint Helena, Ascension and Tristan da Cunha, with a 9.7% share.

In Cabo Verde, taro (cocoyam) imports decreased by an average annual rate of -1.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+4.8% per year) and Saint Helena, Ascension and Tristan da Cunha (-50.0% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 9.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 122%. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 Cabo Verde ($X per ton), while Saint Helena, Ascension and Tristan da Cunha ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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