ASEAN: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in ASEAN

The ASEAN taro (cocoyam) market contracted remarkably to $X in 2023, which is down by X% against the previous year. Over the period under review, consumption, however, enjoyed a strong increase. As a result, consumption attained the peak level of $X. From 2018 to 2023, the growth of the market remained at a lower figure.

Taro (Cocoyam) Production in ASEAN

In value terms, taro (cocoyam) production fell rapidly to $X in 2023 estimated in export price. Overall, production, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, (cocoyam) production attained the peak level at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

The countries with the highest volumes of production in 2023 were Lao People's Democratic Republic (X tons), the Philippines (X tons) and Thailand (X tons), together accounting for X% of total production.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

In 2023, the average taro (cocoyam) yield in ASEAN contracted to X tons per ha, leveling off at the year before. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the yield increased by X%. The level of yield peaked at X tons per ha in 2018; however, from 2019 to 2023, 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 2023, approx. X ha of taro were harvested in ASEAN; approximately reflecting the year before. In general, the harvested area saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2018; however, from 2019 to 2023, the harvested area failed to regain momentum.

Taro (Cocoyam) Exports

Exports in ASEAN

In 2023, taro (cocoyam) exports in ASEAN surged to X tons, picking up by X% compared with the previous year's figure. Overall, exports saw a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports skyrocketed to $X in 2023. In general, exports enjoyed a buoyant increase. The level of export peaked at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Indonesia (X tons) and Myanmar (X tons) represented the main exporters of taro in ASEAN, together generating X% of total exports. Thailand (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (X%).

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest taro (cocoyam) supplying countries in ASEAN were Indonesia ($X), Thailand ($X) and Myanmar ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Indonesia, with a CAGR of X%, 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

In 2023, the export price in ASEAN amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, showed a abrupt downturn. The growth pace was the most rapid in 2018 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced a decline in the export price figures.

Taro (Cocoyam) Imports

Imports in ASEAN

In 2023, after two years of decline, there was significant growth in supplies from abroad of taro, when their volume increased by X% to X tons. Overall, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, taro (cocoyam) imports declined to $X in 2023. Over the period under review, imports posted buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, (cocoyam) imports reached the peak figure at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Malaysia (X tons) represented the largest importer of taro, committing X% of total imports. It was distantly followed by Singapore (X tons) and the Philippines (X tons), together mixing up a X% share of total imports. The following importers - Brunei Darussalam (X tons) and Thailand (X tons) - each amounted to a X% share of total imports.

Imports into Malaysia increased at an average annual rate of X% from 2012 to 2023. At the same time, the Philippines (X%) and Brunei Darussalam (X%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. Thailand and Singapore experienced a relatively flat trend pattern. Malaysia (X p.p.), the Philippines (X p.p.) and Brunei Darussalam (X p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Singapore saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, the largest taro (cocoyam) importing markets in ASEAN were Malaysia ($X), Singapore ($X) and the Philippines ($X), together comprising X% of total imports.

Among the main importing countries, the Philippines, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 ASEAN stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price showed a drastic downturn. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Singapore ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform