ECOWAS: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in ECOWAS

In 2023, after two years of growth, there was decline in the ECOWAS taro (cocoyam) market, when its value decreased by X% to $X.4B. Overall, consumption, however, showed a buoyant expansion. Over the period under review, the market hit record highs at $X.1B in 2022, and then shrank slightly in the following year.

Taro (Cocoyam) Production in ECOWAS

In value terms, taro (cocoyam) production declined slightly to $X.9B in 2023 estimated in export price. In general, production, however, enjoyed a prominent increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of production peaked at $X.1B in 2022, and then reduced slightly in the following year.

Nigeria (X tons) constituted the country with the largest volume of taro (cocoyam) production, comprising approx. X% of total volume. Moreover, taro (cocoyam) production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), fivefold.

From 2012 to 2023, the average annual rate of growth in terms of volume in Nigeria stood at X%.

In 2023, the average yield of taro in ECOWAS rose modestly to X tons per ha, with an increase of X% against the year before. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha. From 2017 to 2023, the growth of the taro (cocoyam) yield failed to regain momentum. 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 ECOWAS; with a decrease of X% compared with the previous year. The total harvested area indicated a resilient increase from 2012 to 2023: its figure increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, taro (cocoyam) harvested area increased by X% against 2013 indices. The pace of growth appeared the most rapid in 2015 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2022, and then shrank modestly in the following year.

Taro (Cocoyam) Exports

Exports in ECOWAS

In 2023, overseas shipments of taro increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2022 when exports increased by X%. Over the period under review, the (cocoyam) exports reached the maximum in 2023 and are likely to see gradual growth in years to come.

In value terms, taro (cocoyam) exports dropped to $X in 2023. Over the period under review, exports posted a resilient increase. The pace of growth was the most pronounced in 2022 when exports increased by X%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Ghana was the key exporter of taro in ECOWAS, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2023. Cote d'Ivoire (X kg) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (X%).

Ghana was also the fastest-growing in terms of the taro exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Nigeria (X%) displayed positive paces of growth. Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Among the main exporting countries, Ghana, with a CAGR of X%, saw 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 ECOWAS stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 when the export price increased by X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Taro (Cocoyam) Imports

Imports in ECOWAS

In 2023, the amount of taro imported in ECOWAS soared to X tons, rising by X% against 2022. Over the period under review, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2023, the growth of (cocoyam) imports remained at a somewhat lower figure.

In value terms, taro (cocoyam) imports soared to $X in 2023. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the immediate term.

Imports by Country

In 2023, Ghana (X tons) was the main importer of taro, constituting X% of total imports. It was distantly followed by Cabo Verde (X kg), generating a X% share of total imports. The following importers - Guinea (X kg) and Liberia (X kg) - together made up X% of total imports.

Ghana was also the fastest-growing in terms of the taro imports, with a CAGR of X% from 2012 to 2023. Cabo Verde experienced a relatively flat trend pattern. Guinea (X%) and Liberia (X%) illustrated a downward trend over the same period. Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while Liberia, Guinea and Cabo Verde saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Ghana ($X), Cabo Verde ($X) and Guinea ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Ghana, with a CAGR of X%, recorded the highest growth rate of 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 ECOWAS stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the import price showed a noticeable shrinkage. The growth pace was the most rapid in 2020 an increase of X%. The level of import peaked at $X per ton in 2022, and then declined rapidly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform