Latin America and the Caribbean: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Latin America and the Caribbean

For the third year in a row, the Latin American taro (cocoyam) market recorded growth in sales value, which increased by X% to $X in 2023. Overall, consumption, however, recorded a mild downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Taro (Cocoyam) Production in Latin America and the Caribbean

In value terms, taro (cocoyam) production skyrocketed to $X in 2023 estimated in export price. In general, production, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2023, (cocoyam) production growth failed to regain momentum.

The countries with the highest volumes of production in 2023 were Nicaragua (X tons), Dominica (X tons) and Guyana (X tons), together comprising X% of total production. Honduras, Panama and Trinidad and Tobago lagged somewhat behind, together accounting for a further X%.

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

In 2023, the average yield of taro in Latin America and the Caribbean reached X tons per ha, almost unchanged from 2022 figures. Over the period under review, the yield recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2016 to 2023, the growth of the taro (cocoyam) yield remained at a 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, the harvested area of taro in Latin America and the Caribbean reached X ha, almost unchanged from the previous year. Overall, the harvested area, however, recorded a pronounced curtailment. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the harvested area attained the peak level of X ha. From 2014 to 2023, the growth of the taro (cocoyam) harvested area remained at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports in Latin America and the Caribbean

In 2023, after two years of growth, there was significant decline in shipments abroad of taro, when their volume decreased by X% to X tons. Total exports indicated a temperate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, (cocoyam) exports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the (cocoyam) exports attained the peak figure at X tons in 2022, and then shrank in the following year.

In value terms, taro (cocoyam) exports contracted to $X in 2023. Over the period under review, exports, however, showed pronounced growth. The most prominent rate of growth was recorded in 2019 when exports increased by X%. The level of export peaked at $X in 2022, and then dropped in the following year.

Exports by Country

Ecuador represented the key exporting country with an export of around X tons, which resulted at X% of total exports. Costa Rica (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Nicaragua (X%). Honduras (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to taro (cocoyam) exports from Ecuador stood at X%. At the same time, Costa Rica (X%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Nicaragua experienced a relatively flat trend pattern. By contrast, Honduras (X%) illustrated a downward trend over the same period. While the share of Costa Rica (X p.p.) and Ecuador (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Honduras (X p.p.) and Nicaragua (X p.p.) displayed negative dynamics.

In value terms, Ecuador ($X) remains the largest taro (cocoyam) supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Costa Rica ($X), with an X% share of total exports. It was followed by Nicaragua, with an X% share.

From 2012 to 2023, the average annual growth rate of value in Ecuador totaled X%. In the other countries, the average annual rates were as follows: Costa Rica (X% per year) and Nicaragua (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

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

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

Taro (Cocoyam) Imports

Imports in Latin America and the Caribbean

In 2023, taro (cocoyam) imports in Latin America and the Caribbean shrank modestly to X tons, declining by X% on the year before. In general, imports, however, showed prominent growth. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, (cocoyam) imports reached the peak figure at X tons in 2022, and then shrank in the following year.

In value terms, taro (cocoyam) imports fell to $X in 2023. Overall, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by X%. The level of import peaked at $X in 2022, and then shrank in the following year.

Imports by Country

The purchases of the four major importers of taro, namely Mexico, Costa Rica, Ecuador and Cayman Islands, represented more than two-thirds of total import. It was distantly followed by the Dominican Republic (X tons), committing a X% share of total imports. Aruba (X tons) followed a long way behind the leaders.

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

In value terms, Ecuador ($X), Mexico ($X) and Cayman Islands ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Among the main importing countries, Cayman Islands, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2023, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform