Western Africa: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Western Africa

In 2023, after two years of growth, there was decline in the West African taro (cocoyam) market, when its value decreased by X% to $X.4B. In general, consumption, however, continues to indicate prominent growth. The level of consumption peaked at $X.1B in 2022, and then dropped in the following year.

Taro (Cocoyam) Production in Western Africa

In value terms, taro (cocoyam) production fell modestly to $X.9B in 2023 estimated in export price. Overall, production, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, (cocoyam) production reached the maximum level at $X.1B in 2022, and then fell in the following year.

Nigeria (X tons) remains the largest taro (cocoyam) producing country in Western Africa, accounting for X% of total volume. Moreover, taro (cocoyam) production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), fivefold.

In Nigeria, taro (cocoyam) production increased at an average annual rate of X% over the period from 2012-2023.

The average taro (cocoyam) yield rose modestly to X tons per ha in 2023, picking up by X% against 2022. The yield figure increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the yield attained 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 Western Africa; reducing by X% compared with the year before. 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 was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to taro (cocoyam) production attained the peak figure at X ha in 2022, and then shrank slightly in the following year.

Taro (Cocoyam) Exports

Exports in Western Africa

In 2023, shipments abroad of taro increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, the (cocoyam) exports hit record highs in 2023 and are likely to continue growth in the immediate term.

In value terms, taro (cocoyam) exports shrank to $X in 2023. In general, exports posted a prominent expansion. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

In 2023, Ghana (X tons) was the major exporter of taro, mixing up X% of total exports. It was distantly followed by Cote d'Ivoire (X kg) and Nigeria (X kg), together generating a X% share of total exports.

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. While the share of Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Nigeria (X p.p.) and Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, the largest taro (cocoyam) supplying countries in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined X% share of total exports.

Among the main exporting countries, Ghana, 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

The export price in Western Africa stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded 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 failed to regain momentum.

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 Western Africa

Taro (cocoyam) imports rose remarkably to X tons in 2023, growing by X% on the previous year. In general, imports showed strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 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 expanded slightly to $X in 2023. Over the period under review, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, (cocoyam) imports hit record highs in 2023 and are likely to see gradual growth in the near future.

Imports by Country

In 2023, Ghana (X tons) was the largest importer of taro, comprising X% of total imports. It was distantly followed by Cabo Verde (X kg), achieving a X% share of total imports. Guinea (X kg) and Liberia (X kg) followed a long way behind the leaders.

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. While the share of Ghana (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Liberia (X p.p.), Guinea (X p.p.) and Cabo Verde (X p.p.) displayed negative dynamics.

In value terms, the largest taro (cocoyam) importing markets in Western Africa were Ghana ($X), Cabo Verde ($X) and Guinea ($X), with a combined X% share of total imports.

In terms of the main importing countries, Ghana, with a CAGR of X%, saw 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 Western Africa stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the import price saw a pronounced decline. The most prominent rate of growth was recorded in 2020 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 2021 to 2023, the import prices remained at a somewhat lower figure.

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