The taro market is projected to register a CAGR of 3.5% during the forecast period. Taro is the most widely cultivated species in the family Araceae which is used as a vegetable. Countries such as United States, Vietnam, Japan, and New Zealand are the key import market. Major producing countries are China,Papua New Guinea, Nigeria, Ghana, and Cameroon.. Globally, North America is dominating the taro imports, for instance in 2019, the United States imported 38.9% of the total taro imports. Rising demand from North America and Asia-Pacific countries is driving the taro production. In 2017, taro production was 10,529,092 tons which are increased to 10,639,850 tons in 2018.
Key Market Trends
Strong Growth in the Taro Production
Taro has a higher nutritive value than most other root and tuber crops. Both corms and leaves contain good-quality protein and are good sources of phosphorus, potassium, calcium, and readily available iron. Due to its nutritional benefit, the demand of the taro is increasing across the globe. To satisfy the rising demand, farmers are increasing the area cultivated under taro. From 2011-2018, global taro production increased by 11.8%. In 2018, global production was 10,639.8 metric ton. During the same year, nearly 86.3% of the global production dominated by major producing countries such as China,Papua New Guinea, Nigeria, Ghana, and Cameroon.
North America is Dominates the Global Imports
In 2019, Global import value was valued at USD 179,309 thousand which was increased by 17% as compared to 2018. In 2019, Countries such as the United States and Canada were among the major importing countries. In 2019, the United States imported taros of worth USD 69,670 thousand depicting 38.9% of the global imports. Ecuador, Mexico, Costa Rica are the major exporting countries to the United States. In 2019, Ecuador exported USD 36,824 thousand worth taros to the United States, Mexico exported USD 9,965 worth taros and the exports from Costa Rica were valued at USD 5,854 thousand. Moreover, the high nutritional value of cocoyam could be explored in new markets in Europe and the United States of America, to substitute for other vegetables such as spinach, with such convenient products
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