The global yams market is projected to register a CAGR of 3.5% during the forecast period 2020-2025. According to the Food and Agricultural Organization, in 2018, global yam production accounted for 72580.851 thousand tonnes. Yams are starchy staples in the form of large tubers produced by annual and perennial vines grown in Africa, the United States, the Caribbean, South Pacific, and Asia. White Guinea yam, D. rotundata, is the most critical species in western and Central Africa. Water yam, D. alata, the second most cultivated species, originated from Asia and is the most widely distributed species in the world. Consumers' demand for yam is generally very high globally, and yam cultivation is profitable despite high production costs. Yam processors are reluctant to invest in new processing capacity without a steady supply of high-quality tubers.
Key Market Trends
Production Analysis of Yam
According to the Food and Agricultural Organization, worldwide yam production accounted for 72580 tonnes, and countries like Nigeria and Ghana of the African region holds a significant share in the production as the yam cultivation started 11,000 years ago and is one of the primary commodity in the region. Benin, Cameroon, Central African Republic, Côte d'Ivoire, Chad, Ethiopia, are some of the major producers of yam in the world. According to the International Institute of Tropical Agriculture, Most of the world’s production comes from West Africa, representing 94%, with Nigeria alone producing 71%. Yams are grown by planting pieces of tuber, or small whole tubers (‘seed yams’) saved from the previous season. Small-scale farmers, the majority of producers, often intercrop yams with cereals and vegetables. Due to declining soil fertility, increasing pest pressures, and the high cost of labor, the yam production is declining in some of the traditional producing regions.
Export Analysis of Yam Market
According to the UN Comtrade in the year 2019, the United States, Jamaica, India, Japan, Belgium were the major exporters of yam globally, accounting for 50593.4 tonnes valuing at USD 81,32,12,44 million. Yam tubers consist of about 21% dietary fiber and are rich in carbohydrates, vitamin C, and essential minerals. Most of the African yam produced is consumed domestically, accounting for 15 million tons out of 18 million tons of worldwide consumption. China accounts for a major share of 17.0% export of yam, followed by Mexico (10.8%) and the United States (6.6%). According to the Ghana Export Promotion Authority, the United States is the main export destination for yams from Ghana, closely followed by the United Kingdom. Together, these markets comprise 75% of the total Ghanaian export value, which is 17,274,565 MT in 2018. The increased demand for yam across the globe is expected to increase the export opportunity henceforth.
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