Market Size of Taro Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10 Billion |
| Market Size (2029) | USD 11.80 Billion |
| CAGR (2024 - 2029) | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Taro Market Overview
The Taro Market size is estimated at USD 10 billion in 2024, and is expected to reach USD 11.80 billion by 2029, at a CAGR of 3.5% during the forecast period (2024-2029).
Taro (Colocasia esculenta) is a traditional crop with significant nutritional and pharmaceutical potential compared to other tuber crops. Various parts of the taro plant contain bioactive compounds including tarin, polysaccharides (TPS1 and TPS2), alkaloids, polyphenols, and saponins. These compounds have demonstrated anti-carcinogenic, anti-compulsive, anti-hyperglycemic, anti-hypertensive, anti-inflammatory, hepatoprotective, immunoprotective, and neuroprotective properties. Taro is rich in carbohydrates and serves as a viable alternative to wheat flour. It is known for producing reasonable yields in poor soil conditions with minimal or no farm inputs, making it a valuable crop for resource-limited farmers. As a result, taro is considered an important source of food security, which is anticipated to drive market growth during the coming years.
Taro possesses unique characteristics that position it as a promising crop for the future. These include small-sized starch granules, resistant starch type, and hypoallergenic properties. Poi, a traditional taro product, is known for its medicinal properties. Other processed taro products include flour, cookies, noodles, and achu. Due to its easy digestibility, taro is also a significant ingredient in baby food products. The documented traditional uses of taro in rural communities and the quantification of its bioactive compounds highlight its potential as a functional food and in pharmaceutical development.
Taro, the most widely cultivated species in the Araceae family, is primarily used as a vegetable. Major import markets include the United States, Australia, Japan, and New Zealand. According to FAOSTAT, global taro production reached 18.7 million metric tons in 2022. Africa dominated production, contributing 77.30% of the total output, followed by Asia at 18.60%, Oceania at 3.40%, and the Americas at 0.70%. Nigeria led global production with 8.2 million metric tons, followed by China (1.9 million metric tons), Cameroon (1.8 million metric tons), and Ghana (1.7 million metric tons). These four countries collectively accounted for over half of the world's taro production in 2022.
North America dominates global taro imports. In 2023, the United States imported 64,309 metric tons of taro, accounting for 44.8% of the world's total taro imports, according to ITC Trade Map estimates. The increasing demand from North American and Asia-Pacific countries is driving taro production, which is projected to fuel market growth during the forecast period.
Taro Industry Segmentation
Taro or Coco yam is a common name for the corms and tubers of several plants in the Araceae family. Of these, Colocasia esculenta (L.) Schott, commonly known as dasheen and eddo, is the most widely cultivated. For the purpose of the report, taro is defined as one of the edible aroids distributed throughout the world, particularly in tropical regions. The taro market is segmented by Geography (North America, Europe, Asia-Pacific, Middle-East, and Africa). The study includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis. The report offers the market size and forecast in both value (USD) and volume (metric tons).
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Taro Market Size Summary
The global taro market is experiencing steady growth, driven by its nutritional benefits and versatility in various applications. Taro, known for its high carbohydrate content, serves as an excellent substitute for wheat flour and is particularly valued for its ability to thrive in suboptimal soil conditions with minimal agricultural inputs. This makes it a crucial crop for resource-limited farmers, contributing significantly to food security. The increasing popularity of taro powder is expected to further propel market expansion. Taro is predominantly cultivated in countries like China, Ecuador, Costa Rica, Fiji, and Indonesia, with North America, particularly the United States, leading in imports. The demand from North America and Asia-Pacific regions is a significant factor boosting taro production, despite a slight decline in global production due to pandemic-related challenges.
Taro's diverse applications extend beyond culinary uses; its starch is utilized in cosmetics and pharmaceuticals, and it holds potential as a biodegradable alternative to conventional plastics. The tuber's smaller starch molecules make it suitable for infant weaning diets and low glycemic index foods, appealing to diabetic consumers. The high nutritional value of taro is driving its increased cultivation to meet global demand. North America remains the largest market, with the United States being the top importer, sourcing taro primarily from Ecuador, Mexico, and Costa Rica. The market's growth is further supported by innovative product launches, such as BobaBam's new Milk Tea and Taro flavors, which highlight the crop's expanding culinary appeal. Additionally, there is potential for taro to penetrate new markets in Europe and the United States, offering a substitute for other vegetables like spinach, thereby enhancing its market presence during the forecast period.
Taro Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Trend of Vegan Diets
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1.2.2 Growing Ethnic Food Demand
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1.2.3 Culinary Versatility of Taro
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1.3 Market Restraints
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1.3.1 Supply Chain Disruptions
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1.3.2 Seasonal Variability
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.1.1 Production Analysis
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2.1.1.1.2 Consumption Analysis and Market Value
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2.1.1.1.3 Import Market Analysis (Volume and Value)
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2.1.1.1.4 Export Market Analysis (Volume and Value)
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2.1.1.1.5 Price Trend Analysis
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2.1.1.2 Canada
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2.1.1.2.1 Production Analysis
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2.1.1.2.2 Consumption Analysis and Market Value
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2.1.1.2.3 Import Market Analysis (Volume and Value)
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2.1.1.2.4 Export Market Analysis (Volume and Value)
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2.1.1.2.5 Price Trend Analysis
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2.1.2 Europe
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2.1.2.1 France
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2.1.2.1.1 Production Analysis
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2.1.2.1.2 Consumption Analysis and Market Value
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2.1.2.1.3 Import Market Analysis (Volume and Value)
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2.1.2.1.4 Export Market Analysis (Volume and Value)
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2.1.2.1.5 Price Trend Analysis
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2.1.2.2 Germany
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2.1.2.2.1 Production Analysis
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2.1.2.2.2 Consumption Analysis and Market Value
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2.1.2.2.3 Import Market Analysis (Volume and Value)
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2.1.2.2.4 Export Market Analysis (Volume and Value)
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2.1.2.2.5 Price Trend Analysis
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2.1.2.3 Poland
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2.1.2.3.1 Production Analysis
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2.1.2.3.2 Consumption Analysis and Market Value
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2.1.2.3.3 Import Market Analysis (Volume and Value)
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2.1.2.3.4 Export Market Analysis (Volume and Value)
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2.1.2.3.5 Price Trend Analysis
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2.1.2.4 Russia
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2.1.2.4.1 Production Analysis
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2.1.2.4.2 Consumption Analysis and Market Value
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2.1.2.4.3 Import Market Analysis (Volume and Value)
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2.1.2.4.4 Export Market Analysis (Volume and Value)
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2.1.2.4.5 Price Trend Analysis
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2.1.2.5 Chile
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2.1.2.5.1 Production Analysis
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2.1.2.5.2 Consumption Analysis and Market Value
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2.1.2.5.3 Import Market Analysis (Volume and Value)
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2.1.2.5.4 Export Market Analysis (Volume and Value)
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2.1.2.5.5 Price Trend Analysis
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.1.1 Production Analysis
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2.1.3.1.2 Consumption Analysis and Market Value
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2.1.3.1.3 Import Market Analysis (Volume and Value)
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2.1.3.1.4 Export Market Analysis (Volume and Value)
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2.1.3.1.5 Price Trend Analysis
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2.1.3.2 Japan
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2.1.3.2.1 Production Analysis
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2.1.3.2.2 Consumption Analysis and Market Value
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2.1.3.2.3 Import Market Analysis (Volume and Value)
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2.1.3.2.4 Export Market Analysis (Volume and Value)
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2.1.3.2.5 Price Trend Analysis
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2.1.3.3 Malaysia
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2.1.3.3.1 Production Analysis
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2.1.3.3.2 Consumption Analysis and Market Value
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2.1.3.3.3 Import Market Analysis (Volume and Value)
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2.1.3.3.4 Export Market Analysis (Volume and Value)
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2.1.3.3.5 Price Trend Analysis
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2.1.3.4 Australia
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2.1.3.4.1 Production Analysis
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2.1.3.4.2 Consumption Analysis and Market Value
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2.1.3.4.3 Import Market Analysis (Volume and Value)
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2.1.3.4.4 Export Market Analysis (Volume and Value)
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2.1.3.4.5 Price Trend Analysis
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2.1.3.5 India
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2.1.3.5.1 Production Analysis
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2.1.3.5.2 Consumption Analysis and Market Value
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2.1.3.5.3 Import Market Analysis (Volume and Value)
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2.1.3.5.4 Export Market Analysis (Volume and Value)
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2.1.3.5.5 Price Trend Analysis
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.1.1 Production Analysis
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2.1.4.1.2 Consumption Analysis and Market Value
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2.1.4.1.3 Import Market Analysis (Volume and Value)
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2.1.4.1.4 Export Market Analysis (Volume and Value)
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2.1.4.1.5 Price Trend Analysis
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2.1.4.2 Argentina
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2.1.4.2.1 Production Analysis
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2.1.4.2.2 Consumption Analysis and Market Value
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2.1.4.2.3 Import Market Analysis (Volume and Value)
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2.1.4.2.4 Export Market Analysis (Volume and Value)
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2.1.4.2.5 Price Trend Analysis
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2.1.5 Middle East And Africa
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2.1.5.1 Turkey
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2.1.5.1.1 Production Analysis
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2.1.5.1.2 Consumption Analysis and Market Value
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2.1.5.1.3 Import Market Analysis (Volume and Value)
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2.1.5.1.4 Export Market Analysis (Volume and Value)
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2.1.5.1.5 Price Trend Analysis
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2.1.5.2 South Africa
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2.1.5.2.1 Production Analysis
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2.1.5.2.2 Consumption Analysis and Market Value
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2.1.5.2.3 Import Market Analysis (Volume and Value)
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2.1.5.2.4 Export Market Analysis (Volume and Value)
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2.1.5.2.5 Price Trend Analysis
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Taro Market Size FAQs
How big is the Taro Market?
The Taro Market size is expected to reach USD 10 billion in 2024 and grow at a CAGR of 3.5% to reach USD 11.80 billion by 2029.
What is the current Taro Market size?
In 2024, the Taro Market size is expected to reach USD 10 billion.
