Versatility and Growth: The Global Taro Market's 3.5% CAGR Journey Driven by Nutritional and Industrial Applications

DUBLIN, Aug. 22, 2023 /PRNewswire/ -- The "Taro Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.

The global Taro Market is poised to achieve substantial growth, projecting a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period. The market is witnessing notable trends that underscore its potential expansion.

Tapping into Taro's Versatility

Taro, recognized for its carbohydrate content and low glycemic index properties, is finding diverse applications. From infant weaning diets to diabetic-friendly foods, its starch-rich tuber presents opportunities in cosmetics, pharmaceuticals, and even as an eco-friendly plastic substitute. With good-quality protein, phosphorus, potassium, calcium, and iron, both corms and leaves are valuable nutritional sources.

Remarkably, taro's starch holds the potential to tackle plastic pollution, as it can be transformed into biodegradable plastic. The burgeoning global demand for taro is attributed to its nutritional value and industrial potential, prompting increased cultivation by farmers worldwide.

A Shift in Production Landscape

FAOSTAT data reveals that despite a minor decline caused by the pandemic, global taro production reached 12.3 million tons. Key players in production included China, Ecuador, Costa Rica, Fiji, and Indonesia, with China taking the lead at 1.9 million metric tons. This thriving production will particularly boost the taro market in the Asia region during the forecast period.

North America's Commanding Influence

With its substantial consumer demand, North America emerges as the dominant market for Taro. The versatile root finds its way into various dishes, notably as chips, offering a healthier option compared to traditional corn or potato chips.

ITC Trade data highlights a surge in global import value, reaching USD 181,258 thousand in 2021, marking a 21% increase from the previous year. The United States and Canada stand as key importers, with the former leading North America's Taro imports.

In 2021, the United States imported Taro worth USD 64,674 thousand, representing 35.9% of global imports. Ecuador, Mexico, and Costa Rica are primary exporting nations to the United States, with substantial trade volumes. Ecuador exported USD 35,309 thousand worth of Taro, followed by Mexico with USD 9,021 thousand and Costa Rica with USD 7,336 thousand.

Furthermore, cocoyam's high nutritional value presents opportunities for new markets, potentially substituting other vegetables like spinach. This trend is anticipated to drive market growth across Europe and the United States.

As the global Taro Market takes center stage, these trends and dynamics are poised to shape its growth trajectory in the foreseeable future.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis

5 MARKET SEGMENTATION

6 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/j42rzn

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