Panama: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in Panama

The Panamanian market for candies, sweets, and nonchocolate confectionery rose rapidly to $X in 2022, growing by 6.4% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Candies, Sweets, and Nonchocolate Confectionery in Panama

In value terms, candy, sweets, and nonchocolate confectionery production expanded significantly to $X in 2022 estimated in export price. In general, production, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 32%. Candy, sweets, and nonchocolate confectionery production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports from Panama

In 2022, shipments abroad of candies, sweets, and nonchocolate confectionery was finally on the rise to reach X tons after two years of decline. In general, exports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 139% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, candy, sweets, and nonchocolate confectionery exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a sharp descent. The pace of growth appeared the most rapid in 2016 when exports increased by 158%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Free Zones (X tons) was the main destination for candy, sweets, and nonchocolate confectionery exports from Panama, accounting for a 83% share of total exports. Moreover, candy, sweets, and nonchocolate confectionery exports to Free Zones exceeded the volume sent to the second major destination, Honduras (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Free Zones totaled +27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-3.2% per year) and the United States (-18.0% per year).

In value terms, Free Zones ($X) remains the key foreign market for candies, sweets, and nonchocolate confectionery exports from Panama, comprising 84% of total exports. The second position in the ranking was held by Honduras ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Free Zones amounted to +18.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-2.6% per year) and the United States (-26.9% per year).

Export Prices by Country

In 2022, the average export price for candies, sweets, and nonchocolate confectionery amounted to $X per ton, dropping by -10.4% against the previous year. Overall, the export price showed a abrupt decrease. The pace of growth was the most pronounced in 2013 when the average export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Free Zones ($X per ton), while the average price for exports to Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports into Panama

In 2022, purchases abroad of candies, sweets, and nonchocolate confectionery increased by 1.7% to X tons, rising for the second year in a row after two years of decline. Overall, imports posted strong growth. The pace of growth was the most pronounced in 2017 with an increase of 376% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, candy, sweets, and nonchocolate confectionery imports expanded markedly to $X in 2022. Over the period under review, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 272%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Colombia (X tons), Guatemala (X tons) and Mexico (X tons) were the main suppliers of candy, sweets, and nonchocolate confectionery imports to Panama, with a combined 59% share of total imports. Brazil, the United States, El Salvador, Free Zones, China, Costa Rica and Honduras lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +125.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Colombia ($X) and Mexico ($X) appeared to be the largest candy, sweets, and nonchocolate confectionery suppliers to Panama, with a combined 56% share of total imports. Guatemala, El Salvador, Free Zones, Brazil, China, Costa Rica and Honduras lagged somewhat behind, together comprising a further 35%.

Among the main suppliers, Free Zones, with a CAGR of +178.6%, saw the highest rates of growth with regard to 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

In 2022, the average import price for candies, sweets, and nonchocolate confectionery amounted to $X per ton, rising by 6.2% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 55% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+23.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform