Panama: Cheese And Curd Market 2024

Cheese And Curd Market Size in Panama

The Panamanian cheese and curd market was estimated at $X in 2022, growing by 6.7% against the previous year. Over the period under review, consumption, however, posted a prominent increase. Cheese and curd consumption peaked in 2022 and is likely to continue growth in years to come.

Cheese And Curd Production in Panama

In value terms, cheese and curd production rose to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 13% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cheese And Curd Exports

Exports from Panama

Cheese and curd exports from Panama dropped sharply to X tons in 2022, shrinking by -77.1% on the year before. In general, exports showed a precipitous setback. The pace of growth appeared the most rapid in 2020 with an increase of 11% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, cheese and curd exports declined markedly to $X in 2022. Overall, exports continue to indicate a sharp reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 21%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X tons) was the main destination for cheese and curd exports from Panama, with a 85% share of total exports. Moreover, cheese and curd exports to Guatemala exceeded the volume sent to the second major destination, El Salvador (X tons), ninefold. The third position in this ranking was taken by the United States (X tons), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (-3.7% per year) and the United States (+22.4% per year).

In value terms, Guatemala ($X) emerged as the key foreign market for cheese and curd exports from Panama, comprising 85% of total exports. The second position in the ranking was taken by El Salvador ($X), with a 10% share of total exports. It was followed by the United States, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Guatemala amounted to +16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+0.3% per year) and the United States (+30.7% per year).

Export Prices by Country

In 2022, the average cheese and curd export price amounted to $X per ton, surging by 7.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2020 when the average export price increased by 9.4%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Venezuela ($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 the United States (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese And Curd Imports

Imports into Panama

In 2022, the amount of cheese and curd imported into Panama shrank to X tons, falling by -5.3% against the previous year's figure. In general, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 51,808%. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, cheese and curd imports reached $X in 2022. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 33,160%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of cheese and curd to Panama, with a 81% share of total imports. Moreover, cheese and curd imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), more than tenfold. The third position in this ranking was taken by the Netherlands (X tons), with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +122.0%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+118.6% per year) and the Netherlands (+134.1% per year).

In value terms, the United States ($X) constituted the largest supplier of cheese and curd to Panama, comprising 79% of total imports. The second position in the ranking was held by New Zealand ($X), with a 3.8% share of total imports. It was followed by the Netherlands, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +134.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+131.9% per year) and the Netherlands (+134.9% per year).

Import Prices by Country

The average cheese and curd import price stood at $X per ton in 2022, picking up by 20% against the previous year. Overall, the import price saw a strong increase. The pace of growth appeared the most rapid in 2013 an increase of 132%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Denmark ($X per ton) and the Netherlands ($X per ton), while the price for Argentina ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+26.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform