Panama: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Panama

The Panamanian chocolate and confectionery market totaled $X in 2022, stabilizing at the previous year. Overall, consumption saw a mild increase. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Chocolate And Confectionery Production in Panama

In value terms, chocolate and confectionery production expanded to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 11%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports from Panama

In 2022, shipments abroad of chocolate and confectionery decreased by -24.3% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports faced a abrupt setback. The pace of growth was the most pronounced in 2013 when exports increased by 91%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, chocolate and confectionery exports contracted remarkably to $X in 2022. Overall, exports showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 59%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Free Zones (X tons) was the main destination for chocolate and confectionery exports from Panama, accounting for a 53% share of total exports. Moreover, chocolate and confectionery exports to Free Zones exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was taken by Uruguay (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Free Zones totaled +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-30.1% per year) and Uruguay (+23.1% per year).

In value terms, the largest markets for chocolate and confectionery exported from Panama were Free Zones ($X), the United States ($X) and Cuba ($X), with a combined 80% share of total exports. Spain, Uruguay and Germany lagged somewhat behind, together comprising a further 20%.

Spain, with a CAGR of +42.9%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate and confectionery export price stood at $X per ton in 2022, declining by -43.5% against the previous year. Over the period under review, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2014 an increase of 20% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per ton), while the average price for exports to Uruguay ($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 Free Zones (+1.9%), while the prices for the other major destinations experienced a decline.

Chocolate And Confectionery Imports

Imports into Panama

In 2022, chocolate and confectionery imports into Panama reduced to X tons, declining by -11.1% on the previous year. In general, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 283%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chocolate and confectionery imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 200%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of chocolate and confectionery to Panama, accounting for a 37% share of total imports. Moreover, chocolate and confectionery imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X tons), twofold. Mexico (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+34.2% per year) and Mexico (+46.3% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and confectionery to Panama, comprising 50% of total imports. The second position in the ranking was taken by Mexico ($X), with a 9.7% share of total imports. It was followed by Colombia, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+52.7% per year) and Colombia (+32.6% per year).

Import Prices by Country

In 2022, the average chocolate and confectionery import price amounted to $X per ton, increasing by 6.7% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 10%. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform