Report Update Nov 1, 2024

Panama - Cloves - Market Analysis, Forecast, Size, Trends and Insights

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Panama: Clove Market 2024

Clove Market Size in Panama

For the third consecutive year, the Panamanian clove market recorded growth in sales value, which increased by 5.9% to $X in 2022. Overall, consumption enjoyed resilient growth. Clove consumption peaked in 2022 and is expected to retain growth in years to come.

Clove Production in Panama

In value terms, clove production totaled $X in 2022 estimated in export price. Overall, production saw a dramatic decrease. The most prominent rate of growth was recorded in 2016 when the production volume increased by 10,026,400%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

The average yield of cloves in Panama totaled less than X kg per ha in 2022, remaining stable against the previous year's figure. In general, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cloves production in Panama was estimated at less than X ha, standing approx. at the previous year's figure. Overall, the harvested area saw a relatively flat trend pattern.

Clove Exports

Exports from Panama

In 2020, shipments abroad of cloves increased by 152% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports posted a remarkable increase. The pace of growth was the most pronounced in 2016 when exports increased by 1,231% against the previous year. Over the period under review, the exports attained the peak figure in 2020 and are likely to continue growth in years to come.

In value terms, clove exports surged to $X in 2020. Overall, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 896% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2020, the exports remained at a lower figure.

Exports by Country

Guyana (X tons) was the main destination for clove exports from Panama, with a approx. 100% share of total exports.

From 2012 to 2020, the average annual growth rate of volume to Guyana totaled +248.9%.

In value terms, Guyana ($X) also remains the key foreign market for cloves exports from Panama.

From 2012 to 2020, the average annual growth rate of value to Guyana amounted to +167.4%.

Export Prices by Country

The average clove export price stood at $X per ton in 2020, dropping by -23.4% against the previous year. Over the period under review, the export price continues to indicate a deep downturn. The growth pace was the most rapid in 2017 a decrease of -4% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2020, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Guyana.

From 2012 to 2020, the rate of growth in terms of prices for Costa Rica amounted to +1.3% per year.

Clove Imports

Imports into Panama

For the third consecutive year, Panama recorded growth in supplies from abroad of cloves, which increased by 8.2% to X tons in 2022. Over the period under review, imports posted a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 12,462%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, clove imports expanded modestly to $X in 2022. Overall, imports showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 16,132% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

China (X tons), Madagascar (X tons) and Sri Lanka (X tons) were the main suppliers of clove imports to Panama, together accounting for 91% of total imports. Spain, the United States and Indonesia lagged somewhat behind, together accounting for a further 7.8%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +124.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest clove suppliers to Panama were Madagascar ($X), China ($X) and Sri Lanka ($X), with a combined 89% share of total imports. Spain, the United States and Indonesia lagged somewhat behind, together comprising a further 9.5%.

In terms of the main suppliers, Spain, with a CAGR of +143.4%, saw the highest growth rate of 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 clove import price amounted to $X per ton, which is down by -3.5% against the previous year. In general, the import price recorded a pronounced setback. The pace of growth appeared the most rapid in 2015 an increase of 48% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

This report provides an in-depth analysis of the clove market in Panama. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 698 - Cloves

Country coverage:

Panama

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Panama
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023