Panama: Cocoa Bean Market 2025

Cocoa Bean Market Size in Panama

In 2022, the Panamanian cocoa bean market decreased by -11.6% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption continues to indicate a pronounced reduction. Cocoa bean consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Cocoa Bean Production in Panama

In value terms, cocoa bean production reached $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 75%. Cocoa bean production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

The average yield of cocoa beans in Panama reached X kg per ha in 2022, remaining stable against the previous year. Overall, the yield, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2019 when the yield increased by 3.9% against the previous year. Over the period under review, the average cocoa bean yield attained the maximum level at X kg per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cocoa beans were harvested in Panama; standing approx. at 2021. Over the period under review, the total harvested area indicated a moderate expansion from 2012 to 2022: its figure increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean harvested area increased by +71.3% against 2018 indices. The pace of growth appeared the most rapid in 2019 with an increase of 70%. The cocoa bean harvested area peaked at X ha in 2021, and then contracted in the following year.

Cocoa Bean Exports

Exports from Panama

In 2022, the amount of cocoa beans exported from Panama fell rapidly to X tons, shrinking by -25.8% against 2021 figures. Over the period under review, exports, however, saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 2,668% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa bean exports contracted markedly to $X in 2022. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 4,028%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons), the Netherlands (X tons) and Belgium (X tons) were the main destinations of cocoa bean exports from Panama, together comprising 84% of total exports. Argentina, South Africa, France, the United States and Japan lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +187.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa bean exported from Panama were Germany ($X), the Netherlands ($X) and Belgium ($X), with a combined 84% share of total exports. Argentina, South Africa, France, Japan and the United States lagged somewhat behind, together accounting for a further 16%.

France, with a CAGR of +171.5%, 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 cocoa bean export price stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the export price recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2013 an increase of 49%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 Japan ($X per ton), while the average price for exports to Belgium ($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 Japan (+26.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Panama

In 2022, supplies from abroad of cocoa beans decreased by -59.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 145%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cocoa bean imports declined sharply to $X in 2022. Over the period under review, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 250% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Costa Rica (X tons) constituted the largest cocoa bean supplier to Panama, with a 71% share of total imports. Moreover, cocoa bean imports from Costa Rica exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Costa Rica totaled +51.0%.

In value terms, Costa Rica ($X) constituted the largest supplier of cocoa beans to Panama, comprising 79% of total imports. The second position in the ranking was taken by Ecuador ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Costa Rica totaled +50.8%.

Import Prices by Country

In 2022, the average cocoa bean import price amounted to $X per ton, increasing by 6.1% against the previous year. In general, the import price, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2013 when the average import price increased by 43% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Costa Rica ($X per ton), while the price for Ecuador stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (-0.1%).

Source: IndexBox Platform