Panama: Cocoa Butter Market 2024

Cocoa Butter Market Size in Panama

The Panamanian cocoa butter market skyrocketed to $X in 2022, surging by 30% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Cocoa Butter Production in Panama

In value terms, cocoa butter production expanded to $X in 2022 estimated in export price. Overall, production posted a perceptible increase. The pace of growth appeared the most rapid in 2019 with an increase of 64%. Cocoa butter production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports from Panama

In 2022, the amount of cocoa butter exported from Panama fell notably to X tons, dropping by -54.1% on the year before. In general, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 373%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa butter exports contracted rapidly to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 333%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for cocoa butter exports from Panama, with a 75% share of total exports. Moreover, cocoa butter exports to the United States exceeded the volume sent to the second major destination, Uruguay (X tons), threefold.

From 2013 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uruguay (+113.9% per year) and Spain (+7.5% per year).

In value terms, the United States ($X) remains the key foreign market for cocoa butter exports from Panama, comprising 79% of total exports. The second position in the ranking was taken by Uruguay ($X), with a 21% share of total exports.

From 2013 to 2022, the average annual growth rate of value to the United States amounted to -17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uruguay (+115.5% per year) and Spain (-0.4% per year).

Export Prices by Country

In 2022, the average cocoa butter export price amounted to $X per ton, surging by 26% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Butter Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in purchases abroad of cocoa butter, when their volume increased by 30% to X tons. In general, imports, however, continue to indicate a perceptible setback. The pace of growth appeared the most rapid in 2017 when imports increased by 1,955%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, cocoa butter imports skyrocketed to $X in 2022. Over the period under review, imports saw prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 3,018% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Colombia (X tons), Belgium (X kg) and Italy (X kg) were the main suppliers of cocoa butter imports to Panama, together comprising 99.9% of total imports.

From 2014 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +8.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa butter suppliers to Panama were Colombia ($X), Belgium ($X) and Italy ($X).

Among the main suppliers, Colombia, with a CAGR of +25.1%, recorded 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 cocoa butter import price amounted to $X per ton, surging by 18% against the previous year. In general, the import price posted prominent growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 52% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+14.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform