Panama: Cocoa Powder Market 2024

Cocoa Powder Market Size in Panama

The Panamanian cocoa powder market reduced to $X in 2022, shrinking by -3.5% against the previous year. Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +18.0% against 2020 indices. Cocoa powder consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Panama

In value terms, cocoa powder production fell to $X in 2022 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 51%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Cocoa Powder Exports

Exports from Panama

In 2022, the amount of cocoa powder (not sweetened) exported from Panama declined sharply to X tons, reducing by -89.1% against the year before. Overall, exports showed a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 923%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa powder exports reduced sharply to $X in 2022. In general, exports saw a dramatic curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 706%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Uruguay (X tons) was the main destination for cocoa powder exports from Panama, with a 97% share of total exports. It was followed by Spain (X kg), with a 2.5% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Uruguay amounted to -20.1%.

In value terms, Uruguay ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Panama, comprising 98% of total exports. The second position in the ranking was taken by Spain ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Uruguay stood at -22.5%.

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the export price, however, faced a abrupt decrease. The pace of growth appeared the most rapid in 2020 an increase of 27% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while the average price for exports to Spain totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uruguay (-3.0%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Panama

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Panama; with an increase of 12% against the previous year's figure. Overall, imports enjoyed significant growth. The growth pace was the most rapid in 2017 with an increase of 3,452% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, cocoa powder imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 6,836%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Colombia (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of cocoa powder imports to Panama, with a combined 71% share of total imports. Peru, Spain, Free Zones and Ecuador lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +300.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Panama were the United States ($X), the Netherlands ($X) and Colombia ($X), together accounting for 69% of total imports. Peru, Spain, Free Zones and Ecuador lagged somewhat behind, together comprising a further 27%.

Among the main suppliers, Free Zones, with a CAGR of +297.5%, 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 powder import price amounted to $X per ton, rising by 5.1% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa powder import price increased by +11.6% against 2017 indices. The growth pace was the most rapid in 2017 an increase of 95%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform