Panama: Confectionery Market 2024

Confectionery Market Size in Panama

In 2022, the Panamanian confectionery market increased by X% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Confectionery Production in Panama

In value terms, confectionery production expanded to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Confectionery Exports

Exports from Panama

In 2022, after five years of decline, there was significant growth in overseas shipments of confectionery, when their volume increased by X% to X tons. Overall, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, confectionery exports declined notably to $X in 2022. Over the period under review, exports, however, continue to indicate a dramatic contraction. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Free Zones (X tons) was the main destination for confectionery exports from Panama, accounting for a X% share of total exports. Moreover, confectionery exports to Free Zones exceeded the volume sent to the second major destination, the United States (X tons), eightfold. Honduras (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Free Zones stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Honduras (X% per year).

In value terms, Free Zones ($X) emerged as the key foreign market for confectionery exports from Panama, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Cuba, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Free Zones amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Cuba (X% per year).

Export Prices by Country

The average confectionery export price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Uruguay ($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 Venezuela (X%), while the prices for the other major destinations experienced mixed trend patterns.

Confectionery Imports

Imports into Panama

In 2022, confectionery imports into Panama reduced modestly to X tons, declining by X% on the year before. In general, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, confectionery imports fell slightly to $X in 2022. Over the period under review, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), Colombia (X tons) and Mexico (X tons) were the main suppliers of confectionery imports to Panama, together accounting for X% of total imports. Guatemala, Brazil, Free Zones, Costa Rica, Turkey, El Salvador, China and Belgium lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Free Zones (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

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

Import Prices by Country

The average confectionery import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, continues to indicate a mild reduction. The growth pace was the most rapid in 2016 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform