Panama: Market for Crispbread, Rusks and Toasted Bread 2024

Market Size for Crispbread, Rusks and Toasted Bread in Panama

The Panamanian market for crispbread, rusks and toasted bread expanded notably to $X in 2022, growing by 5.7% against the previous year. Overall, consumption showed prominent growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Crispbread, Rusks and Toasted Bread in Panama

In value terms, crispbread, rusk and toasted bread production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 74% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Crispbread, Rusks and Toasted Bread

Exports from Panama

In 2022, shipments abroad of crispbread, rusks and toasted bread was finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a deep slump. The growth pace was the most rapid in 2013 with an increase of 460% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crispbread, rusk and toasted bread exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 756% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Israel (X kg) was the main destination for crispbread, rusk and toasted bread exports from Panama, with a 89% share of total exports. Moreover, crispbread, rusk and toasted bread exports to Israel exceeded the volume sent to the second major destination, Costa Rica (X kg), ninefold. The third position in this ranking was held by Aruba (X kg), with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Israel totaled +40.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-11.3% per year) and Aruba (-20.6% per year).

In value terms, Costa Rica ($X), Israel ($X) and Aruba ($X) constituted the largest markets for crispbread, rusk and toasted bread exported from Panama worldwide, with a combined 92% share of total exports.

Among the main countries of destination, Israel, with a CAGR of +27.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for crispbread, rusks and toasted bread stood at $X per ton in 2022, with a decrease of -13.8% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crispbread, rusk and toasted bread export price increased by +5.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 53%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

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 Aruba ($X per ton), while the average price for exports to Israel ($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 Aruba (+31.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crispbread, Rusks and Toasted Bread

Imports into Panama

In 2022, overseas purchases of crispbread, rusks and toasted bread increased by 22% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 5,610% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, crispbread, rusk and toasted bread imports soared to $X in 2022. In general, imports posted significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 7,644%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

The United States (X tons), Guatemala (X tons) and Bulgaria (X tons) were the main suppliers of crispbread, rusk and toasted bread imports to Panama, together comprising 61% of total imports. Costa Rica, Italy, Ecuador and Mexico lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Costa Rica (with a CAGR of +199.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Bulgaria ($X) and Guatemala ($X) were the largest crispbread, rusk and toasted bread suppliers to Panama, together comprising 57% of total imports. Italy, Costa Rica, Ecuador and Mexico lagged somewhat behind, together comprising a further 34%.

Costa Rica, with a CAGR of +210.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for crispbread, rusks and toasted bread stood at $X per ton in 2022, picking up by 20% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the average import price increased by 36%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform