Panama: Dairy Machinery Market 2024

Dairy Machinery Market Size in Panama

The Panamanian dairy machinery market soared to $X in 2022, rising by 22% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Dairy machinery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Dairy Machinery Production in Panama

In value terms, dairy machinery production expanded remarkably to $X in 2022 estimated in export price. Overall, production recorded a tangible increase. The pace of growth appeared the most rapid in 2018 with an increase of 1,504%. Dairy machinery production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Dairy Machinery Exports

Exports from Panama

In 2022, approx. X units of dairy machinery were exported from Panama; which is down by -14.3% on 2021 figures. Overall, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 227%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, dairy machinery exports dropped to $X in 2022. In general, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 266%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Guatemala (X units), Jamaica (X units) and Honduras (X units) were the main destinations of dairy machinery exports from Panama, together accounting for 50% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Jamaica ($X), Venezuela ($X) and Honduras ($X) appeared to be the largest markets for dairy machinery exported from Panama worldwide, together accounting for 91% of total exports.

Jamaica, with a CAGR of +17.4%, 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 a decline.

Export Prices by Country

The average dairy machinery export price stood at $X per unit in 2022, with an increase of 2.3% against the previous year. In general, the export price, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 an increase of 161%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a 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 Jamaica ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+81.3%), while the prices for the other major destinations experienced mixed trend patterns.

Dairy Machinery Imports

Imports into Panama

In 2022, the amount of dairy machinery imported into Panama soared to X units, jumping by 227% compared with 2021 figures. Over the period under review, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 2,746%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, dairy machinery imports skyrocketed to $X in 2022. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 7,673% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X units) constituted the largest supplier of dairy machinery to Panama, with a 82% share of total imports. Moreover, dairy machinery imports from Free Zones exceeded the figures recorded by the second-largest supplier, Italy (X units), tenfold. Turkey (X units) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from Free Zones stood at +66.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+23.1% per year) and Turkey (+19.6% per year).

In value terms, Italy ($X), Free Zones ($X) and the United States ($X) appeared to be the largest dairy machinery suppliers to Panama, together accounting for 86% of total imports.

Free Zones, with a CAGR of +144.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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 dairy machinery import price amounted to $X per unit, declining by -51.9% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The growth pace was the most rapid in 2017 when the average import price increased by 173%. Over the period under review, average import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+46.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform