Panama: Modified Starches Market 2024

Modified Starches Market Size in Panama

The Panamanian modified starches market rose sharply to $X in 2022, picking up by 5.8% against the previous year. In general, consumption, however, recorded a pronounced decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in Panama

In value terms, modified starches production rose to $X in 2022 estimated in export price. In general, production, however, continues to indicate a perceptible downturn. The growth pace was the most rapid in 2016 with an increase of 37% against the previous year. Modified starches production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Modified Starches Exports

Exports from Panama

In 2022, overseas shipments of dextrins and other modified starches were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 255%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, modified starches exports amounted to $X in 2022. In general, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2016 with an increase of 194% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for modified starches exports from Panama, with a 82% share of total exports. Moreover, modified starches exports to the United States exceeded the volume sent to the second major destination, France (X kg), ninefold. Guatemala (X kg) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +21.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-20.7% per year) and Guatemala (+0.1% per year).

In value terms, the United States ($X) remains the key foreign market for dextrins and other modified starches exports from Panama, comprising 62% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 7.9% share of total exports. It was followed by France, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+1.8% per year) and France (-22.2% per year).

Export Prices by Country

In 2022, the average modified starches export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The growth pace was the most rapid in 2016 an increase of 18% 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.

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 Guatemala ($X per ton), while the average price for exports to Brazil ($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 Guatemala (+1.7%), while the prices for the other major destinations experienced a decline.

Modified Starches Imports

Imports into Panama

In 2022, overseas purchases of dextrins and other modified starches increased by 42% to X tons, rising for the second consecutive year after two years of decline. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,975%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, modified starches imports skyrocketed to $X in 2022. In general, imports showed a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 1,108% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of modified starches to Panama, accounting for a 65% share of total imports. Moreover, modified starches imports from Brazil exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by Mexico (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil amounted to +173.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+52.1% per year) and Mexico (+26.2% per year).

In value terms, the largest modified starches suppliers to Panama were Brazil ($X), the Netherlands ($X) and Mexico ($X), with a combined 78% share of total imports.

In terms of the main suppliers, Brazil, with a CAGR of +125.5%, recorded the highest growth rate of 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 modified starches import price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price, however, posted a mild expansion. The most prominent rate of growth was recorded in 2015 an increase of 64% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained 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 Denmark (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform