Panama: Powdered Milk Market 2024

Powdered Milk Market Size in Panama

For the fourth consecutive year, the Panamanian powdered milk market recorded growth in sales value, which increased by 18% to $X in 2022. Overall, consumption, however, posted significant growth. Powdered milk consumption peaked in 2022 and is likely to continue growth in years to come.

Powdered Milk Production in Panama

In value terms, powdered milk production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 42% against the previous year. Powdered milk production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Powdered Milk Exports

Exports from Panama

In 2022, after three years of growth, there was significant decline in shipments abroad of powdered milk, when their volume decreased by -71.3% to X tons. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 380% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, powdered milk exports shrank dramatically to $X in 2022. Overall, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 471% against the previous year. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Guyana (X tons), Bolivia (X tons) and Cuba (X tons) were the main destinations of powdered milk exports from Panama, with a combined 99% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bolivia (with a CAGR of +99.5%), while the other leaders experienced more modest paces of growth.

In value terms, Guyana ($X) remains the key foreign market for powdered milk exports from Panama, comprising 70% of total exports. The second position in the ranking was taken by Bolivia ($X), with a 28% share of total exports. It was followed by Guatemala, with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Guyana totaled +48.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+77.5% per year) and Guatemala (-38.1% per year).

Export Prices by Country

The average powdered milk export price stood at $X per ton in 2022, shrinking by -11.6% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk export price increased by +80.0% against 2017 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 43%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guyana ($X per ton), while the average price for exports to Cuba ($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 the United Arab Emirates (+90.9%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Panama

After three years of growth, supplies from abroad of powdered milk decreased by -9.4% to X tons in 2022. Overall, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 5,704% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, powdered milk imports skyrocketed to $X in 2022. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 9,850%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X tons), Uruguay (X tons) and New Zealand (X tons) were the main suppliers of powdered milk imports to Panama, together accounting for 86% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +219.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest powdered milk suppliers to Panama were the United States ($X), Uruguay ($X) and New Zealand ($X), together accounting for 86% of total imports.

The United States, with a CAGR of +209.7%, recorded the highest growth rate of 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 powdered milk import price amounted to $X per ton, with an increase of 31% against the previous year. In general, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +49.7% against 2017 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 71% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Uruguay ($X per ton) and New Zealand ($X per ton), while the price for the Netherlands ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+6.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform