Panama: Pasta Products Market 2024

Pasta Products Market Size in Panama

The Panamanian pasta products market reduced to $X in 2022, shrinking by -2.3% against the previous year. Overall, consumption, however, posted a pronounced increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Pasta Products Production in Panama

In value terms, pasta products production contracted to $X in 2022 estimated in export price. Overall, production, however, posted a modest expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 51% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Pasta Products Exports

Exports from Panama

Pasta products exports from Panama fell sharply to X tons in 2022, with a decrease of -25.6% compared with 2021. In general, exports saw a pronounced reduction. The pace of growth was the most pronounced in 2018 with an increase of 163%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, pasta products exports dropped significantly to $X in 2022. Overall, exports, however, continue to indicate a tangible increase. The most prominent rate of growth was recorded in 2018 with an increase of 327% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for pasta products exports from Panama, with a 41% share of total exports. Moreover, pasta products exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), twofold. Cuba (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.5% per year) and Cuba (+51.7% per year).

In value terms, the UK ($X), the United States ($X) and Cuba ($X) were the largest markets for pasta products exported from Panama worldwide, together comprising 69% of total exports.

Cuba, with a CAGR of +53.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pasta products export price amounted to $X per ton, rising by 11% against the previous year. Overall, the export price showed resilient growth. The most prominent rate of growth was recorded in 2018 an increase of 62%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

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 Venezuela ($X per ton), while the average price for exports to the UK ($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 (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta Products Imports

Imports into Panama

Pasta products imports into Panama expanded significantly to X tons in 2022, picking up by 14% against 2021. Over the period under review, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 7,386%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, pasta products imports expanded significantly to $X in 2022. Overall, imports saw significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 7,333%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Taiwan (Chinese) (X tons), Peru (X tons) and Italy (X tons) were the main suppliers of pasta products imports to Panama, with a combined 77% share of total imports. China, the United States and Costa Rica lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +148.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of dried, undried and frozen pasta and pasta products to Panama, comprising 57% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Italy, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) stood at +75.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+59.0% per year) and Italy (+129.3% per year).

Import Prices by Country

In 2022, the average pasta products import price amounted to $X per ton, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2021 an increase of 31% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+92.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform