Panama: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Panama

The Panamanian market for industrial, laboratory or bakery ovens declined markedly to $X in 2022, shrinking by -31.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a deep reduction. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Panama

For the third consecutive year, Panama recorded decline in overseas shipments of industrial, laboratory or bakery ovens, which decreased by 0% to X units in 2022. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 50%. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven exports skyrocketed to $X in 2022. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 248% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X units), Colombia (X units) and Nicaragua (X units) were the main destinations of industrial, laboratory or bakery oven exports from Panama, together accounting for 38% 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 Guatemala (with a CAGR of 0.0%), while the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X) remains the key foreign market for industrial, laboratory or bakery ovens exports from Panama, comprising 67% of total exports. The second position in the ranking was held by Guatemala ($X), with a 15% share of total exports. It was followed by Costa Rica, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela totaled +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+58.7% per year) and Costa Rica (+28.0% per year).

Export Prices by Country

The average export price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, picking up by 19% against the previous year. In general, the export price, however, continues to indicate a deep downturn. The pace of growth was the most pronounced in 2014 an increase of 248% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Chile ($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 Guatemala (+58.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Panama

In 2022, industrial, laboratory or bakery oven imports into Panama declined dramatically to X units, shrinking by -29.6% on 2021 figures. Over the period under review, imports showed a abrupt slump. The growth pace was the most rapid in 2021 with an increase of 342% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven imports declined rapidly to $X in 2022. Overall, imports showed a noticeable setback. The growth pace was the most rapid in 2021 with an increase of 173% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Italy (X units) constituted the largest supplier of industrial, laboratory or bakery oven to Panama, accounting for a 54% share of total imports. Moreover, industrial, laboratory or bakery oven imports from Italy exceeded the figures recorded by the second-largest supplier, Colombia (X units), fivefold. The third position in this ranking was held by Brazil (X units), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy amounted to +45.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-6.2% per year) and Brazil (+25.4% per year).

In value terms, the largest industrial, laboratory or bakery oven suppliers to Panama were Italy ($X), China ($X) and Spain ($X), with a combined 62% share of total imports.

Italy, with a CAGR of +43.7%, saw the highest rates of growth with regard to 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

In 2022, the average import price for industrial, laboratory or bakery ovens amounted to $X per unit, dropping by -3% against the previous year. Overall, the import price, however, showed a strong expansion. The pace of growth was the most pronounced in 2014 an increase of 83% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, import prices stood 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 China ($X per unit), while the price for Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform