Panama: Ghee Market 2025

Ghee Market Size in Panama

The Panamanian ghee market contracted to $X in 2022, waning by -12.6% against the previous year. Overall, consumption, however, recorded prominent growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Ghee Production in Panama

In value terms, ghee production stood at $X in 2022 estimated in export price. Over the period under review, production faced a dramatic shrinkage. The most prominent rate of growth was recorded in 2016 when the production volume increased by 7.6%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Ghee Exports

Exports from Panama

In 2019, exports of ghee from Panama skyrocketed to X kg, growing by 20% compared with the year before. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 57%. The exports peaked in 2019 and are likely to continue growth in the immediate term.

In value terms, ghee exports skyrocketed to $X in 2019. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 64% against the previous year. Over the period under review, the exports reached the maximum in 2019 and are likely to see gradual growth in the immediate term.

Exports by Country

Colombia (X kg) was the main destination for ghee exports from Panama, accounting for a 64% share of total exports. It was followed by Guatemala (X kg), with a 1.2% share of total exports.

From 2012 to 2019, the average annual rate of growth in terms of volume to Colombia amounted to +185.3%.

In value terms, Colombia ($X) emerged as the key foreign market for ghee exports from Panama, comprising 64% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 1.2% share of total exports.

From 2012 to 2019, the average annual rate of growth in terms of value to Colombia totaled +185.2%.

Export Prices by Country

In 2019, the average ghee export price amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price, however, enjoyed a notable expansion. The most prominent rate of growth was recorded in 2013 an increase of 4.7%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2019, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2019, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Guatemala totaled $X per ton.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+120.0%), while the prices for the other major destinations experienced mixed trend patterns.

Ghee Imports

Imports into Panama

In 2022, ghee imports into Panama dropped notably to X tons, which is down by -26% against the year before. Overall, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 107%. Imports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, ghee imports fell to $X in 2022. In general, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 117%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) was the main supplier of ghee to Panama, accounting for a 96% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2013 to 2022, the average annual growth rate of volume from New Zealand totaled +176.9%.

In value terms, New Zealand ($X) constituted the largest supplier of ghee to Panama, comprising 97% of total imports. The second position in the ranking was taken by the United States ($X), with a 2.2% share of total imports.

From 2013 to 2022, the average annual rate of growth in terms of value from New Zealand amounted to +222.0%.

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, rising by 27% against the previous year. Over the period under review, the import price enjoyed a strong increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 New Zealand ($X per ton), while the price for the United States totaled $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+16.3%).

Source: IndexBox Platform