Panama: Market for Gingerbread, Sweet Biscuits and Waffles 2024

Market Size for Gingerbread, Sweet Biscuits and Waffles in Panama

In 2022, the Panamanian market for gingerbread, sweet biscuits and waffles increased by 4.4% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption, however, saw a noticeable curtailment. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Gingerbread, Sweet Biscuits and Waffles in Panama

In value terms, gingerbread, sweet biscuit and waffle production expanded to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2014 with an increase of 21% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Gingerbread, Sweet Biscuits and Waffles

Exports from Panama

In 2022, overseas shipments of gingerbread, sweet biscuits and waffles increased by 204% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 617% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, gingerbread, sweet biscuit and waffle exports soared to $X in 2022. Over the period under review, exports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2013 when exports increased by 419% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X tons) was the main destination for gingerbread, sweet biscuit and waffle exports from Panama, with a 46% share of total exports. Moreover, gingerbread, sweet biscuit and waffle exports to Guatemala exceeded the volume sent to the second major destination, Cuba (X tons), fourfold. Venezuela (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume to Guatemala amounted to +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+32.9% per year) and Venezuela (-1.6% per year).

In value terms, Guatemala ($X) remains the key foreign market for gingerbread, sweet biscuits and waffles exports from Panama, comprising 32% of total exports. The second position in the ranking was held by Cuba ($X), with a 15% share of total exports. It was followed by Venezuela, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Guatemala totaled +43.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+40.8% per year) and Venezuela (-3.2% per year).

Export Prices by Country

In 2022, the average export price for gingerbread, sweet biscuits and waffles amounted to $X per ton, picking up by 4.3% against the previous year. Over the period under review, the export price, however, recorded a noticeable reduction. The growth pace was the most rapid in 2017 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices reached the peak figure 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Guatemala ($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 Cuba (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gingerbread, Sweet Biscuits and Waffles

Imports into Panama

In 2022, imports of gingerbread, sweet biscuits and waffles into Panama stood at X tons, growing by 6.9% compared with the year before. In general, imports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 6,975% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, gingerbread, sweet biscuit and waffle imports soared to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2017 with an increase of 6,109% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

Colombia (X tons), Mexico (X tons) and Costa Rica (X tons) were the main suppliers of gingerbread, sweet biscuit and waffle imports to Panama, with a combined 52% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +123.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Colombia ($X) were the largest gingerbread, sweet biscuit and waffle suppliers to Panama, together accounting for 53% of total imports.

Colombia, with a CAGR of +111.6%, saw the highest growth rate of 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 gingerbread, sweet biscuits and waffles amounted to $X per ton, picking up by 13% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 31% 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 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 ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform