Panama: Meat-Preparation Industrial Machinery Market 2024

Meat-Preparation Industrial Machinery Market Size in Panama

The Panamanian meat-preparation industrial machinery market dropped to $X in 2022, almost unchanged from 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). Overall, consumption showed a significant increase. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Meat-Preparation Industrial Machinery Exports

Exports from Panama

In 2022, exports of industrial machinery for the preparation of meat or poultry from Panama soared to X units, rising by 19% against the previous year's figure. Over the period under review, exports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2020 when exports increased by 44%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, meat-preparation industrial machinery exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a significant contraction. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Belize (X units) was the main destination for meat-preparation industrial machinery exports from Panama, with a 16% share of total exports. Moreover, meat-preparation industrial machinery exports to Belize exceeded the volume sent to the second major destination, Suriname (X units), threefold. The third position in this ranking was held by Cuba (X units), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume to Belize amounted to +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Suriname (0.0% per year) and Cuba (-12.9% per year).

In value terms, Colombia ($X), Suriname ($X) and Costa Rica ($X) were the largest markets for meat-preparation industrial machinery exported from Panama worldwide, together comprising 51% of total exports.

In terms of the main countries of destination, Suriname, with a CAGR of +26.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average meat-preparation industrial machinery export price stood at $X per unit in 2022, with an increase of 350% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the 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 Colombia ($X per unit), while the average price for exports to Barbados ($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 Suriname (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Meat-Preparation Industrial Machinery Imports

Imports into Panama

In 2022, the amount of industrial machinery for the preparation of meat or poultry imported into Panama expanded significantly to X units, picking up by 13% compared with the year before. In general, imports showed buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of 1,516% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, meat-preparation industrial machinery imports shrank to $X in 2022. Over the period under review, imports saw strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 1,296%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X units) constituted the largest meat-preparation industrial machinery supplier to Panama, accounting for a 41% share of total imports. Moreover, meat-preparation industrial machinery imports from Mexico exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Spain (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico stood at +32.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+77.0% per year) and Spain (+76.8% per year).

In value terms, Germany ($X), the United States ($X) and Spain ($X) appeared to be the largest meat-preparation industrial machinery suppliers to Panama, together comprising 69% of total imports.

The United States, with a CAGR of +108.6%, 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 meat-preparation industrial machinery import price amounted to $X per unit, dropping by -20.3% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 55% against the previous year. As a result, import price attained the peak level of $X per unit. From 2016 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 Germany ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+17.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform