Panama: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Panama

In 2022, the Panamanian odoriferous substance mixture market decreased by -3.5% to $X, falling for the second year in a row after six years of growth. Over the period under review, consumption, however, posted a significant expansion. Odoriferous substance mixture consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Odoriferous Substance Mixture Exports

Exports from Panama

Odoriferous substance mixture exports from Panama skyrocketed to X tons in 2022, picking up by 97% against the year before. In general, exports, however, continue to indicate a abrupt slump. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, odoriferous substance mixture exports soared to $X in 2022. Over the period under review, exports, however, faced a dramatic shrinkage. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for odoriferous substance mixture exports from Panama, accounting for a 76% share of total exports. Moreover, odoriferous substance mixture exports to Italy exceeded the volume sent to the second major destination, the United States (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Italy stood at +71.4%.

In value terms, Italy ($X) remains the key foreign market for mixtures of odoriferous substances and their preparations exports from Panama, comprising 88% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy stood at +54.3%.

Export Prices by Country

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, falling by -3.9% against the previous year. Overall, the export price faced a deep contraction. The growth pace was the most rapid in 2014 when the average export price increased by 42% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Panama

In 2022, overseas purchases of mixtures of odoriferous substances and their preparations decreased by -2.4% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 113%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, odoriferous substance mixture imports rose modestly to $X in 2022. Overall, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 131%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Colombia (X tons), Mexico (X tons) and the United States (X tons) were the main suppliers of odoriferous substance mixture imports to Panama, with a combined 79% share of total imports. Free Zones, Ireland, Spain, Germany, China, the Netherlands and Belgium lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +49.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Colombia ($X) and the United States ($X) appeared to be the largest odoriferous substance mixture suppliers to Panama, with a combined 77% share of total imports. Free Zones, Germany, Ireland, Spain, the Netherlands, China and Belgium lagged somewhat behind, together accounting for a further 15%.

Free Zones, with a CAGR of +86.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, growing by 5.9% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, odoriferous substance mixture import price increased by +19.3% against 2020 indices. The growth pace was the most rapid in 2016 an increase of 43% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Ireland ($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 Netherlands (+30.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform