Panama: Molasse Market 2024

Molasse Market Size in Panama

The Panamanian molasse market declined remarkably to $X in 2022, waning by -41.3% against the previous year. In general, consumption showed a abrupt slump. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Molasse Production in Panama

In value terms, molasse production declined to $X in 2022 estimated in export price. Overall, production saw a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 251%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Molasse Exports

Exports from Panama

In 2022, the amount of molasses exported from Panama surged to X tons, increasing by 309% against 2021 figures. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 1,505%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, molasse exports surged to $X in 2022. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 477%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Jamaica (X tons), Barbados (X tons) and Guyana (X tons) were the main destinations of molasse exports from Panama, together accounting for 86% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guyana (with a CAGR of +297.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for molasse exported from Panama were Guyana ($X), Barbados ($X) and Jamaica ($X), with a combined 81% share of total exports. Grenada, Saint Lucia, Antigua and Barbuda and France lagged somewhat behind, together accounting for a further 18%.

In terms of the main countries of destination, Antigua and Barbuda, with a CAGR of +171.0%, saw 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 molasse export price stood at $X per ton in 2022, which is down by -47.1% against the previous year. In general, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of 176% against the previous year. The export price peaked 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Saint Lucia ($X per ton), while the average price for exports to Jamaica ($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 Jamaica (+25.6%), while the prices for the other major destinations experienced a decline.

Molasse Imports

Imports into Panama

In 2022, supplies from abroad of molasses was finally on the rise to reach X tons after four years of decline. Overall, imports, however, recorded a abrupt decrease. The pace of growth appeared the most rapid in 2015 with an increase of 607%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, molasse imports soared to $X in 2022. In general, imports, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2015 with an increase of 441% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of molasse to Panama, accounting for a 56% share of total imports. Moreover, molasse imports from Brazil exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.6% per year) and Costa Rica (-11.3% per year).

In value terms, the largest molasse suppliers to Panama were Brazil ($X), the United States ($X) and Costa Rica ($X), with a combined 98% share of total imports.

Among the main suppliers, the United States, with a CAGR of +12.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average molasse import price stood at $X per ton in 2022, waning by -6.2% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, molasse import price increased by +83.9% against 2017 indices. The most prominent rate of growth was recorded in 2016 an increase of 34%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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 ($X per ton), while the price for Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform