Panama: Market for Non-Soap Washing and Cleaning Preparations 2024

Market Size for Non-Soap Washing and Cleaning Preparations in Panama

The Panamanian market for non-soap washing and cleaning preparations contracted to $X in 2022, reducing by -5.1% against the previous year. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value 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, consumption increased by +17.1% against 2020 indices. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Production of Non-Soap Washing and Cleaning Preparations in Panama

In value terms, non-soap washing and cleaning preparations production shrank to $X in 2022 estimated in export price. Overall, production recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. Non-soap washing and cleaning preparations production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Non-Soap Washing and Cleaning Preparations

Exports from Panama

In 2022, the amount of non-soap washing and cleaning preparations exported from Panama surged to X tons, picking up by 332% on 2021 figures. In general, exports, however, showed a noticeable setback. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, non-soap washing and cleaning preparations exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt downturn. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Trinidad and Tobago (X tons) and Free Zones (X tons) were the main destinations of non-soap washing and cleaning preparations exports from Panama, with a combined 38% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +45.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-soap washing and cleaning preparations exported from Panama were the United States ($X), Trinidad and Tobago ($X) and Venezuela ($X), with a combined 47% share of total exports. Cuba, Costa Rica, Free Zones, Argentina, Jamaica, Honduras, El Salvador, Colombia, the Dominican Republic and Peru lagged somewhat behind, together comprising a further 29%.

Free Zones, with a CAGR of +33.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for non-soap washing and cleaning preparations amounted to $X per ton, declining by -8.8% against the previous year. In general, the export price saw a perceptible curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while the average price for exports to Free Zones ($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 (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Soap Washing and Cleaning Preparations

Imports into Panama

In 2022, purchases abroad of non-soap washing and cleaning preparations decreased by -8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 202% against the previous year. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, non-soap washing and cleaning preparations imports reduced to $X in 2022. Overall, imports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2017 when imports increased by 208%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

Guatemala (X tons), Colombia (X tons) and Costa Rica (X tons) were the main suppliers of non-soap washing and cleaning preparations imports to Panama, together accounting for 54% of total imports. The United States, Mexico, El Salvador, China, South Korea and Free Zones lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +82.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), the United States ($X) and Mexico ($X) constituted the largest non-soap washing and cleaning preparations suppliers to Panama, together comprising 57% of total imports. Costa Rica, Colombia, South Korea, Free Zones, El Salvador and China lagged somewhat behind, together accounting for a further 35%.

South Korea, with a CAGR of +74.9%, saw 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

In 2022, the average import price for non-soap washing and cleaning preparations amounted to $X per ton, growing by 4.5% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 13% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 Mexico ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform