Panama: Market for Nutmeg, Mace And Cardamoms 2025

Market Size for Nutmeg, Mace And Cardamoms in Panama

The Panamanian nutmeg, mace and cardamom market fell significantly to $X in 2022, which is down by -43.1% against the previous year. Overall, consumption, however, saw a resilient increase. Over the period under review, the market hit record highs at $X in 2021, and then dropped markedly in the following year.

Production of Nutmeg, Mace And Cardamoms in Panama

In value terms, nutmeg, mace and cardamom production stood at $X in 2022 estimated in export price. Over the period under review, production faced a dramatic decline. The pace of growth appeared the most rapid in 2013 when the production volume decreased by -53.9%. Nutmeg, mace and cardamom production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The average yield of nutmeg, mace and cardamoms in Panama amounted to less than X kg per ha in 2022, remaining constant against 2021. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The nutmeg, mace and cardamom harvested area in Panama stood at less than X ha in 2022, flattening at 2021. In general, the harvested area saw a relatively flat trend pattern.

Exports of Nutmeg, Mace And Cardamoms

Exports from Panama

Nutmeg, mace and cardamom exports from Panama soared to X tons in 2022, growing by 45% against 2021 figures. In general, exports recorded a modest increase. The most prominent rate of growth was recorded in 2020 with an increase of 1,755%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, nutmeg, mace and cardamom exports dropped to $X in 2022. Overall, exports showed a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 1,763%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

The UK (X tons) was the main destination for nutmeg, mace and cardamom exports from Panama, accounting for a 99.9% share of total exports. It was followed by Guatemala (X kg), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +171.5%.

In value terms, the UK ($X) emerged as the key foreign market for nutmeg, mace and cardamoms exports from Panama, comprising 100% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK totaled +176.0%.

Export Prices by Country

In 2022, the average nutmeg, mace and cardamom export price amounted to $X per ton, dropping by -36.5% against the previous year. Over the period under review, the export price, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 102% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then reduced dramatically in the following year.

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 Guatemala ($X per ton), while the average price for exports to the UK totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+71.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Panama

In 2022, nutmeg, mace and cardamom imports into Panama fell notably to X tons, declining by -34.8% compared with the year before. Overall, imports, however, showed significant growth. The growth pace was the most rapid in 2014 with an increase of 1,925% against the previous year. Imports peaked at X tons in 2021, and then shrank dramatically in the following year.

In value terms, nutmeg, mace and cardamom imports declined notably to $X in 2022. In general, imports, however, recorded significant growth. The growth pace was the most rapid in 2014 when imports increased by 2,567%. Imports peaked at $X in 2021, and then reduced sharply in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest nutmeg, mace and cardamom supplier to Panama, accounting for a 41% share of total imports. Moreover, nutmeg, mace and cardamom imports from India exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +60.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+77.7% per year) and Indonesia (+9.6% per year).

In value terms, India ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Panama, comprising 44% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +68.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+83.9% per year) and China (+72.3% per year).

Import Prices by Country

In 2022, the average nutmeg, mace and cardamom import price amounted to $X per ton, waning by -8.6% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nutmeg, mace and cardamom import price decreased by -19.0% against 2017 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 32%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+23.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform