Panama: Plastic Box Market 2024

Plastic Box Market Size in Panama

The Panamanian plastic box market stood at $X in 2022, increasing by 5.9% against the previous year. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +22.2% against 2020 indices. Plastic box consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Plastic Box Production in Panama

In value terms, plastic box production reduced to $X in 2022 estimated in export price. Overall, production showed a slight decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 42% against the previous year. Plastic box production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Plastic Box Exports

Exports from Panama

In 2022, approx. X tons of plastic boxes, cases, crates and similar packing articles were exported from Panama; growing by 353% compared with the previous year. Over the period under review, exports, however, faced a precipitous decrease. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic box exports surged to $X in 2022. Overall, exports, however, showed a sharp downturn. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Free Zones (X tons) was the main destination for plastic box exports from Panama, accounting for a 96% share of total exports. Moreover, plastic box exports to Free Zones exceeded the volume sent to the second major destination, Nicaragua (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Free Zones totaled +79.5%.

In value terms, Free Zones ($X) remains the key foreign market for plastic boxes, cases, crates and similar packing articles exports from Panama, comprising 98% of total exports. The second position in the ranking was held by Nicaragua ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Free Zones amounted to +76.4%.

Export Prices by Country

The average plastic box export price stood at $X per ton in 2022, dropping by -2.1% against the previous year. In general, the export price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 5.6%. The export price peaked at $X per ton in 2012; however, from 2013 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 Free Zones ($X per ton), while the average price for exports to Nicaragua totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Box Imports

Imports into Panama

In 2022, overseas purchases of plastic boxes, cases, crates and similar packing articles increased by 31% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 2,014% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, plastic box imports soared to $X in 2022. In general, imports posted a significant increase. The growth pace was the most rapid in 2017 with an increase of 1,345% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Mexico (X tons), Costa Rica (X tons) and the United States (X tons) were the main suppliers of plastic box imports to Panama, with a combined 51% share of total imports. Guatemala, Honduras, Jamaica, the UK and China lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +152.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Guatemala ($X) and the United States ($X) were the largest plastic box suppliers to Panama, with a combined 50% share of total imports. Costa Rica, Honduras, Jamaica, China and the UK lagged somewhat behind, together accounting for a further 35%.

The UK, with a CAGR of +127.2%, recorded 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

The average plastic box import price stood at $X per ton in 2022, surging by 9.5% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 10%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Mexico ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+6.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform