Panama: Spice Market 2024

Spice Market Size in Panama

In 2022, the Panamanian spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a remarkable increase. Spice consumption peaked at $X in 2021, and then declined markedly in the following year.

Spice Production in Panama

In value terms, spice production stood at $X in 2022 estimated in export price. In general, production, however, saw a significant contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The average yield of spices in Panama stood at less than X kg per ha in 2022, remaining relatively unchanged against the previous year. Over the period under review, 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.

In 2022, approx. less than X ha of spices were harvested in Panama; stabilizing at the previous year's figure. Overall, the harvested area saw a relatively flat trend pattern.

Spice Exports

Exports from Panama

In 2022, overseas shipments of spices increased by X% to X tons, rising for the fifth consecutive year after two years of decline. In general, exports recorded a prominent expansion. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, spice exports soared to $X in 2022. Over the period under review, exports posted resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for spice exports from Panama, with a X% share of total exports. Moreover, spice exports to Spain exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Belgium (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Belgium (X% per year).

In value terms, the largest markets for spice exported from Panama were Spain ($X), Trinidad and Tobago ($X) and Costa Rica ($X), with a combined X% share of total exports.

Costa Rica, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price, however, recorded a deep slump. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 Costa Rica ($X per ton), while the average price for exports to Spain ($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 Belgium (X%), while the prices for the other major destinations experienced mixed trend patterns.

Spice Imports

Imports into Panama

In 2022, overseas purchases of spices decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, spice imports fell sharply to $X in 2022. Overall, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank significantly in the following year.

Imports by Country

Vietnam (X tons), the United States (X tons) and China (X tons) were the main suppliers of spice imports to Panama, with a combined X% share of total imports.

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

In value terms, the largest spice suppliers to Panama were the United States ($X), Vietnam ($X) and China ($X), with a combined X% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spice import price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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

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

Source: IndexBox Platform