Panama: Spirits And Liqueurs Market 2024

Spirits And Liqueurs Market Size in Panama

After three years of growth, the Panamanian spirits and liqueurs market decreased by X% to $X in 2022. Overall, consumption recorded a drastic downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Spirits And Liqueurs Production in Panama

In value terms, spirits and liqueurs production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced curtailment. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Spirits And Liqueurs Exports

Exports from Panama

In 2022, overseas shipments of spirits, liqueurs and other spirituous beverages increased by X% to X litres for the first time since 2016, thus ending a five-year declining trend. Overall, exports, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X litres in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, spirits and liqueurs exports expanded markedly to $X in 2022. Over the period under review, exports, however, showed a dramatic curtailment. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Free Zones (X litres) was the main destination for spirits and liqueurs exports from Panama, accounting for a X% share of total exports. Moreover, spirits and liqueurs exports to Free Zones exceeded the volume sent to the second major destination, Italy (X litres), threefold. The third position in this ranking was taken by Bolivia (X litres), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Free Zones stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (X% per year) and Bolivia (X% per year).

In value terms, Free Zones ($X) remains the key foreign market for spirits, liqueurs and other spirituous beverages exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Italy ($X), with a X% share of total exports. It was followed by Denmark, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Free Zones totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (X% per year) and Denmark (X% per year).

Export Prices by Country

In 2022, the average spirits and liqueurs export price amounted to $X per litre, reducing by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per litre in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per litre), while the average price for exports to Costa Rica ($X per litre) was amongst the lowest.

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

Spirits And Liqueurs Imports

Imports into Panama

Spirits and liqueurs imports into Panama fell to X litres in 2022, which is down by X% compared with the previous year's figure. Over the period under review, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X litres. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, spirits and liqueurs imports rose markedly to $X in 2022. Overall, imports saw a deep reduction. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Costa Rica (X litres), Mexico (X litres) and the UK (X litres) were the main suppliers of spirits and liqueurs imports to Panama, together accounting for X% of total imports. Free Zones, the United States, Spain and France lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest spirits and liqueurs suppliers to Panama were the UK ($X), Mexico ($X) and Costa Rica ($X), together accounting for X% of total imports. The United States, Free Zones, France and Spain lagged somewhat behind, together comprising a further X%.

Free Zones, with a CAGR of X%, 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

In 2022, the average spirits and liqueurs import price amounted to $X per litre, rising by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per litre in 2019; however, from 2020 to 2022, import prices stood at a somewhat 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 France ($X per litre), while the price for Costa Rica ($X per litre) was amongst the lowest.

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

Source: IndexBox Platform