Panama: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Panama

The Panamanian vegetable tanning extracts market contracted slightly to $X in 2022, remaining stable against the previous year. Overall, consumption continues to indicate a deep contraction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Vegetable Tanning Extracts Production in Panama

In value terms, vegetable tanning extracts production reduced modestly to $X in 2022 estimated in export price. Overall, production showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 23%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Vegetable Tanning Extracts Exports

Exports from Panama

In 2022, overseas shipments of tanning extracts of vegetable origin, tannins and their salts other derivatives decreased by -65% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 183%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, vegetable tanning extracts exports plummeted to $X in 2022. Over the period under review, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 82% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Trinidad and Tobago (X tons), Costa Rica (X tons) and the Dominican Republic (X kg) were the main destinations of vegetable tanning extracts exports from Panama, together comprising 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of +1.5%), while the other leaders experienced a decline.

In value terms, the largest markets for vegetable tanning extracts exported from Panama were Trinidad and Tobago ($X), Costa Rica ($X) and the Dominican Republic ($X), with a combined 100% share of total exports.

In terms of the main countries of destination, Trinidad and Tobago, with a CAGR of -3.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average vegetable tanning extracts export price amounted to $X per ton, rising by 41% against the previous year. In general, export price indicated a moderate 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, vegetable tanning extracts export price increased by +51.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 62%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; afterwards, it flattened through to 2022.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Trinidad and Tobago ($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 the Dominican Republic (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Vegetable Tanning Extracts Imports

Imports into Panama

In 2022, approx. X tons of tanning extracts of vegetable origin, tannins and their salts other derivatives were imported into Panama; increasing by 11% against the year before. Over the period under review, imports enjoyed prominent growth. The growth pace was the most rapid in 2019 with an increase of 62,611% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable tanning extracts imports dropped rapidly to $X in 2022. Overall, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by 68,379%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X tons) was the main vegetable tanning extracts supplier to Panama, accounting for a 98% share of total imports. It was followed by Mexico (X tons), with a 1.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Free Zones totaled +54.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+80.0% per year) and the United States (-30.5% per year).

In value terms, Free Zones ($X) constituted the largest supplier of tanning extracts of vegetable origin, tannins and their salts other derivatives to Panama, comprising 97% of total imports. The second position in the ranking was taken by Mexico ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Free Zones stood at +52.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+39.1% per year) and the United States (-26.5% per year).

Import Prices by Country

In 2022, the average vegetable tanning extracts import price amounted to $X per ton, dropping by -55% against the previous year. Over the period under review, the import price recorded a pronounced descent. The pace of growth was the most pronounced in 2021 an increase of 70% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 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 the United States ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform