Panama: Tomato Ketchup Market 2024

Tomato Ketchup Market Size in Panama

In 2022, the Panamanian tomato ketchup market decreased by -4.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption saw a pronounced decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tomato Ketchup Production in Panama

In value terms, tomato ketchup production dropped modestly to $X in 2022 estimated in export price. In general, production saw a deep setback. The most prominent rate of growth was recorded in 2014 when the production volume increased by 22% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Tomato Ketchup Exports

Exports from Panama

In 2022, after four years of decline, there was growth in shipments abroad of tomato ketchup and tomato sauces, when their volume increased by 0.2% to X tons. Overall, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 1,246%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, tomato ketchup exports expanded remarkably to $X in 2022. Over the period under review, exports recorded strong growth. The pace of growth appeared the most rapid in 2016 with an increase of 874% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Free Zones (X tons), Honduras (X tons) and Curacao (X tons) were the main destinations of tomato ketchup exports from Panama, together comprising 71% of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +93.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Free Zones ($X) emerged as the key foreign market for tomato ketchup and tomato sauces exports from Panama, comprising 41% of total exports. The second position in the ranking was taken by Honduras ($X), with a 19% share of total exports. It was followed by Curacao, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Free Zones stood at +23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+78.4% per year) and Curacao (+18.9% per year).

Export Prices by Country

In 2022, the average tomato ketchup export price amounted to $X per ton, with an increase of 5.9% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 81% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Free Zones ($X per ton), while the average price for exports to Honduras ($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 Ecuador (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tomato Ketchup Imports

Imports into Panama

In 2022, after two years of growth, there was significant decline in overseas purchases of tomato ketchup and tomato sauces, when their volume decreased by -15.9% to X tons. Overall, imports, however, saw a significant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 2,065% against the previous year. Imports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, tomato ketchup imports declined to $X in 2022. In general, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 1,706%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of tomato ketchup to Panama, accounting for a 55% share of total imports. Moreover, tomato ketchup imports from the United States exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), twofold. Guatemala (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +106.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+70.4% per year) and Guatemala (+39.4% per year).

In value terms, the United States ($X) constituted the largest supplier of tomato ketchup and tomato sauces to Panama, comprising 58% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a 21% share of total imports. It was followed by Guatemala, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +113.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+61.0% per year) and Guatemala (+40.9% per year).

Import Prices by Country

The average tomato ketchup import price stood at $X per ton in 2022, growing by 13% against the previous year. In general, the import price, however, continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2014 an increase of 45% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 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 El Salvador ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+26.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform