Panama: Watermelon Market 2024

Watermelon Market Size in Panama

In 2022, the Panamanian watermelon market decreased by -36.4% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption recorded a abrupt downturn. Watermelon consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Watermelon Production in Panama

In value terms, watermelon production reduced to $X in 2022 estimated in export price. In general, production saw a perceptible curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 38% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

The average yield of watermelons in Panama shrank sharply to X tons per ha in 2022, declining by -38.2% against 2021. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the yield increased by 66% against the previous year. Over the period under review, the average watermelon yield attained the peak level at X tons per ha in 2021, and then declined rapidly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the watermelon harvested area in Panama soared to X ha, increasing by 15% on 2021 figures. In general, the harvested area, however, showed a pronounced decline. The growth pace was the most rapid in 2019 with an increase of 32%. Over the period under review, the harvested area dedicated to watermelon production attained the peak figure at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

Watermelon Exports

Exports from Panama

In 2022, the amount of watermelons exported from Panama skyrocketed to X tons, with an increase of 32% against the year before. Over the period under review, exports, however, saw a perceptible decline. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, watermelon exports skyrocketed to $X in 2022. Overall, total exports indicated mild growth from 2016 to 2022: its value increased at an average annual rate of +1.6% over the last six-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +86.7% against 2018 indices. The pace of growth was the most pronounced in 2021 when exports increased by 34% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Netherlands (X tons), the UK (X tons) and the United States (X tons) were the main destinations of watermelon exports from Panama, together comprising 98% of total exports.

From 2016 to 2022, the biggest increases were recorded for the UK (with a CAGR of +24.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the Netherlands ($X), the UK ($X) and the United States ($X) were the largest markets for watermelon exported from Panama worldwide, together accounting for 98% of total exports.

The UK, with a CAGR of +23.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average watermelon export price amounted to $X per ton, reducing by -5.1% against the previous year. Over the period from 2016 to 2022, it increased at an average annual rate of +4.2%. The pace of growth was the most pronounced in 2017 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Italy ($X per ton) and Belgium ($X per ton), while the average price for exports to the UK ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Watermelon Imports

Imports into Panama

In 2022, purchases abroad of watermelons was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, watermelon imports surged to $X in 2022. In general, imports posted prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Costa Rica (X tons) constituted the largest watermelon supplier to Panama, with a 82% share of total imports. Moreover, watermelon imports from Costa Rica exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2017 to 2022, the average annual growth rate of volume from Costa Rica totaled +18.7%.

In value terms, Costa Rica ($X) constituted the largest supplier of watermelons to Panama, comprising 72% of total imports. The second position in the ranking was taken by the United States ($X), with a 28% share of total imports.

From 2017 to 2022, the average annual growth rate of value from Costa Rica totaled +18.2%.

Import Prices by Country

In 2022, the average watermelon import price amounted to $X per ton, which is down by -20.6% against the previous year. In general, the import price saw a mild contraction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 19% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat 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 Costa Rica stood at $X per ton.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.8%).

Source: IndexBox Platform