Panama: Yoghurt Market 2024

Yoghurt Market Size in Panama

The Panamanian yoghurt market contracted slightly to $X in 2022, dropping by -4.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a strong expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Yoghurt Exports

Exports from Panama

In 2022, shipments abroad of yoghurt decreased by -1.2% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, saw measured growth. The pace of growth was the most pronounced in 2015 with an increase of 826% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, yoghurt exports dropped to $X in 2022. In general, exports recorded a mild descent. The growth pace was the most rapid in 2015 with an increase of 1,067%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X tons) was the main destination for yoghurt exports from Panama, accounting for a 18% share of total exports. Moreover, yoghurt exports to Venezuela exceeded the volume sent to the second major destination, Bahrain (X kg), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela totaled +13.9%.

In value terms, Venezuela ($X) and Bahrain ($X) constituted the largest markets for yoghurt exported from Panama worldwide.

In terms of the main countries of destination, Bahrain, with a CAGR of +12.7%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average yoghurt export price amounted to $X per ton, flattening at the previous year. Over the period under review, the export price, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Venezuela totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+49.1%), while the prices for the other major destinations experienced a decline.

Yoghurt Imports

Imports into Panama

After three years of decline, supplies from abroad of yoghurt increased by 8.9% to X tons in 2022. In general, imports recorded pronounced growth. The most prominent rate of growth was recorded in 2013 when imports increased by 41% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, yoghurt imports fell to $X in 2022. Over the period under review, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 45% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Costa Rica (X tons) and Free Zones (X tons) were the main suppliers of yoghurt imports to Panama, with a combined 93% 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 the United States (with a CAGR of +30.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of yoghurt to Panama, comprising 51% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a 25% share of total imports. It was followed by Free Zones, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +40.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+4.8% per year) and Free Zones (-6.4% per year).

Import Prices by Country

In 2022, the average yoghurt import price amounted to $X per ton, dropping by -14.5% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, yoghurt import price increased by +41.0% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 37% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted in the following year.

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 ($X per ton), while the price for Spain ($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 (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform