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Wine - Panama

Panama
  • Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Wine market amounts to US$40.3m in 2024.
  • Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$23.7m in 2024.
  • Revenue, combined amounts to US$64.0m in 2024.
  • The revenue, at home is expected to grow annually by 0.80% (CAGR 2024-2029).
  • In global comparison, most revenue, at home is generated United States (US$40bn in 2024).
  • In relation to total population figures, the average revenue per capita, at home of US$8.90 are generated in 2024.
  • In the Wine market, volume, at home is expected to amount to 4.2m L by 2024.
  • Volume, out-of-home is expected to amount to 735.5k L in 2024.
  • Volume, combined is expected to amount to 5.0m L in 2024.
  • The Wine market is expected to show a volume growth, at home of -1.5% in 2025.0.
  • The average volume per person, at home in the Wine market is expected to amount to 0.93L in 2024.

Definition:

The Wine market contains alcoholic beverages derived from fermented grapes.

Structure:

The Wine market is divided into the following markets:

  • The Still Wine market refers to wine without the addition of carbon dioxide. This market also contains additional information regarding red wine, white wine, and rosé wine.
  • The Sparkling Wine market refers to wine with the addition of carbon dioxide.
  • The Fortified Wine market refers to wine that has been strengthened with added alcohol.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

In-Scope

  • Grape Wine, such as Red Wine
  • Sparkling Wine, such as Champagne
  • Fortified Wine, such as Sherry

Out-Of-Scope

  • Other Fruit Wines, such as Cider or Perry
  • Non-Alcoholic Wine
Wine: market data & analysis - Cover

Market Insights report

Wine: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Price

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Wine market in Panama has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

    Customer preferences:
    Panamanian consumers have shown a growing interest in wine, with an increasing number of people incorporating it into their social and cultural activities. Wine is no longer seen as a luxury item reserved for special occasions, but rather as a beverage that can be enjoyed on a regular basis. This shift in consumer behavior has been influenced by the globalization of wine culture and the growing availability of a wide variety of wines from different regions around the world.

    Trends in the market:
    One of the key trends in the Panamanian wine market is the growing demand for premium and imported wines. Consumers are becoming more knowledgeable about different wine regions and grape varieties, and are willing to pay a premium for higher quality wines. This trend is driven by a desire for unique and exclusive experiences, as well as a growing appreciation for the craftsmanship and artistry that goes into producing fine wines. Another trend in the market is the increasing popularity of organic and natural wines. Panamanian consumers are becoming more health-conscious and environmentally aware, and are seeking out wines that are made with organic grapes and minimal intervention in the winemaking process. This trend is also influenced by the global movement towards sustainable and natural products.

    Local special circumstances:
    Panama's unique geographic location and climate make it an ideal market for wine consumption. The country's tropical climate and proximity to the equator create conditions that are favorable for vine cultivation, resulting in high-quality grapes and wines. Additionally, Panama's growing tourism industry has contributed to the demand for wine, as tourists from around the world seek out local and international wine experiences.

    Underlying macroeconomic factors:
    The strong economic growth in Panama has also played a role in the development of the wine market. As disposable incomes rise and the middle class expands, more people have the financial means to afford wine and explore different options. Furthermore, the increasing number of international events and festivals in Panama, such as wine tastings and food pairings, has helped to raise awareness and stimulate interest in the wine market. In conclusion, the Wine market in Panama is experiencing growth due to changing customer preferences, emerging trends, and local special circumstances. Panamanian consumers are increasingly interested in premium and imported wines, as well as organic and natural wines. The country's unique geographic location and climate, along with its strong economy and growing tourism industry, have also contributed to the development of the market.

    Methodology

    Data coverage:
    The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

    Modeling approach:
    Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

    Forecasts:
    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:
    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

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    Wine: market data & analysis - BackgroundWine: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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