Lawn & Garden - Panama | Statista Market Forecast

In Panama, the revenue in the Lawn & Garden market is projected to reach US$230.20m by 2024.
It is anticipated that the market will experience an annual growth rate of 6.33% from 2024 to 2029 (CAGR).
When compared to other countries worldwide, United States leads the pack with a revenue of US$133bn in 2024.
Considering the population figures, the per person revenue in Panama is estimated to be US$50.84 in 2024.
Panama's growing middle class is driving demand for innovative lawn and garden products to enhance their outdoor living spaces.

Definition:

In the segment Lawn & Garden, the focus lies on products that help homeowners and landscapers create and maintain attractive and functional outdoor living spaces. Included in this segment are plants, gardening tools, gardening plant supplies, and outdoor power equipment. Outdoor accessories, such as umbrellas and sunshades, and outdoor storage, such as a garden house, as well as non-electric grills and garden décor are also part of the segment.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. Outdoor lamps are not included in this segment but can be found in the Lamps & Lighting segment of the Furniture market. For more information on the displayed data, click the info button on the right hand side of each box.

Gardening tools & outdoor power equipment
Plants & gardening supplies
Outdoor storage
Non-electric grills and supplies
Garden décor

Outdoor & garden furniture
Outdoor lamps
Farm and ranch supplies
Aquatic plants

The Lawn & Garden Market in Panama is experiencing minimal growth due to factors such as limited consumer spending, low awareness, and lack of technological advancements in the DIY & Hardware Store Market.

Customer preferences: As more people spend time at home, there has been a noticeable increase in interest in gardening and outdoor activities. This trend has led to a surge in demand for lawn and garden supplies, as well as DIY and hardware tools. Consumers are also becoming more conscious of eco-friendly options, leading to a rise in demand for sustainable and natural products in this market. Additionally, the aging population in Panama has resulted in a growing demand for convenience and ease-of-use, driving the popularity of advanced gardening tools and accessories.

Trends in the market: In Panama, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a shift towards environmentally-friendly and sustainable products. This trend is driven by increasing awareness of the impact of traditional gardening and landscaping practices on the environment. As a result, there is a growing demand for organic and natural fertilizers, pest control products, and gardening tools that are eco-friendly. This trend is expected to continue, with consumers becoming more conscious of their environmental footprint and seeking out products that align with their values. This presents an opportunity for industry stakeholders to tap into the growing demand for sustainable lawn and garden products and differentiate themselves in the market.

Local special circumstances: In Panama, the Lawn & Garden Market within the DIY & Hardware Store Market is heavily influenced by the country's tropical climate and rich biodiversity. This has led to a high demand for gardening and landscaping products and services. Additionally, the country's growing tourism industry has also contributed to the market's growth, as hotels and resorts often prioritize well-maintained outdoor spaces. However, strict regulations on pesticide use and water conservation efforts have also shaped the market, with consumers showing a preference for eco-friendly and sustainable products.

Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Panama is impacted by various macroeconomic factors, such as global economic trends, national economic health, and fiscal policies. The overall performance of the market is heavily influenced by the country's economic stability and growth, as well as its investment in infrastructure and consumer spending power. In addition, factors such as population growth and demographics, environmental concerns, and consumer behavior also play a significant role in shaping the market. Moreover, trends in the global DIY & Hardware Store Market, including changes in consumer preferences and industry innovation, also affect the growth of the Lawn & Garden Market in Panama.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to 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 particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Gardening is becoming an increasingly popular pastime in the United States. The pandemic freed up a lot of spare time for many homeowners, allowing them to remodel and redecorate their homes and lawns. Not only has this led to an increase in home improvement projects, but also to a measurable growth of the garden equipment and plants market. In 2020, the combined sales of building materials and garden equipment grew by 14 percent compared to the year before, at more than 425 billion U.S. dollars. Similarly, that same year the market size of the plant and flower growing industry increased, recovering from a sales dip in 2019.