Baby Milk & Infant Formula - Panama

Panama

Highlights

Revenue in the Baby Milk & Infant Formula market amounts to US$132.20m in 2024. The market is expected to grow annually by 5.04% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$17bn in 2024).
In relation to total population figures, per person revenues of US$29.19 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 9.36m kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 3.6% in 2025.0.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 1.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Baby Milk & Infant Formula market in Panama is experiencing minimal growth, influenced by factors such as increasing awareness of health benefits, convenience of online services, and the adoption of digital technologies. This has led to a significant rise in demand for baby food within The Food market, indicating potential for further growth in the future.

Customer preferences: Consumer preferences in the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market in Panama have been shifting towards healthier and more natural options. This is driven by a growing awareness of the benefits of breastfeeding and the negative impacts of artificial ingredients. Additionally, there is a rising demand for organic and locally sourced products, as consumers prioritize supporting local businesses and reducing their carbon footprint. This trend is also influenced by cultural values that place a high emphasis on natural and traditional methods of infant care.

Trends in the market: In Panama, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing an increase in demand for organic and natural products. This trend reflects a growing health consciousness among parents and a desire for products with minimal processing and additives. The trajectory of this trend is expected to continue as consumers continue to prioritize health and wellness. This poses opportunities for industry stakeholders to develop and market organic and natural products to cater to this demand. However, it also presents challenges in terms of sourcing and production. Overall, this trend has significant implications for the industry, driving innovation and changes in product offerings.

Local special circumstances: In Panama, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily regulated by the government. The country has strict laws and regulations in place to ensure the safety and quality of these products for infants. Additionally, the cultural preference for breastfeeding has led to a slower growth of the market compared to other countries. The warm climate and lack of refrigeration options also pose challenges for manufacturers and distributors. However, the increasing number of working mothers and the popularity of imported brands are expected to drive the growth of the market in the coming years.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, countries with strong economic growth and increasing disposable income are witnessing a rise in demand for baby milk and infant formula, as parents are able to afford premium products. On the other hand, countries with slow economic growth and high inflation rates are experiencing a decline in market growth due to reduced purchasing power of consumers. In addition, government policies related to food safety and nutrition also play a significant role in shaping the market, as regulations and restrictions can impact the production, distribution, and pricing of baby food products.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

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, and consumer price 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 Food 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. The market is updated twice a year.