Snack Food - Panama | Statista Market Forecast

Revenue in the Snack Food market amounts to US$149.90m in 2024. The market is expected to grow annually by 5.62% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$52bn in 2024).
In relation to total population figures, per person revenues of US$33.11 are generated in 2024.
In the Snack Food market, volume is expected to amount to 23.76m kg by 2029. The Snack Food market is expected to show a volume growth of 4.9% in 2025.0.
The average volume per person in the Snack Food market is expected to amount to 4.4kg in 2024.

Definition:

The Snack Food market covers food products that are typically eaten in between meals or as a quick bite. These meals are frequently created to be portable, simple to prepare, and easy to consume. Snack foods can be either salty or sweet. This market is divided into three submarkets: cookies and crackers, potato chips, tortilla chips, flips, and pretzels.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Potato chips
Extruded and expanded snacks (e.g. Cheetos, Wotsits)
Cookies and crackers
Pretzels

Dried fruit snacks
Nuts
Out-of-home consumption

The Snack Food Market in Panama is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health awareness, and the convenience of online shopping. The sub-markets of Tortilla Chips, Flips & Pretzels, Potato Chips, and Cookies & Crackers also play a role in this trend. This market's growth rate is impacted by the country's economic conditions and competition from healthier snack options.

Customer preferences: In Panama, there has been a notable increase in demand for healthier snack options, driven by consumers' growing health consciousness. This has led to a rise in the availability of organic and gluten-free snacks in the market. Additionally, there has been a shift towards more plant-based snacks, reflecting a growing trend towards vegetarian and vegan diets among the population. This trend is expected to continue as consumers prioritize health and wellness in their snacking choices.

Trends in the market: In Panama, the Snack Food Market within the Confectionery & Snacks Market is seeing a rise in demand for healthier snack options, as consumers become more health-conscious. This trend is expected to continue, with more companies introducing organic, gluten-free, and low-sugar snack options. This has significant implications for industry stakeholders, as they must adapt to changing consumer preferences and potentially invest in research and development to meet these demands. Furthermore, with the rise of e-commerce and online grocery shopping, companies may need to invest in their online presence and distribution channels to remain competitive in the market.

Local special circumstances: In Panama, the Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by the country's tropical climate, leading to a high demand for refreshing and hydrating snacks such as fruit bars and coconut water. The country's diverse cultural influences also play a role in shaping consumer preferences, with a preference for spicy and savory snacks like plantain chips and empanadas. Additionally, Panama's favorable business environment and proximity to major markets make it an attractive location for international snack food companies to establish operations and cater to the growing demand for convenient and on-the-go snack options.

Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, population growth, and economic stability. Countries with strong economic growth and a large population are experiencing higher demand for snack foods, as consumers have more disposable income and are seeking convenient and affordable snack options. Additionally, favorable fiscal policies and government support for the food industry can also impact market performance. However, fluctuations in global economic trends and trade policies can also have a significant effect on the Snack Food Market, as it heavily relies on imports and exports of ingredients and finished products. Ongoing investments in food technology and innovation also play a key role in shaping the future of this market.

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.