Milk - Panama | Statista Market Forecast

Milk - Panama

Panama

Highlights

Revenue in the Milk market amounts to US$490.10m in 2024. The market is expected to grow annually by 5.38% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$108.20 are generated in 2024.
In the Milk market, volume is expected to amount to 536.80m kg by 2029. The Milk market is expected to show a volume growth of 4.8% in 2025.0.
The average volume per person in the Milk market is expected to amount to 95.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Panama is experiencing minimal growth due to various factors such as low consumer awareness, limited access to digital technologies, and preference for traditional dairy products. The convenience offered by online services has not yet been fully adopted in this market.

Customer preferences: As consumer awareness about the environmental impact of their food choices increases, there has been a growing demand for sustainably produced dairy products. This trend has led to the rise of eco-friendly packaging and labels highlighting ethical and environmentally friendly practices. Additionally, there has been a shift towards plant-based milk alternatives, driven by health and ethical concerns, as well as a growing vegan population. This trend is expected to continue as consumers prioritize sustainability and ethical considerations in their food purchases.

Trends in the market: In Panama, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a rise in demand for organic and plant-based milk products. This trend is driven by the growing health consciousness among consumers and their increasing preference for sustainable and ethically sourced food products. As a result, dairy industry stakeholders are investing in alternative milk options and sustainable production methods. This trend is expected to continue, with potential implications for the traditional dairy industry and the environment.

Local special circumstances: In Panama, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's geographical location as a major producer and exporter of dairy products. The climate and fertile land provide ideal conditions for dairy farming, leading to a high supply of fresh milk. Additionally, the country's culture places a strong emphasis on dairy consumption, with milk being a staple in traditional dishes. The regulatory environment also plays a role, with strict quality control measures in place to ensure the safety and freshness of dairy products. This unique combination of factors contributes to the stability and growth of the milk market in Panama.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Panama is impacted by various macroeconomic factors. The country's economic health and fiscal policies play a crucial role in determining the market's performance. Global economic trends also have a significant influence, as Panama is a major player in the international trade of dairy products. The government's support for the dairy industry, coupled with investments in infrastructure, has enabled the market to grow steadily. Furthermore, the rising demand for dairy products due to increasing population and changing dietary preferences in Panama is expected to drive market growth. However, challenges such as fluctuating milk prices and limited access to technology and resources may hinder market growth.

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.