Fruits & Nuts - Panama

Panama

Highlights

Revenue in the Fruits & Nuts market amounts to US$960.80m in 2024. The market is expected to grow annually by 5.16% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$135bn in 2024).
In relation to total population figures, per person revenues of US$212.20 are generated in 2024.
In the Fruits & Nuts market, volume is expected to amount to 289.10m kg by 2029. The Fruits & Nuts market is expected to show a volume growth of 3.7% in 2025.0.
The average volume per person in the Fruits & Nuts market is expected to amount to 54.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fruits & Nuts Market in Panama is experiencing minimal growth, influenced by factors such as shifting consumer preferences, economic conditions, and competition from imported products, which challenge the local production of fresh and processed options.

Customer preferences: Consumers in Panama are increasingly prioritizing health and sustainability, driving a growing interest in organic and locally-sourced fruits and nuts. This shift is influenced by a younger, more health-conscious demographic that values nutrition and environmental impact. Additionally, urbanization and busy lifestyles are pushing demand for convenient, ready-to-eat fruit snacks and nut mixes. Cultural traditions around food are evolving, with a greater emphasis on incorporating diverse, global flavors, further shaping preferences in the Fruits & Nuts Market.

Trends in the market: In Panama, the Fruits & Nuts Market is experiencing a surge in demand for organic and locally-sourced produce, driven by a health-conscious demographic prioritizing nutrition and sustainability. Concurrently, the popularity of convenient, ready-to-eat fruit snacks and nut mixes is increasing, appealing to busy urban consumers seeking healthy options. This evolving landscape is also marked by a shift toward incorporating diverse global flavors, reflecting changing cultural preferences. For industry stakeholders, these trends signify the need for innovation and adaptation to meet consumer expectations, presenting both opportunities and challenges in product development and marketing strategies.

Local special circumstances: In Panama, the Fruits & Nuts Market is uniquely influenced by its tropical climate, which allows for the cultivation of a wide variety of exotic fruits and nuts, enhancing local biodiversity. Culturally, there is a strong emphasis on traditional dishes that incorporate these ingredients, fostering a preference for fresh, local produce. Regulatory support for organic farming practices is also increasing, promoting sustainable agriculture. These factors create a dynamic marketplace where local flavors and health trends converge, driving innovation and attracting both domestic and international consumers.

Underlying macroeconomic factors: The Fruits & Nuts Market in Panama is shaped by various macroeconomic factors, including global trade dynamics, national economic stability, and consumer spending patterns. The country's strategic location as a trade hub enhances export opportunities for local fruits and nuts, driven by rising international demand for exotic produce. National economic health, reflected in GDP growth and inflation rates, influences disposable income levels, impacting consumer purchasing behavior. Additionally, fiscal policies promoting organic farming and sustainable practices foster investment in the agricultural sector, while climate change poses challenges that require adaptive strategies to ensure consistent production and supply.

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.