Key regions: South Korea, Russia, Canada, Philippines, China
The Fresh Meat market in Panama is experiencing slow growth due to factors such as a shift towards healthier eating habits, increased competition from alternative protein sources, and fluctuating consumer demand. This trend is evident across all sub-markets, with Beef & Veal, Pork, Poultry, Mutton & Goat, and Other Fresh Meat seeing subdued growth rates. The market's overall growth is impacted by changing consumer preferences and market saturation, leading to a challenging environment for meat producers and retailers.
Customer preferences: As health and wellness become top priorities for consumers, there has been a rise in demand for fresh, organic and locally sourced meats. This trend is driven by the increasing awareness of the negative impact of processed and mass-produced meats on health and the environment. Additionally, with the growing interest in sustainable and ethical consumption, consumers are also looking for transparency and traceability in the supply chain of their meat products. This has led to a shift towards smaller, independent meat markets that offer a wide range of high-quality, ethically sourced meats.
Trends in the market: In Panama's Fresh Meat Market, there is a significant trend towards sustainability and ethical sourcing. Consumers are increasingly demanding transparency in the supply chain and are willing to pay a premium for ethically sourced meat products. This trend is expected to continue as consumers become more conscious of the environmental and social impact of their food choices. Industry stakeholders must adapt to this trend by implementing sustainable practices and promoting their ethical sourcing methods to attract and retain customers. Failure to do so could result in a loss of market share and potential backlash from consumers.
Local special circumstances: In Panama, the Fresh Meat Market within the Meat Market of The Food market is heavily influenced by the country's diverse cultural heritage. The traditional diet includes a variety of meats, such as beef, pork, and chicken, which has resulted in a strong demand for fresh and high-quality meats. Additionally, the country's tropical climate and lush vegetation provide ideal conditions for raising livestock, resulting in a thriving local meat industry. The government's strict regulations on food safety and quality also play a significant role in maintaining the market's dynamism and ensuring consumer trust.
Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market in Panama is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's stable economic growth, favorable investment climate, and growing middle class population are fueling the demand for fresh meat products. Additionally, increasing urbanization and changing dietary habits towards protein-rich diets are driving the growth of the market. Furthermore, Panama's strategic location as a major transportation and logistics hub for the region makes it an attractive market for international players looking to enter the 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.
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Mon - Fri, 9am - 6pm (EST)
