Butter - Panama | Statista Market Forecast

Revenue in the Butter market amounts to US$50.30m in 2024. The market is expected to grow annually by 7.17% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$7bn in 2024).
In relation to total population figures, per person revenues of US$11.11 are generated in 2024.
In the Butter market, volume is expected to amount to 7.43m kg by 2029. The Butter market is expected to show a volume growth of 6.9% in 2025.0.
The average volume per person in the Butter market is expected to amount to 1.29kg in 2024.

Definition:

Butter is a dairy product made up of several components, such as milk fat, milk proteins, and water. Butter contains a minimum of 80% fat and is widely used in baking and cooking, and as a flavor enhancer for a variety of dishes.

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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Salted butter
Unsalted butter
Cultured butter
Light butter
Flavored butter

Margarine
Vegetable oils
Other animal fats (e.g. lard)
Clarified butter (Ghee)
Peanut butter
Out-of-home consumption

The Butter Market within the Oils & Fats sector in Panama is experiencing subdued growth, influenced by factors such as fluctuating dairy prices, changing consumer preferences towards healthier options, and competition from alternative spreads.

Customer preferences: Consumers in Panama are gravitating towards plant-based and organic alternatives in the Butter Market, reflecting a broader shift towards health-conscious eating habits. This trend is particularly pronounced among younger demographics who prioritize sustainability and ethical sourcing. Additionally, cultural influences emphasize traditional foods, leading to a blend of modern tastes with local culinary practices. The rise in urbanization and busy lifestyles is also driving demand for convenient, ready-to-use products, further shaping the future landscape of the butter and spreads market.

Trends in the market: In Panama, the Butter Market within the Oils & Fats sector is experiencing a notable shift towards plant-based and organic alternatives, driven by health-conscious consumers seeking sustainable and ethically sourced options. This trend is particularly prominent among younger demographics who are increasingly prioritizing wellness and environmental responsibility. Concurrently, traditional culinary practices remain influential, resulting in a fusion of modern and local tastes. The rise in urban lifestyles is further propelling demand for convenient, ready-to-use butter products, compelling industry stakeholders to adapt their offerings and marketing strategies to cater to these evolving consumer preferences.

Local special circumstances: In Panama, the Butter Market within the Oils & Fats sector is uniquely influenced by the country's rich agricultural heritage and diverse culinary traditions. The abundance of local dairy farms fosters a preference for fresh, locally sourced products, while cultural festivities often highlight traditional butter-based recipes. Additionally, Panama's regulatory environment encourages sustainable practices, prompting producers to adopt eco-friendly methods that resonate with the growing consumer demand for organic and ethically sourced options. This blend of local customs and regulatory support shapes a dynamic market responsive to both tradition and innovation.

Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in Panama is significantly shaped by macroeconomic factors such as national economic performance, consumer income levels, and global commodity prices. As Panama experiences steady economic growth, disposable incomes rise, leading to increased demand for premium butter products. Additionally, fluctuations in global dairy prices can influence local production costs, impacting retail pricing strategies. Favorable fiscal policies aimed at supporting the agricultural sector further bolster local dairy farms, encouraging sustainable practices. Overall, these economic indicators are pivotal in driving the market dynamics for butter in Panama, blending traditional preferences with modern market trends.

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.