Oils & Fats - Panama

Panama

Highlights

Revenue in the Oils & Fats market amounts to US$437.80m in 2024. The market is expected to grow annually by 6.24% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$96.69 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 95.10m kg by 2029. The Oils & Fats market is expected to show a volume growth of 4.4% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 17.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats Market in Panama is experiencing minimal growth, influenced by factors such as changing consumer preferences, health trends promoting lower fat intake, and competition from alternative products, which challenge traditional oils and fats usage.

Customer preferences: In Panama, consumers are increasingly prioritizing health-conscious choices, leading to a notable shift towards plant-based oils and fats that align with wellness trends. The growing awareness of heart health and dietary fats has prompted interest in alternatives such as avocado and coconut oils, which are perceived as more nutritious options. Additionally, younger demographics are favoring organic and sustainably sourced products, reflecting a broader commitment to environmental sustainability and personal health. This evolving consumer landscape is reshaping the Oils & Fats Market significantly.

Trends in the market: In Panama, the Oils & Fats Market is experiencing a shift towards healthier, plant-based options as consumers increasingly seek nutritious alternatives. There is a growing preference for oils like avocado and coconut, driven by heightened awareness of heart health and the nutritional benefits of these fats. Additionally, younger consumers are gravitating towards organic and sustainably sourced products, reflecting a commitment to environmental sustainability. This trend presents significant implications for industry stakeholders, including the need for innovative product offerings and sustainable sourcing practices to meet evolving consumer demands.

Local special circumstances: In Panama, the Oils & Fats Market is shaped by the country's rich biodiversity and cultural heritage, where traditional cooking methods still play a significant role. Locally sourced oils like palm and coconut are favored, reflecting the cultural affinity for indigenous ingredients. Additionally, regulatory support for organic farming practices is fostering a surge in demand for sustainable products. The country's tropical climate also allows for the cultivation of diverse oilseeds, further influencing consumer preferences towards healthier, naturally derived options that align with both cultural tastes and health-conscious trends.

Underlying macroeconomic factors: The Oils & Fats Market in Panama is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and domestic economic stability. Fluctuations in global oilseed prices can directly affect local production costs and consumer prices, impacting demand for various oils. Additionally, Panama's strategic trade agreements enhance access to international markets, fostering competition and innovation within the sector. The national economy's health, characterized by growth rates and inflation levels, also plays a crucial role, as increased disposable income encourages consumer spending on higher-quality, health-oriented oils. Furthermore, government incentives for sustainable agricultural practices are paving the way for a more resilient and eco-friendly oils 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.