Food - Panama

Panama

Revenue in the Food market amounts to US$10.62bn in 2024. The market is expected to grow annually by 6.25% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$2.32bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$2,346.00 are generated in 2024.
In the Food market, 3.8% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 3,402.00m kg by 2029. The Food market is expected to show a volume growth of 4.9% in 2025.
The average volume per person in the Food market is expected to amount to 616.10kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and 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. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

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Analyst Opinion

The Food market in Panama is experiencing minimal growth, influenced by factors such as consumer preferences for convenience, health awareness, and the increasing availability of online food services. The sub-markets, including Dairy Products & Eggs, Meat, Fish & Seafood, and Fruits & Nuts, play a role in shaping the overall market trends. The slow growth rate may also be impacted by the country's economic conditions and fluctuations in global food prices.

Customer preferences: As the Panamanian food market continues to expand, there has been a noticeable shift in consumer preferences towards healthier and more sustainable food options. This trend is fueled by a growing awareness of the impact of food choices on personal health and the environment. Consequently, there has been an increase in demand for organic, locally-sourced, and plant-based products. Additionally, there is a growing interest in international cuisines and fusion dishes, reflecting the diverse cultural influences in Panama. This change in consumer preferences is also driven by the rise of health-conscious and environmentally-conscious younger generations, who are more likely to seek out ethically-produced and environmentally-friendly food options.

Trends in the market: In Panama, The Food market industry is experiencing a surge in demand for locally sourced and organic products, driven by a growing awareness of healthy and sustainable eating habits. This trend is expected to continue as consumers become more health-conscious and prioritize transparency and ethical sourcing in their food choices. Additionally, there is a growing market for online food delivery services, as more consumers opt for the convenience and safety of at-home dining. These emerging trends highlight the need for industry stakeholders to adapt to changing consumer preferences and invest in innovative solutions to cater to these evolving demands.

Local special circumstances: In Panama, The Food market is heavily influenced by the country's tropical climate and its diverse cultural heritage. The abundance of fresh tropical fruits and seafood, combined with the use of traditional ingredients and cooking methods, gives the market a unique and distinct flavor. Additionally, Panama's strong agricultural sector and government support for local farmers have led to an increase in locally sourced and organic products, catering to the growing demand for healthier and sustainable food options. This, coupled with the country's growing tourism industry, has also contributed to the rise of gourmet and international food offerings in the market.

Underlying macroeconomic factors: The Food market in Panama is significantly impacted by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. The country's robust GDP growth, favorable business environment, and increasing investment in the agriculture sector have contributed to the growth of The Food market. Furthermore, the rising middle-class population and changing consumer preferences towards healthier and organic foods have also influenced the market. However, fluctuations in global commodity prices, trade policies, and currency exchange rates can affect the overall performance of the market. As Panama continues to improve its economic health and invest in its agricultural sector, The Food market is expected to experience steady growth in the coming years.

Methodology

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.