Pet Food - Panama | Statista Market Forecast

Revenue in the Pet Food market amounts to US$126.80m in 2024. The market is expected to grow annually by 5.10% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$60bn in 2024).
In relation to total population figures, per person revenues of US$27.99 are generated in 2024.
In the Pet Food market, volume is expected to amount to 89.94m kg by 2029. The Pet Food market is expected to show a volume growth of 3.4% in 2025.0.
The average volume per person in the Pet Food market is expected to amount to 16.9kg in 2024.

Definition:

The Pet Food market covers food that has been specifically created to meet the nutritional requirements of domesticated animals, including dogs, cats, as well as feed products for other less common house pets such as rodents and reptiles. Various components that supply vital nutrients for the animal’s health and wellness are often included in pet food.

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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Dog food
Cat food
Food for other house pets (rodents, reptiles, birds etc)

Feeds for farm animals
Pet supplement
Out-of-home consumption

The Pet Food Market in The Food market of Panama is seeing minimal growth, influenced by factors such as slow adoption of digital technologies, low consumer health awareness, and limited availability of online services. Despite this, the market continues to expand due to the convenience of online shopping.

Customer preferences: As the demand for natural and organic products continues to rise, consumers in Panama are increasingly seeking out healthier and more sustainable options for their pets' diets. This trend is driven by a growing awareness of the environmental impact of traditional pet food and a desire for transparency in ingredient sourcing. Additionally, with more people adopting pets as companions during the pandemic, there is a rising demand for premium and specialized pet food products that cater to specific dietary needs and preferences.

Trends in the market: In Panama, the Pet Food market is seeing an increase in demand for organic and natural products, driven by consumers' growing preference for healthier options. This trend is expected to continue as pet owners become more conscious of their pets' nutrition and well-being. Additionally, there is a rise in e-commerce sales of pet food, with more consumers opting to purchase online due to convenience and safety concerns. These trends indicate a shift towards a more health-conscious and digitally-driven market, presenting opportunities for industry stakeholders to adapt and innovate their offerings to meet evolving consumer demands.

Local special circumstances: In Panama, the Pet Food Market is heavily influenced by the country's unique geographical location and cultural preferences. Being a hub for international trade, Panama offers access to a diverse range of imported pet food products. Additionally, the country's tropical climate and growing pet ownership rates have led to a greater demand for specialized pet food options. Furthermore, Panama's strict regulatory framework for pet food ensures high-quality and safe products, making it a competitive market for both local and international brands.

Underlying macroeconomic factors: The Pet Food Market within The Food market in Panama is heavily influenced by macroeconomic factors such as consumer spending power, economic growth, and government policies. With a stable economy and a growing middle class, there is a higher demand for premium pet food products in the country. Additionally, government initiatives to promote pet ownership and the increasing trend of pet humanization are further driving the growth of the market. However, potential challenges such as inflation and currency fluctuations may impact the affordability and purchasing power of consumers, ultimately affecting the performance of the Pet Food Market in Panama.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.