Spices & Culinary Herbs - Panama | Statista Market Forecast

Revenue in the Salt & Other Spices market amounts to US$176.80m in 2024. The market is expected to grow annually by 7.26% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$11bn in 2024).
In relation to total population figures, per person revenues of US$39.04 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 9.26m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 6.9% in 2025.0.
The average volume per person in the Salt & Other Spices market is expected to amount to 1.6kg in 2024.

Definition:

The Spices and Culinary Herbs market covers salt, dried seeds, fruits, etc. that are added to food to modify the taste, scent, and color. Examples of culinary herbs include pepper, chilis, curry, parsley, rosemary, and thyme.

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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Salt, flavor salt
Spices (e.g. black pepper, paprika, cumin, coriander, cinnamon)
Culinary herbs (e.g. basil, parsley, rosemary, oregano

Seasonings
Out-of-home consumption

The Spices & Culinary Herbs Market in Panama is experiencing subdued growth, impacted by factors such as fluctuating consumer demand and limited availability of high-quality ingredients. Despite this, the market within The Food market is expected to continue growing due to increasing interest in international cuisine and the convenience of online shopping for spices and sauces.

Customer preferences: The global trend towards healthy eating has led to an increase in demand for organic and all-natural spices and culinary herbs. Consumers are now more conscious about the origin and production of their food, and are willing to pay a premium for high-quality, sustainably-sourced ingredients. This shift towards healthier and more environmentally-friendly options has also led to a rise in the popularity of local and ethically-sourced spices and herbs, as well as a growing interest in exotic and international flavors.

Trends in the market: In Panama, the Spices & Culinary Herbs Market is experiencing a surge in demand for locally-sourced and organic spices and herbs. This trend is driven by a growing preference for natural and sustainable food products among consumers. In addition, there is a rising interest in global cuisines, leading to an increase in demand for exotic spices and herbs. This trend is expected to continue, with industry experts predicting a steady growth in the market. For industry stakeholders, this presents an opportunity to expand their product offerings and cater to the evolving tastes and preferences of consumers. However, it also requires close attention to sourcing and production processes to maintain the quality and authenticity of these products.

Local special circumstances: In Panama, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by the country's rich biodiversity and diverse cultural influences. The use of local herbs and spices in traditional dishes has led to a thriving market for these products. Additionally, Panama's strategic location as a trade hub has enabled easy access to a wide variety of spices from neighboring countries, further contributing to the market's growth. Furthermore, the government's support for small-scale spice producers has also played a significant role in the market's success.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stability are experiencing higher demand for spices and culinary herbs, as consumers have more disposable income to spend on premium food products. Additionally, favorable trade policies and agreements have made it easier for countries to import and export spices, leading to increased competition and market growth. Moreover, the rising trend of healthy and natural ingredients in food products has also contributed to the growth of the spices and culinary herbs market, as consumers seek out flavorful and nutritious options.

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.