Fresh Vegetables - Panama

Panama

Highlights

Revenue in the Fresh Vegetables market amounts to US$978.70m in 2024. The market is expected to grow annually by 6.67% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$216.10 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 648.70m kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 5.9% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 113.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables Market in Panama has been experiencing minimal growth, influenced by factors such as fluctuating consumer preferences, limited agricultural innovation, and challenges in supply chain logistics that hinder market expansion.

Customer preferences: Consumers in Panama are increasingly prioritizing fresh and locally sourced vegetables, reflecting a growing awareness of health and sustainability. This trend is fueled by a younger demographic that values organic produce and is more inclined to support local farmers. Additionally, urbanization has led to a rise in home gardening and community-supported agriculture initiatives, as individuals seek to reconnect with their food sources. Furthermore, social media is amplifying the demand for visually appealing, nutritious meals, driving interest in diverse vegetable varieties and innovative cooking methods.

Trends in the market: In Panama, the Fresh Vegetables Market is experiencing a significant shift towards organic and locally sourced produce, driven by a heightened consumer awareness of health and sustainability. This trend is particularly resonant among younger consumers, who actively seek out farmers' markets and community-supported agriculture initiatives. Additionally, urban gardening is gaining popularity, reflecting a desire for fresh ingredients and a connection to food origins. Social media plays a crucial role in promoting these trends, as visually appealing dishes encourage experimentation with diverse vegetable varieties, ultimately influencing purchasing decisions and market dynamics.

Local special circumstances: In Panama, the Fresh Vegetables Market is shaped by its rich biodiversity and favorable climate, allowing for year-round cultivation of diverse produce. Local traditions emphasize the use of fresh ingredients in traditional dishes, fostering a strong demand for fresh vegetables. Additionally, government initiatives promoting sustainable agriculture and organic farming practices support local farmers. The cultural significance of food in Panamanian society encourages community engagement through farmers' markets, enhancing consumer trust and preference for locally sourced vegetables, thereby driving market growth.

Underlying macroeconomic factors: The Fresh Vegetables Market in Panama is significantly influenced by macroeconomic factors such as national economic stability, trade policies, and agricultural investment. Panama's robust economic growth, supported by a strategic position in global trade, enhances access to international markets for local produce. Favorable fiscal policies, including subsidies for sustainable agriculture, incentivize farmers to adopt eco-friendly practices. Additionally, global trends towards health and wellness are increasing consumer demand for fresh vegetables, while fluctuating commodity prices and climate change pose challenges that can impact supply and pricing dynamics in the 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.