Vegetables - Panama

Panama

Highlights

Revenue in the Vegetables market amounts to US$1.27bn in 2024. The market is expected to grow annually by 6.59% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$281.30 are generated in 2024.
In the Vegetables market, volume is expected to amount to 800.00m kg by 2029. The Vegetables market is expected to show a volume growth of 5.8% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 141.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market in Panama is experiencing minimal growth, influenced by factors such as fluctuating agricultural productivity, changing consumer preferences towards fresh produce, and the rising demand for convenience in processed options.

Customer preferences: Consumers in Panama are increasingly prioritizing health and wellness, leading to a heightened interest in organic and locally sourced vegetables. This shift is influenced by a growing awareness of the benefits of fresh produce, particularly among younger demographics who value sustainability and environmental impact. Additionally, urbanization is driving demand for convenient, ready-to-eat vegetable options, as busy lifestyles prompt a preference for quick meal solutions. Social media also plays a role, with influencers promoting plant-based diets and innovative vegetable recipes, further shaping consumer habits.

Trends in the market: In Panama, the vegetables market is experiencing a significant shift towards organic and locally sourced produce, driven by consumers' increasing prioritization of health and wellness. This trend is particularly evident among younger demographics, who are more conscious of sustainability and environmental impact. Additionally, urbanization is fueling demand for convenient, ready-to-eat vegetable options as busy lifestyles necessitate quick meal solutions. The influence of social media is notable, with influencers advocating for plant-based diets and innovative vegetable recipes, shaping consumer preferences and behaviors. This evolving landscape presents both opportunities and challenges for industry stakeholders, who must adapt to meet changing consumer demands and preferences.

Local special circumstances: In Panama, the vegetables market is shaped by its diverse geography, which supports a rich variety of local produce, including tropical vegetables unique to the region. Cultural traditions favor fresh, home-cooked meals, enhancing the appeal of locally sourced ingredients. Additionally, regulatory initiatives promoting organic farming practices are gaining traction, aligning with global sustainability goals. The proliferation of farmers' markets fosters community engagement and supports small-scale farmers, driving consumer interest in fresh, organic options while differentiating Panama's market from others in the region.

Underlying macroeconomic factors: The vegetables market in Panama is significantly influenced by macroeconomic factors such as national economic stability, trade policies, and global food prices. A robust national economy fosters consumer spending, leading to greater demand for fresh produce. Trade agreements enhance access to international markets, allowing local farmers to export unique tropical vegetables. Furthermore, fluctuating global food prices impact local pricing strategies, with rising costs pushing consumers towards local, sustainably sourced options. The government's support for agricultural innovation and organic practices also plays a crucial role, aligning with global trends towards healthier eating and sustainability, ultimately driving growth in the vegetables 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.