Juices - Panama

The Juices market in Panama has been experiencing significant growth in recent years, driven by changing consumer preferences and local special circumstances.

Customer preferences: Panamanian consumers have shown a growing interest in healthy and natural beverages, which has contributed to the increasing demand for juices. There is a rising awareness about the importance of maintaining a balanced diet and leading a healthy lifestyle, leading consumers to seek out beverages that are perceived as nutritious and beneficial for their well-being. As a result, there has been a shift towards juices that are made from fresh fruits and vegetables, with no added sugars or artificial ingredients.

Trends in the market: One of the key trends in the Panamanian Juices market is the growing popularity of cold-pressed juices. Cold-pressed juices are made by using a hydraulic press to extract the maximum amount of juice from fruits and vegetables, ensuring that the nutrients and enzymes are preserved. This method of juicing is considered to be more beneficial for health-conscious consumers, as it retains more vitamins, minerals, and antioxidants compared to traditional juicing methods. The convenience of ready-to-drink cold-pressed juices has also contributed to their popularity, as they provide a quick and easy way for consumers to incorporate fruits and vegetables into their daily diet. Another trend in the Panamanian Juices market is the increasing demand for functional juices. Functional juices are formulated to provide specific health benefits, such as boosting immunity, improving digestion, or promoting detoxification. These juices often contain added ingredients like superfoods, herbs, or probiotics, which are believed to have medicinal properties. The demand for functional juices is driven by consumers who are looking for convenient and effective ways to improve their health and well-being.

Local special circumstances: Panama's tropical climate and abundant supply of fresh fruits and vegetables make it an ideal location for the production of juices. The country is known for its diverse range of fruits, including pineapple, passion fruit, mango, and guava, which are used to create a variety of flavorful and refreshing juices. The availability of locally grown fruits allows juice manufacturers to source high-quality ingredients at a lower cost, making their products more affordable for consumers.

Underlying macroeconomic factors: The growing Juices market in Panama is also influenced by macroeconomic factors, such as increasing disposable incomes and urbanization. As the economy continues to grow and more people move to urban areas, there is a greater demand for convenient and healthy food and beverage options. Additionally, the tourism industry in Panama has been thriving, attracting a large number of international visitors who are interested in experiencing the local cuisine and beverages. This has created opportunities for the Juices market to expand and cater to the preferences of both local and foreign consumers. In conclusion, the Juices market in Panama is experiencing growth due to changing customer preferences towards healthier and natural beverages, the popularity of cold-pressed and functional juices, the availability of locally grown fruits, and underlying macroeconomic factors such as increasing disposable incomes and urbanization.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level 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 Non-Alcoholic Drinks 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.