Panama: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Panama

The Panamanian market for condensed or evaporated milk (sweetened) was estimated at $X in 2022, stabilizing at the previous year. Over the period under review, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -16.4% against 2020 indices. Sweetened condensed and evaporated milk consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Condensed Or Evaporated Milk (Sweetened) in Panama

In value terms, sweetened condensed and evaporated milk production rose notably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 47%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Panama

Sweetened condensed and evaporated milk exports from Panama skyrocketed to X tons in 2022, increasing by 36% on the previous year's figure. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 531% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports skyrocketed to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 725% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Bermuda (X tons) was the main destination for sweetened condensed and evaporated milk exports from Panama, with a 86% share of total exports. Moreover, sweetened condensed and evaporated milk exports to Bermuda exceeded the volume sent to the second major destination, Guatemala (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bermuda was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-4.1% per year) and El Salvador (-4.0% per year).

In value terms, Bermuda ($X) emerged as the key foreign market for condensed or evaporated milk (sweetened) exports from Panama, comprising 92% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 5.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bermuda was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-7.8% per year) and El Salvador (+4.0% per year).

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, surging by 10% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 31%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+8.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Panama

In 2022, overseas purchases of condensed or evaporated milk (sweetened) decreased by -83.7% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 425%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk imports contracted markedly to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2017 with an increase of 599% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) was the main sweetened condensed and evaporated milk supplier to Panama, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +50.5%.

In value terms, the United States ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Panama.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +53.7%.

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, approximately mirroring the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk import price decreased by -9.1% against 2020 indices. The growth pace was the most rapid in 2013 when the average import price increased by 58%. Over the period under review, average import prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Belize amounted to +36.5% per year.

Source: IndexBox Platform

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