Panama: Wine Market 2024

Wine Market Size in Panama

The Panamanian wine market surged to $X in 2022, growing by X% against the previous year. In general, consumption enjoyed a significant increase. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Wine Production in Panama

In value terms, wine production shrank modestly to $X in 2022 estimated in export price. Overall, production saw a perceptible decrease. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

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Wine Exports

Exports from Panama

In 2022, the amount of wine exported from Panama shrank significantly to X litres, which is down by X% compared with 2021 figures. Over the period under review, exports continue to indicate a dramatic contraction. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X litres. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wine exports shrank notably to $X in 2022. Overall, exports faced a deep reduction. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X litres) was the main destination for wine exports from Panama, accounting for a X% share of total exports. Moreover, wine exports to the Netherlands exceeded the volume sent to the second major destination, Venezuela (X litres), twofold. Colombia (X litres) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Colombia (X% per year).

In value terms, the largest markets for wine exported from Panama were the Netherlands ($X), Colombia ($X) and Venezuela ($X), together comprising X% of total exports. Costa Rica, Uruguay, the United States, Chile, the Dominican Republic, Free Zones, El Salvador, Belgium, Cuba and Ecuador lagged somewhat behind, together comprising a further X%.

Cuba, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average wine export price stood at $X per litre in 2022, rising by X% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wine export price increased by X% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per litre), while the average price for exports to the Netherlands ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Free Zones (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Panama

In 2022, the amount of wine imported into Panama rose to X litres, picking up by X% compared with 2021 figures. In general, imports showed strong growth. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, imports attained the peak of X litres. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, wine imports amounted to $X in 2022. Overall, imports showed a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X litres) constituted the largest supplier of wine to Panama, accounting for a X% share of total imports. Moreover, wine imports from Chile exceeded the figures recorded by the second-largest supplier, Spain (X litres), twofold. The third position in this ranking was held by Italy (X litres), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from Chile amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Italy (X% per year).

In value terms, the largest wine suppliers to Panama were Chile ($X), Spain ($X) and France ($X), together comprising X% of total imports. The United States, Argentina, Italy, Free Zones and Belgium lagged somewhat behind, together comprising a further X%.

Free Zones, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wine import price stood at $X per litre in 2022, rising by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per litre), while the price for Belgium ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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