Cooking ingredients and meals slowed in volume terms in 2023 while value sales rose strongly due to rising inflation. Substantial unit price increases put significant pressure on household incomes, resulting in a more conservative approach to consumer spending.
During 2023, the country experienced a decrease in volume sales of cooking ingredients and meals. Sales rose in 2020 at the height of the pandemic and the implementation of home seclusion, as these circumstances created more consumption occasions at home.
Cooking ingredients and meals are mainly purchased through modern grocery retailers, which are enjoying an increase in share each year. In Panama, most food purchases are made by women, with the custom of stocking up for one or two weeks maximum.
Panama’s GDP grew by 11% in 2022 with 4.4% growth expected in 2023, which will make it the fastest growing economy in LATAM.
Panama’s infrastructure is among the best in Latin America, with a good network of roads, railroads and several international airports, although roads in rural areas remain poor. In 2013, the President introduced a five-year investment plan worth USD13.
Price increases are expected to continue until global supply issues are resolved or improve in relation to raw materials and the price of fuel. Thus, consumption levels of cooking ingredients and meals are anticipated to be moderate over the forecast period in line with shrinking disposable incomes.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Panama with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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