Cooking ingredients and meals slowed in volume terms in 2022 while value sales rose strongly due to rising inflation. Hard-pressed consumers were forced to rein in their spending and focus on products of greater necessity.
During 2022, 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.
The population of Panama continued to grow in 2022 despite a contraction in the birth rate. Over 69% of the population live in the urban areas of Panama where there is a wider presence of modern grocery retailers, such as supermarkets and hypermarkets, and incomes are generally higher.
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.
Sales of cooking ingredients and meals are expected to grow over the forecast period, with meals and soups experiencing the strongest growth. Much of this will stem from the growing popularity of shelf stable and frozen ready meals, due to a larger variety of products available, wider distribution and growing demand for convenience, especially among busy, urban, middle-class households.
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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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