Dairy products and alternatives saw positive growth in 2022 as society reopened. However, sales were constrained by rising unit prices caused by an increase in raw material costs, such as wheat, raw milk, sugar and oil, as well as rising fuel prices, while the war in Ukraine led to an increase in logistics costs.
Some dairy products experienced a contraction in sales in 2021 due to COVID-19 while others grew. The individual performance was dependent on category maturity and how much the products were consumed at home prior to the pandemic.
During 2022, children returned to the classroom while parents went back to their places of work. This led to growth in disposable incomes which thereby boosted sales of dairy products and alternatives.
The population of Panama continued to grow in 2022 despite a contraction in the birth rate. Nevertheless, despite a declining birth rate sales of packaged baby food continued to record healthy growth over the review period, with milk formula remaining a particularly popular product.
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.
Over the forecast period, sustained growth in consumption of dairy products and alternatives is expected, associated with continued economic expansion in the country. Products such as baby food, which have historically been associated with the level of family income, will suffer an imperceptible reduction from a further decline in the birth rate.
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Dairy Products and Alternatives
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