Panama’s sales of staple foods are buoyed by extensive urbanisation, the rise of modern grocery retailers and wider product selection. However, in the wake of the COVID-19 pandemic, the resumption of pre-pandemic lifestyles, Russia’s invasion of Ukraine, and rising inflation, declining disposable incomes led to a trading down, even within staple foods categories.
Substantial unit price increases across staple foods during 2023 put significant pressure on household incomes resulting in a more conservative approach to consumer spending. Manufacturers faced substantial increases in production and distribution costs and shortages in raw materials, exacerbating an already challenging situation in terms of increased packaging costs, rapid growth in utility bills and major interruptions to global logistics networks.
The working-class community in Panama typically consumes three meals per day, consisting of breakfast, lunch and dinner. Breakfast is usually fried and includes products such as eggs, tortillas (corn based), carimañola (a yuca- and meat-based pie), bread, empanadas and hojaldra (a flour-based fried bread).
During 2022, Panama’s GDP grew 11% and is expected to grow 4.4% in 2023 according to the IMF, making it one of the fastest growing economies in Latin America.
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. After a five-year investment plan worth USD13.
Over the forecast period, all categories of staple foods are expected to experience solid growth. However, the slowest growth will be in rice, pasta and noodles, due to its currently large penetration.
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Understand the latest market trends and future growth opportunities for the Staple Foods industry in Panama with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Staple Foods industry in Panama, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
NOTE: Couscous, polenta and quinoa are excluded from staple foods.See All of Our Definitions
This report originates from Passport, our Staple Foods research and analysis database.
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