In 2024 cooking ingredients and meals performed well, despite several challenges, including drought in the Panama Canal, which caused an increase in transit times, reduced container productivity and led to product shortages and price hikes. As a result, many consumers began downtrading and reduced unnecessary expenditure.
The performance of cooking ingredients and meals in 2024 continued to be shaped by consumer demand for convenience when cooking at home, especially with regard to products that are frequently used. While foodservice rebounded in the immediate aftermath of the pandemic, foodservice slowed slightly in 2024 as consumers reined in their spending, with many opting to cook at home once more.
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.
According to the International Monetary Fund, Panama’s GDP grew 7.5% in 2023 but is expected to slow to 2.
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. Between 2013 and 2018, a five-year investment plan worth USD13.
Cooking ingredients and meals will remain essential products for consumers when preparing meals at home, a characteristic that will continue to support sales over the forecast period. However, value sales will be hampered by the increasing presence of private label products as consumers and businesses are expected to remain cautious about spending due to the potential uncertainty arising from the economic landscape.
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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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