High inflation and rising living costs continue to put pressure on household incomes in 2024 which is negatively impacting sales of dairy products and alternatives. Manufacturers are also facing rising production and distribution costs, raw material shortages, such as animal feed, which is crucial in dairy, as well as increasing utility bills.
According to the Association of Dairy Cattle Producers in Panama (APROGALPA), dairy producers are facing significant challenges due to the high cost of inputs, the lack of state protection and the impact of climate change (lack of rain). This has forced some businesses to close as they are no longer financially viable.
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).
Panama’s real GDP grew by 5.8% in 2023 and it is expected to grow by 3.
Road blockades in Panama in Paso Canoas (frontier of Panama and Costa Rica) at the end of 2023 in response to the rejection of a mining contract interrupted the country's trade with Central America and affected its logistics system, which is closely linked to South American trade. According to trade press, protests and road blockades were mainly seen in the agricultural and livestock producing areas of the country.
Dairy products and alternatives is projected to see a return to growth in retail volume terms over the forecast period with economic pressures expected to ease and prices predicted to stabilise. Nonetheless, consumers will likely continue to look for value for money with players likely to respond by offering discounts or added-value features (such as health and wellness claims), while private label products are also expected to see growing demand.
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Dairy Products and Alternatives
This report originates from Passport, our Dairy Products and Alternatives research and analysis database.
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