COUNTRY PROFILE
Discover more about the Panama market including overviews about the retail, food service, and food processing sectors. Events, resources, and more are linked throughout the profile.
2nd
largest export market in Central America for processed food products from the U.S.
$483.3 Million
In 2024, U.S. processed food exports to Panama inched up 1% at US$483.3 million.
USDA’s Office of Agricultural Affairs, OAA, in Panama City, hereinafter referred to as
“FAS Post Panama City” reports Panama is an attractive market for exporting U.S. agricultural food products. With a 2024 population of 4.4 million (CIA World Factbook Est.) its culturally diverse population, geographical location, and love for American food and culture provide for increasing export opportunities for U.S. high value food and beverage products. Panama has an ambitious public infrastructure plan and an expanding services sector that benefits from the country’s emerging role as a regional hub for trade.
Panama is the second largest export market in Central America for processed food products from the U.S. In 2024, U.S. processed food exports to Panama inched up 1% at US$483.3 million.
Top processed food exports to Panama in 2024 included:
$3.4 Billion
estimated total of retail sales of packaged food products in 2024
11,000
independent grocery and convenience stores in Panama approximately
$4.5 Billion
estimated growth in sales of packaged food products by 2029
Euromonitor has estimated that the retail sales of packaged food products in Panama reached just over US$3.4 billion in 2024. They also forecast the packaged food market to grow to US$4.5 billion by 2029.
FAS Post Panama City reports that Supermarkets, hypermarkets, and independent food stores dominate the grocery sector in Panama. Supermarket chains are opening new stores in populated areas across the country and offering online grocery shopping and delivery services. There are more store brands in these chains and the brands allow retailers to offer customers more choice. High-end and specialty retail outlets continue to grow. Independent grocery and convenience stores are also opening stores in local neighborhoods.
FAS Post Panama City reports that high growth categories for U.S. processed food products include snacks, processed meats, seafood, sauces, and condiments, processed fruits, vegetables, and dairy products. In recent years, the consumption of more convenience and healthy foods has been a trend that resulted in good prospects for U.S. food exports.
FAS Post Panama City reports that the Hotel, Restaurant, Intuitional (HRI) industry in Panama has been experiencing growth, particularly as the country continues to develop Panama as a tourist destination. Part of the innovation in the ecosystem is the promotion of “meeting or convention tourism,” which includes travel and hospitality, convention and visitor’s bureau, corporate meeting planning, event venues, equipment providers, among others. Due to expanding tourism, growing immigration, and higher consumer purchasing power, the selection of restaurants and international cuisine is expected to continue to grow.
FAS Post Panama City reports that high-value products offer good market opportunities in Panama, especially ready-made or convenience food, wholesome and healthy products. A list of favorite imports from the HRI sector includes beef, dairy products, beer, wine and spirits, delicatessen, condiments and food ingredients, pre-cooked potatoes, snacks, frozen or ready-made food, seafood, cheese, vegetable oil, frozen vegetables, ready to eat single meals and rice, pasta and noodles, and drink mixes.
4th
largest market in Central America for U.S. agricultural products exports.
#1
trading partner is the U.S. in the food processing industry
$966.9 Million
U.S. total exports of agricultural and related products to Panama totaled $966.9 million in 2024
FAS Post Panama City reports that Panama has long imported a large percentage of its food and beverage supply, given the relative weakness of its agricultural production and manufacturing sector. Panama’s roughly 150 food processing companies include dairy, meat and poultry, fishery products, fruits, beverages and spirits, bakery, snacks, and pet food, among others.
Customs clearance is relatively fast and straightforward. Panama has a dollar-based economy, good transportation infrastructure and telecommunication systems, state-of-the art modern ports and excellent access to shipping and air transport.
Opportunities for U.S.– origin ingredient suppliers are in demand as the Panamanian industry is benefiting from the latest trends of substitute plant-based alternatives and consumer dietary preferences for processed food from whole grains, legumes, vegetables, fruits, seeds, and nuts.
