Beef and buffalo meat market in Panama

Earlier Report Observations

From 2018 to 2020, Panama's beef and buffalo meat market experienced notable shifts. In 2018, the market volume held steady at around 71,400 t despite pressures on domestic supply from livestock smuggling to Costa Rica and temporary sanitary restrictions on live cattle exports. By 2020, market volume dropped to 65,406 t, a decline that occurred alongside broader economic disruptions, although overall meat production was reported as stable.

The market rebounded in 2021, reaching 71,359 t, largely driven by substantial government purchases of beef for social programs, which bolstered demand from national producers. Growth continued into 2022, with volume climbing to 73,588 t, supported by the targeted promotion of premium buffalo meat cuts that highlighted nutritional benefits and expanded consumer options.

In 2023, market volume eased slightly to 73,094 t. During this period, the government maintained its support through domestic meat procurement, while the buffalo segment gained visibility via industry workshops emphasizing its role in food security, helping to sustain overall market activity.

Production beef and buffalo meat in Panama

In kind, 2017-2020, t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

Panama's beef and buffalo meat production volume declined after two years of growth. In 2019, production reached its peak at 74 176 tons, marking the largest increase of 5.4% during the period. However, in 2020, output fell to 71 213 tons, representing a modest decrease of 4.0% compared to the previous year.

Annual dynamics of production in Panama in kind, 2017-2020, t

In value, 2017-2020, M $ US

Panama's beef and buffalo meat production value declined following two years of increases. In 2019, production hit its highest point at 301.2 million US dollars, with the largest growth of 4.6% recorded in 2018. By 2020, the value dropped to 275.0 million US dollars, equivalent to an 8.7% fall from 2019. Overall, between 2017 and 2020, production decreased by 4%, averaging an annualized decline of 1.4%.

Annual dynamics of production in Panama in value, 2017-2020, M $ US

Exports beef and buffalo meat from Panama

Exports in kind, t

Panama's beef and buffalo meat exports grew for the second consecutive year. In 2018, exports hit their lowest point at 4 684 tons, with the largest decline of 0.7% occurring that year. However, in 2019, exports surged by 60.2%, and in 2020, they reached 7 772 tons, showing a measured advance of 3.6% over the previous year. From 2017 to 2020, exports increased by 64.8%, with a compound annual growth rate of 18.1%.

Annual dynamics of product's exports from Panama in kind, 2017-2020, t

From 2017 to 2020, China, Asia not elsewhere specified, and Jamaica were the key destinations for Panama's beef and buffalo meat exports in volume terms. China accounted for 38.9% of exports, Asia not elsewhere specified for 29.0%, and Jamaica for 7.6%, together making up 75.5% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Panama in kind, 2017-2020

Exports in value, K $ US

Panama's beef and buffalo meat export value declined after two years of growth. In 2019, exports peaked at 30 470 thousand US dollars, with the largest increase of 52.7% recorded that year. In 2020, exports fell to 30 017 thousand US dollars, indicating a slight reduction of 1.5% compared to 2019. Over the period from 2017 to 2020, exports increased by 55.6%, averaging an annualized growth rate of 15.9%.

Annual dynamics of product's exports from Panama in value, 2017-2020, K $ US

Between 2017 and 2020, China, Asia not elsewhere specified, and El Salvador formed the main group of destinations for Panama's beef and buffalo meat exports in value terms. China represented 36.5% of exports, Asia not elsewhere specified 31.3%, and El Salvador 8.7%, collectively accounting for 76.4% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Panama in value, 2017-2020

Imports beef and buffalo meat to Panama

Imports in kind, t

Panama's beef and buffalo meat import volumes declined for the third consecutive year. In 2020, imports amounted to 1 965 tons, reflecting a sharp reduction of 59.1% compared to 2019. Over the period from 2017 to 2020, imports decreased by 70.9%, with a compound annual decline rate of 33.7%.

Annual dynamics of product's imports to Panama in kind, 2017-2020, t

From 2017 to 2020, Nicaragua and the United States were the primary sources for Panama's beef and buffalo meat imports in volume terms, jointly accounting for 88.8% of total flows, while the remaining share was distributed among other markets.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Panama in kind, 2017-2020

Imports in value, K $ US

Panama's beef and buffalo meat import value declined for the third year in a row. In 2020, imports totaled 14 246 thousand US dollars, showing an intense contraction of 50.1% from 2019. Between 2017 and 2020, imports decreased by 59%, equating to an annualized decline rate of 25.7%.

Annual dynamics of product's imports to Panama in value, 2017-2020, K $ US

During 2017–2020, the United States and Nicaragua were the two leading markets for Panama's beef and buffalo meat imports in value terms, together accounting for 91.0% of total imports, with the remainder spread across a wide range of other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Panama in value, 2017-2020