Cheese and curd market in Panama

Earlier Report Observations

Between 2018 and 2020, Panama's cheese market volume remained stable at around 42,500 tons annually. During this period, two major companies, Kraft and Lavery, sourced 30–35% of PROLACSA's output for processed cheese, reinforcing domestic supply chains. The COVID-19 pandemic in 2020 boosted mozzarella sales through hotels and restaurants and accelerated the adoption of social media and home-delivery platforms, though overall market size changed little.

The market expanded notably in 2021, reaching 45,033 tons, a 6% increase from the previous year. It then held steady near 45,000 tons in 2022.

In 2023, the market contracted by 6% to 42,239 tons. This coincided with Panama's imposition of safeguard measures on imports of cheddar, mozzarella, and curd to shield domestic producers under the trade agreement with the United States. Higher energy costs and reduced imports of cheddar curd from the U.S. and New Zealand also contributed to price increases. By 2024, imports had recovered to 16,409 tons, while exports remained minimal, indicating sustained demand met largely by the country's 37 local cheese plants, concentrated in Azuero and Chiriquí.

Production cheese and curd in Panama

In kind, 2017-2020, t

Top producers of cheese and curd, 2017-2020

World map of production of cheese and curd, 2017-2020

Cheese and curd production in Panama has increased for the second consecutive year. In 2020, Panama produced 29 430 tonnes of cheese and curd, marking a 3.7% year-over-year rise. The lowest production level was recorded in 2018 at 27 774 tonnes, which also saw the largest decline of 4.9%.

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

In value, 2017-2020, M $ US

Following a two-year contraction, cheese and curd production in Panama has rebounded. In 2020, the output was valued at 147.5 million US dollars, representing a significant 11.3% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 6.8%, with a compound annual growth rate of 2.2%. The lowest value was recorded in 2019 at 132.5 million US dollars, which also experienced the largest decline of 2.5%.

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

Exports cheese and curd from Panama

Exports in kind, t

After a two-year decline, cheese and curd exports from Panama have increased. In 2020, Panama exported 787 tonnes of cheese and curd, reflecting a moderate 5.5% rise from 2019. However, over the period from 2017 to 2020, exports decreased by 32.6%, with a compound annual growth rate of -12.3%. The lowest export volume was recorded in 2019 at 746 tonnes, while the largest decline occurred in 2018 at 35.0%.

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

From 2017 to 2020, Costa Rica was the dominant destination for Panama's cheese and curd exports in kind, accounting for 87.3% of total flows, with the remaining share distributed among a fragmented group of other markets.

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

Following a two-year reduction, cheese and curd exports from Panama have increased. In 2020, Panama exported cheese and curd worth 3 947 thousand US dollars, which is 13.3% higher than the previous year. Between 2017 and 2020, exports decreased by 28.5%, equating to an annualized rate of -10.6%. The lowest value was recorded in 2019 at 3 485 thousand US dollars, while the largest decline occurred in 2018 at 32.7%.

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

From 2017 to 2020, Costa Rica was the primary buyer of cheese and curd from Panama in value terms, taking 86.6% of total exports, with a diversified group of other countries accounting for the remainder.

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

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

Imports cheese and curd to Panama

Imports in kind, t

Cheese and curd imports into Panama have declined for the second consecutive year. In 2020, Panama imported 13 888 tonnes of cheese and curd, down by 7.1% compared to 2019. The highest import volume was recorded in 2018 at 15 164 tonnes, which also saw the largest increase of 8.4%.

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

Throughout 2017 to 2020, the United States (50.5% of imports in kind), New Zealand (20.6% of imports in kind), and Poland (9.8% of imports in kind) were the main sources for cheese and curd imports into Panama, jointly accounting for 80.8% of total flows.

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 cheese and curd imports have increased for the third consecutive year. In 2020, imports reached 71 595 thousand US dollars, remaining broadly stable compared to 2019. Between 2017 and 2020, imports grew by 6.2%, equating to an annualized rate of 2.0%.

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

Throughout 2017 to 2020, the United States (52.3% of imports in value terms), New Zealand (16.4% of imports in value terms), and Poland (8.2% of imports in value terms) were the key partners for cheese and curd imports into Panama, together accounting for 76.8% of total flows.

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

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