Lard and poultry fats market in Panama

Earlier Report Observations

In 2018, Panama produced 8 724 t of lard and poultry fats, with market volume reaching 8 391 t. This initial level was supported by agricultural regulations enacted in February 2018 to strengthen the livestock sector and ensure national food security. Production then declined to 8 070 t in 2019 and fell sharply to 5 620 t in 2020, reducing market volume to 5 108 t.

The market showed a partial recovery from 2021. Production increased to 6 507 t that year, coinciding with the September 2021 creation of the Panamanian Food Authority (APA), which established new registration and labeling rules for edible animal fats and regulated agro-industrial exports. This regulatory shift occurred alongside a surge in exports, which reached 1 574 t in 2021, keeping domestic market volume constrained at 4 936 t. By 2022, production rose further to 7 440 t, while market volume recovered to 5 792 t as exports remained high at 1 653 t.

In 2023, production decreased to 6 744 t and market volume fell to 5 001 t. This decline took place despite reported growth in the poultry sector. The local industry highlighted pressure from unfair competition, specifically from tariff-free, subsidized poultry and pork imports from the United States, which affected domestic producers. For 2024, market dynamics continued to be shaped by increased import competition, including the opening of the market to chicken and pork from Brazil.

Production lard and poultry fats in Panama

In kind, 2017-2020, t

Top producers of lard and poultry fats, 2017-2020

World map of production of lard and poultry fats, 2017-2020

Panama's production of lard and poultry fats has declined for the second year in a row. In 2020, the country produced 5 620 tons, representing a sharp year-over-year decrease of 30.4%. Looking at the period from 2017 to 2020, production fell by 30.6%, which translates to an average annual decline of 11.4%. The highest production level was recorded in 2018 at 8 724 tons, when output increased by 7.8%.

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

Exports lard and poultry fats from Panama

Exports in kind, t

In 2020, Panama exported 515.8 tons of lard and poultry fats, showing a substantial year-over-year increase of 382.9%. From 2017 to 2020, exports grew by 637.4%, with an average annual growth rate of 94.6%.

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

Between 2017 and 2020, Honduras and Costa Rica were the clear leaders in Panama's exports by volume, together accounting for 99.8% of total shipments.

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

In 2020, Panama's exports of lard and poultry fats reached 407.5 thousand US dollars, up 371.8% from the previous year. Over the 2017-2020 period, export value increased by 579.8%, with an average annual growth rate of 89.4%.

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

From 2017 to 2020, Honduras and Costa Rica dominated Panama's export market in value terms, together holding a 99.8% share 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 lard and poultry fats to Panama

Imports in kind, t

In 2020, Panama imported 4.2 tons of lard and poultry fats, marking a significant year-over-year increase of 64.4%. Over the 2017-2020 period, imports rose by 21.6%, with an average annual growth rate of 6.8%. The lowest import volume was recorded in 2019 at 2.6 tons, while the highest was in 2018 at 4.8 tons. The largest decline occurred in 2019, when imports fell by 46.3%.

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

Between 2017 and 2020, the United States was the primary source of Panama's imports by volume, accounting for 88.0% of total flows, with other markets making up the remainder.

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

The market showed notable fluctuations during this period. In 2020, Panama's imports of lard and poultry fats reached 14.5 thousand US dollars, a steep increase of 104.7% compared to the previous year. The lowest value was recorded in 2019 at 7.1 thousand US dollars, representing a decline of 47.6% that year. Overall, imports peaked in 2020 and hit their lowest point in 2019, with a two-fold difference between these years.

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

From 2017 to 2020, the United States dominated Panama's import market in value terms, holding a 91.0% share 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