Key Market Indicators
In a remarkable surge, Panamanian pet food imports skyrocketed to approximately 208,000 kilograms in 2016, up from around 43,000 kilograms in 2015. This represents an astonishing increase of 386% compared to the previous year. However, this spike in demand is set against a longer-term trend of decline. Since the year 2000, Panamanian demand for pet food has decreased by over 60% on a year-on-year basis. On the export front, Panamanian pet food exports are projected to decline significantly. By 2021, exports are expected to fall to roughly 6,700 kilograms, down from about 36,000 kilograms in 2016. This marks an average annual drop of 24%. Looking back further, since 2002, Panamanian pet food supply has been decreasing steadily, with an annual reduction rate of approximately 22%.
