eCommerce market in Panama
Panama is the 72nd largest market for eCommerce with a predicted revenue of US$1,656.2 million by 2023, placing it ahead of Uzbekistan. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.7%, resulting in a projected market volume of US$2,868.7 million by 2027. With an expected increase of 20.5% in 2023, the Panamanian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Panama, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Panamanian eCommerce market. Food & Personal Care is the largest market and accounts for 27.3% of the Panamanian eCommerce revenue. It is followed by Fashion with 26.7%, Electronics & Media with 23.7%, Furniture & Appliances with 14.8%, and Toys, Hobby & DIY with the remaining 7.5%.
Market development
eCommerce revenue development in Panama
Panama is the 72nd largest market for eCommerce with a predicted revenue of US$1,656.2 million by 2023, placing it ahead of Uzbekistan. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.7%, resulting in a projected market volume of US$2,868.7 million by 2027. With an expected increase of 20.5% in 2023, the Panamanian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Panama, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Panamanian eCommerce market. Food & Personal Care is the largest market and accounts for 27.3% of the Panamanian eCommerce revenue. It is followed by Fashion with 26.7%, Electronics & Media with 23.7%, Furniture & Appliances with 14.8%, and Toys, Hobby & DIY with the remaining 7.5%.
eCommerce revenue development in Panama
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 80.9 | 87.3 | 32.0 | 32.4 | 73.6 | 37.7 | 0.1 | 75.1 |
| AOV (in US$) | 71.5 | 30.2 | 45.2 | 66.8 | 82.9 | 13.8 | 23.1 | 31.7 |
| CVR (in %) | 80.9 | 87.3 | 32.0 | 32.4 | 73.6 | 37.7 | 0.1 | 75.1 |
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