Panama

The consumption analysis below estimates tax stamp volumes based on Euromonitor consumption data:

Growth Analysis Table: Shows estimated tax stamp volumes for the selected period with compound annual growth rates (CAGR). Product status is indicated by colored badges: Cigarettes = active tax stamp program, Cigarettes = active non-tax program, Cigarettes = no marking (potential opportunity).

Category Summary Table: Aggregates volumes by product category (Tobacco, Alcoholic Beverages, etc.) and provides country totals where product types share compatible volume units.

Volume Calculations: Tax stamp volumes are calculated using standard packaging sizes (e.g., packs for cigarettes, bottles for alcohol). These packaging parameters convert consumption volumes into estimated stamp requirements. See the detailed yearly tables for specific packaging sizes used.

Illicit Trade: Where available, Euromonitor provides both total and legal (tax-paid) cigarette volumes. Tax stamp estimates use legal volumes only, as these represent the legitimate market requiring stamps. The difference indicates illicit trade volume.

Volume Units: Values use colored badges to indicate scale: Millions for millions of units, Thousands for thousands of units. Detailed yearly data shows specific pack/bottle sizes used in calculations.