Cereals - Mexico

Mexico

Gross production value in Cereals market is projected to amount to US$7.80bn in 2024. An annual growth rate of 2.80% is expected (CAGR 2024-2028), resulting in gross production value of US$8.71bn in 2028.
The import value in Cereals market is projected to amount to US$7.4bn in 2024. An annual growth rate of 8.37% is expected (CAGR 2024–2028).
The export value in Cereals market is projected to amount to US$0.7bn in 2024. An annual growth rate of 2.55% is expected (CAGR 2024–2028).

Key regions: Germany, Italy, Brazil, United States, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Cereals market in Mexico has been experiencing significant growth in recent years.

Customer preferences: Mexican consumers have been increasingly interested in healthier food options, which has led to a rise in demand for cereals that are high in fiber and protein. Additionally, there has been a growing preference for organic and natural products, which has also impacted the cereal market.

Trends in the market: One trend that has emerged in the Mexican cereal market is the introduction of new flavors and varieties. Manufacturers have been experimenting with local flavors and ingredients to cater to the Mexican palate. Additionally, there has been a trend towards smaller, more convenient packaging that is suitable for on-the-go consumption.Another trend that has impacted the cereal market in Mexico is the rise of e-commerce. Online shopping has become increasingly popular in Mexico, and this has allowed consumers to access a wider range of cereal products that may not be available in traditional brick-and-mortar stores.

Local special circumstances: Mexico is a large producer of corn, which is a key ingredient in many cereal products. This has helped to keep production costs low for manufacturers, which has allowed them to offer competitive pricing to consumers. Additionally, Mexican consumers have a strong preference for locally produced goods, which has helped to support the domestic cereal industry.

Underlying macroeconomic factors: Mexico has experienced steady economic growth in recent years, which has helped to boost consumer spending. Additionally, the country has a large and growing population, which has created a significant market for cereal manufacturers. These underlying macroeconomic factors have helped to create a favorable environment for the growth of the cereal market in Mexico.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.