Cheese and Curd Price in Mexico Shrinks Modestly to $4,568 per Ton

Mexico Cheese and Curd Import Price in October 2022

In October 2022, the cheese and curd price stood at $4,568 per ton (CIF, Mexico), which is down by -17.3% against the previous month. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in September 2022 an increase of 24% against the previous month. As a result, import price reached the peak level of $5,523 per ton, and then shrank dramatically in the following month.

Prices varied noticeably by the country of origin: the country with the highest price was the Netherlands ($6,383 per ton), while the price for the United States ($4,125 per ton) was amongst the lowest.

From January 2022 to October 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Mexico Cheese and Curd Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In October 2022, the product with the highest price was cheese, blue-veined (not grated, powdered or processed) ($7,701 per ton), while the price for cheese, other than blue-veined, grated, powdered or processed ($4,421 per ton) was amongst the lowest.

From January 2022 to October 2022, the most notable rate of growth in terms of prices was attained by processed cheese (excluding grated or powdered) (+5.3%), while the prices for the other products experienced more modest paces of growth.

Mexico Cheese and Curd Imports

In October 2022, approximately 7.9K tons of cheese and curd were imported into Mexico; dropping by -24.6% compared with the month before. Overall, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in February 2022 with an increase of 175% m-o-m. Over the period under review, imports hit record highs at 15K tons in August 2022; however, from September 2022 to October 2022, imports remained at a lower figure.

In value terms, cheese and curd imports declined remarkably to $36M (IndexBox estimates) in October 2022. In general, imports, however, saw strong growth. The pace of growth was the most pronounced in February 2022 with an increase of 177% m-o-m. Imports peaked at 75K tons in June 2022; however, from July 2022 to October 2022, imports stood at a somewhat lower figure.

Mexico Cheese and Curd Imports by Type

In October 2022, cheese, other than blue-veined, grated, powdered or processed (7.1K tons) constituted the largest type of cheese and curd supplied to Mexico, accounting for a 89% share of total imports. Moreover, cheese, other than blue-veined, grated, powdered or processed exceeded the figures recorded for the second-largest type, fresh cheese (unripened or uncured cheese), including whey cheese and curd (732 tons), tenfold. The third position in this ranking was held by processed cheese (excluding grated or powdered) (73 tons), with a 0.9% share.

From January 2022 to October 2022, the average monthly growth rate of the volume of import of cheese, other than blue-veined, grated, powdered or processed amounted to +7.6%. With regard to the other supplied products, the following average monthly rates of growth were recorded: fresh cheese (unripened or uncured cheese), including whey cheese and curd (+7.0% per month) and processed cheese (excluding grated or powdered) (+11.2% per month).

In value terms, cheese, other than blue-veined, grated, powdered or processed ($31M) constituted the largest type of cheese and curd supplied to Mexico, comprising 87% of total imports. The second position in the ranking was held by fresh cheese (unripened or uncured cheese), including whey cheese and curd ($4.1M), with an 11% share of total imports. It was followed by processed cheese (excluding grated or powdered), with a 1.4% share.

Mexico Cheese and Curd Imports by Country

In October 2022, the United States (6.4K tons) constituted the largest supplier of cheese and curd to Mexico, with a 81% share of total imports. Moreover, cheese and curd imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (873 tons), sevenfold. The third position in this ranking was held by Chile (307 tons), with a 3.9% share.

From January 2022 to October 2022, the average monthly growth rate of volume from the United States stood at +7.7%. The remaining supplying countries recorded the following average monthly rates of imports growth: the Netherlands (-5.8% per month) and Chile (+0.3% per month).

In value terms, the United States ($26M) constituted the largest supplier of cheese and curd to Mexico, comprising 73% of total imports. The second position in the ranking was taken by the Netherlands ($5.6M), with a 15% share of total imports. It was followed by Chile, with a 4.3% share.

From January 2022 to October 2022, the average monthly growth rate of value from the United States amounted to +5.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: the Netherlands (-3.2% per month) and Chile (+1.8% per month).

Cheese and Curd Market Overview

Cheese is an important part of the Mexican diet, and is used in a variety of dishes, both sweet and savory. Queso fresco, a fresh white cheese, is perhaps the most ubiquitous type of cheese in Mexico. It is used as a topping for tacos and enchiladas, or simply eaten on its own with a little salt. Other popular types of Mexican cheese include panela (a firm, mild-flavored cheese), asadero (a semi-soft cheese perfect for melting), and Oaxaca (a stringy, mozzarella-like cheese).

The vast majority of Mexican cheese is produced by just a handful of large companies. In addition to these large-scale producers, there are also many small-scale artisanal cheesemakers in Mexico.

Cheese and curd prices in Mexico have been on the rise in recent years, due to a variety of factors. Production costs are a major determinant of price, as they account for a significant portion of the total cost of cheese and curd production. The price of milk, which is used to make all types of cheese, has been rising steadily in recent years due to increased demand from China and other Asian countries. This has caused the price of cheese to rise as well, although not at the same rate as milk.

Another factor that has contributed to rising prices is the devaluation of the Mexican Peso against the US Dollar. This has made Mexican products more expensive for foreign buyers, driving up prices even further.

Source: IndexBox Market Intelligence Platform