Mexico: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in Mexico

The Mexican chemically modified oils market rose to $X in 2021, picking up by 4.8% against the previous year. In general, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.0% against 2016 indices. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Chemically Modified Oils Production in Mexico

In value terms, chemically modified oils production shrank to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +43.2% against 2015 indices. The growth pace was the most rapid in 2018 with an increase of 30% against the previous year. Chemically modified oils production peaked at $X in 2020, and then contracted in the following year.

Chemically Modified Oils Exports

Exports from Mexico

In 2021, overseas shipments of animal or vegetable fats and oils chemically modified increased by 67% to X tons, rising for the fifth consecutive year after three years of decline. Overall, exports, however, continue to indicate a slight decline. The most prominent rate of growth was recorded in 2018 when exports increased by 1,776% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, chemically modified oils exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a mild downturn. The pace of growth appeared the most rapid in 2018 with an increase of 719% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Spain (X tons) and Colombia (X tons) were the main destinations of chemically modified oils exports from Mexico, with a combined 99.9% share of total exports.

From 2012 to 2021, the biggest increases were in Spain (with a CAGR of +37.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Spain ($X) and Colombia ($X) constituted the largest markets for chemically modified oils exported from Mexico worldwide, with a combined 99.9% share of total exports.

Among the main countries of destination, Spain, with a CAGR of +41.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2021, picking up by 21% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 148%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Chemically Modified Oils Imports

Imports into Mexico

In 2021, supplies from abroad of animal or vegetable fats and oils chemically modified increased by 96% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports skyrocketed to $X in 2021. Overall, imports, however, saw a pronounced decrease. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main chemically modified oils supplier to Mexico, with a 96% share of total imports. Moreover, chemically modified oils imports from the United States exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+130.6% per year) and Canada (-41.6% per year).

In value terms, the United States ($X) constituted the largest supplier of chemically modified oils to Mexico, comprising 91% of total imports. The second position in the ranking was held by Brazil ($X), with an 8.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+90.5% per year) and Canada (-42.0% per year).

Import Prices by Country

In 2021, the average chemically modified oils import price amounted to $X per ton, growing by 2.9% against the previous year. Overall, the import price, however, continues to indicate a slight reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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