Mexico: Vegetable Oils Market 2024

Vegetable Oils Market Size in Mexico

The Mexican vegetable oils market reached $X in 2023, leveling off at the previous year. Over the period under review, consumption showed a abrupt downturn. Vegetable oils consumption peaked at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Vegetable Oils Production in Mexico

In value terms, vegetable oils production rose sharply to $X in 2023 estimated in export price. In general, production, however, continues to indicate a drastic downturn. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Vegetable Oils Exports

Exports from Mexico

In 2023, overseas shipments of vegetable fats and oils increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. In general, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports skyrocketed to $X in 2023. Over the period under review, exports, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X tons) was the main destination for vegetable oils exports from Mexico, with a X% share of total exports. Moreover, vegetable oils exports to Cuba exceeded the volume sent to the second major destination, the United States (X tons), twofold. Guatemala (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Cuba totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Guatemala (X% per year).

In value terms, Cuba ($X), the United States ($X) and Guatemala ($X) appeared to be the largest markets for vegetable oils exported from Mexico worldwide, together comprising X% of total exports. Costa Rica and Belize lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Costa Rica, with a CAGR of X%, saw the highest growth rate of 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

In 2023, the average vegetable oils export price amounted to $X per ton, declining by X% against the previous year. In general, the export price, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2022 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then reduced markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Mexico

For the third year in a row, Mexico recorded decline in purchases abroad of vegetable fats and oils, which decreased by X% to X tons in 2023. Overall, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by X%. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, vegetable oils imports dropped markedly to $X in 2023. In general, imports saw a abrupt descent. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Indonesia (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of vegetable oils imports to Mexico, with a combined X% share of total imports. India and Germany lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest vegetable oils suppliers to Mexico, with a combined X% share of total imports. India and Germany lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Germany, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the import price saw a tangible expansion. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2023 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform