The historical data from 2013 to 2023 shows a declining trend in wheat production value at the farm gate in Mexico. Production value decreased from $956.99 million in 2013 to $664.14 million in 2023, signaling an overall downtrend with a few fluctuations. The steepest decline was recorded in 2018, with a year-on-year drop of 14.08%. However, the recent years, specifically from 2020 onwards, show stabilization with minimal year-on-year variations.
Key variations in recent years:
- 2022 saw a minor increase of 4.77% compared to 2021.
- 2023 observed a modest rise of 2.95% over 2022.
The 5-year CAGR until 2023 stands at 1.2%, indicating slight average annual growth.
The forecast for the next five years suggests a slight negative trend with a 5-year CAGR of -0.16%, reflecting a forecasted mild decline in production value by 2028.
Future trends to watch for:
- Impact of climate change on production cycles and yields.
- Government policies and subsidies aimed at agricultural support.
- Technological advancements in farming practices and crop yields.
- Fluctuations in global wheat prices influencing farm gate values.
