Forecast: Food Services and Beverage Services Gross Value Added in Mexico

From 2013 to 2023, the Food Services and Beverage Services Gross Value Added (GVA) in Mexico showed overall growth with significant fluctuations. While the GVA rose steadily from 250.9 billion Mexican Pesos in 2013 to 355.98 billion in 2019, it faced a sharp drop in 2020 due to the pandemic, plunging to 258.17 billion. A strong recovery ensued, with the GVA rebounding to 363.27 billion in 2022, though it slightly declined to 351.63 billion in 2023. The year-on-year variation over the last two years remained volatile, with an 18.7% increase in 2022 and a 3.2% decrease in 2023. The average CAGR over the last five years stood at 1.32%.

The forecast data suggests a more stable upward trend from 2024 onwards. Projected figures indicate a gradual increase in GVA, reaching up to 397.27 billion by 2028, with an average annual growth rate (CAGR) of 1.94% over the next five years, resulting in an overall growth rate of 10.06% during this period.

Future trends to watch for include potential economic impacts from inflation, changes in consumer behavior post-pandemic, and the influence of technological advancements in service delivery. Continuous monitoring of these elements will be essential for adapting to market conditions and capitalizing on growth opportunities.

Top Countries about Food Services