The production volumes of food and beverages in Mexico have shown consistent growth over the past decade, reaching a value of 2.4964 trillion Mexican Pesos in 2023. Although there was a notable decline in 2020 due to external factors, the sector rebounded in 2021 with a 6.84% increase. By 2022 and 2023, the year-on-year growth stabilized to around 1.4-1.5%, reflecting a more sustainable pace.
Looking forward, the sector is forecasted to continue its upward trajectory, albeit at a slightly moderated pace with an expected CAGR of 1.1% from 2024 to 2028. This indicates a cumulative forecasted growth of 5.6% over the next five years.
Future trends to watch for:
- Potential impacts of technological advancements on production efficiency.
- Changes in consumer preferences towards healthier and sustainable products.
- Regulatory changes affecting production processes and costs.
- Global economic conditions influencing export and import dynamics.