The demand for palm oil in Mexico has shown fluctuation over the past decade. Between 2014 and 2019, demand generally increased, peaking at 552 thousand metric tons in both 2018 and 2019. A significant drop occurred in 2020 with demand falling to 460.65 thousand metric tons, likely due to the pandemic's effect. Recovery was observed in 2021, with demand reaching 557.0 thousand metric tons. By 2023, demand stood at 563.0 thousand metric tons, with a year-on-year increase of 0.54% and a CAGR of 0.4% over the last five years. The five-year forecast shows a moderate upward trend, reaching 576.65 thousand metric tons by 2028, with a forecasted 5-year CAGR of 0.38% and total growth of 1.92%.
Future trends to watch for include the impact of sustainability trends on palm oil production, the potential influence of government regulations, and the changing preferences of consumers towards healthier and environmentally-friendly oils. Additionally, global market conditions and trade policies may also affect future demand and supply dynamics.
