Forecast: Production Volumes of Food Products in Mexico

From 2013 to 2023, Mexico's production volumes of food products demonstrated a generally upward trend with minor fluctuations. The production volume increased steadily from 1.7505 trillion Mexican Pesos in 2013 to 2.0811 trillion Mexican Pesos in 2023. The most significant dip occurred in 2020 with a -3.67% year-on-year decline, attributable to the economic impact of the COVID-19 pandemic. A strong recovery followed in 2021 with a 6.69% increase. As of 2023, the production volume stood at 2.0811 trillion Mexican Pesos, reflecting a 1.27% year-on-year growth.

Recent trends show year-on-year growth rates stabilizing around 1.27% to 1.31% for 2022 and 2023, indicating moderate but consistent growth. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) averages around 1.26%, showcasing stable growth with improvement post-pandemic.

Forecasts for 2024-2028 predict a steady growth trajectory with a five-year CAGR of 1%. The total forecasted value for 2028 is 2.2171 trillion Mexican Pesos, marking a 5.09% growth over the period.

Future trends to watch for include the potential impact of economic policies, technological advancements in food production, and global supply chain dynamics. Additionally, shifts in consumer preferences towards sustainable and healthy food products may also influence production volumes.