The vegetables market in Mexico has seen consistent growth over the past decade, experiencing a mix of higher growth rates early on and stabilizing in recent years. In 2023, the market size reached 10.86 million metric tons, with a 2.14% year-on-year increase noted. Over the last two years, the market showed slight variations with 2.22% growth in 2022 and 2.14% growth in 2023. The compound annual growth rate (CAGR) over the last five years stands at 1.84%.
Notable year-on-year variations include significant increases in 2015 (7.64%), 2016 (11.3%), and 2017 (12.43%), followed by a slowdown and eventual small contractions in 2019-2020. The market picked up again in 2021 with a 7.72% increase, showcasing resilience and a rebound post-2019.
Future trends to watch for:
- Expected growth rate of 8.43% over the next five years with an annual average increase (forecast 5-year CAGR) of 1.63%.
- Continued market expansion driven by demand for fresh produce and healthy eating trends.
- Potential fluctuations due to economic factors, climate change impacts, and changes in agricultural practices.
