The Food Services and Beverage Services market in Mexico has experienced significant fluctuations over the years. From 2013 to 2019, there was steady growth with a peak annual increase of 6.9% in 2019. This upward trend was disrupted in 2020 due to the pandemic, resulting in a drastic drop of 25.19%. A strong recovery followed in 2021 and 2022 with growth rates of 17.94% and 17.77% respectively. However, 2023 saw a minor decline of 2.34% with the output value standing at 569.02 billion Mexican Pesos. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) was 1.64%.
Looking ahead, the forecast for the period from 2024 to 2028 suggests moderate growth with a CAGR of 2.04%, potentially reaching 646.95 billion Mexican Pesos by 2028. The overall growth rate for the next five years is projected at 10.6%, indicating a stable but modest expansion.
Future trends to watch for:
- Continued recovery efforts post-pandemic and how they affect consumer spending in the food and beverage sector.
- Emerging consumer preferences for sustainable and healthy food options.
- Technological advancements in food delivery and service automation.
- Impact of economic policies and inflation on disposable incomes and spending patterns.
