Oil crops production in Mexico has shown a trend of year-on-year fluctuations with an overall positive growth trajectory. The production in 2023 stood at 4.3162 million metric tons, marking a 2.21% increase from 2022. Over the past five years, the compound annual growth rate (CAGR) averaged around 1.3%, indicating gradual but steady growth. From now to 2028, the CAGR is forecasted to be 1.69%, with an estimated growth rate of 8.72% over this period.
Future trends to watch for:
• Technological advancements and innovations in agricultural practices.
• Changes in global demand and export opportunities for oil crops.
• Impact of climate change and weather patterns on crop yields.
• Government policies and subsidies affecting the agricultural sector.
• Shifts in consumer preferences towards sustainable and organic products.