The total value of agricultural production at the farm gate in Mexico increased steadily from 2013 to 2023, growing from 718.94 billion Mexican Pesos to 1422.5 billion Mexican Pesos. The year-on-year growth rates have shown a general decline from 9.89% in 2016 to 4.88% in 2023. The compounded annual growth rate (CAGR) over the last five years diminished from 7.26% in 2021 to 5.42% in 2023.
Future trends to watch for include:- The five-year forecasted period from 2024 to 2028 indicates a lower CAGR of 3.22%, reflecting a deceleration in growth.- By 2028, the projected total value of agricultural production is expected to reach 1743.9 billion Mexican Pesos, representing a projected growth rate of 17.19% over five years.
The forecast suggests the agricultural sector, while continuing to grow, will do so at a more moderate pace.
