Mexico - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSpice Imports in Mexico Hit a Record $540 Million in 2023
Mexico Spice Imports
In 2023, imports of spices into Mexico skyrocketed to 110K tons, growing by 25% on 2022. Overall, total imports indicated a tangible expansion from 2013 to 2023: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +56.7% against 2020 indices. The growth pace was the most rapid in 2015 when imports increased by 91% against the previous year. Over the period under review, imports attained the maximum in 2023 and are likely to continue growth in the near future.
In value terms, spice imports skyrocketed to $540M (IndexBox estimates) in 2023. In general, total imports indicated a prominent increase from 2013 to 2023: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +50.3% against 2019 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 20% against the previous year. Imports peaked in 2023 and are likely to see gradual growth in the immediate term.
| COUNTRY | Import Value of Spice in Mexico (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| China | 6.0 | 6.0 | 26.0 | 33.0 | 20.5 | 64.9 | 66.6 | 46.8 | 72.3 | 60.5 | 91.5 |
| Sri Lanka | 62.7 | 67.2 | 58.8 | 81.2 | 84.4 | 92.9 | 69.6 | 66.3 | 78.4 | 92.8 | 90.7 |
| Peru | 16.1 | 19.6 | 27.7 | 24.0 | 16.6 | 30.4 | 0.2 | 29.6 | 23.3 | 38.6 | 38.6 |
| India | 23.9 | 31.3 | 30.1 | 25.0 | 32.6 | 8.4 | 8.2 | 7.3 | 7.2 | 6.4 | 16.1 |
| Vietnam | 1.1 | 5.2 | 4.3 | 4.5 | 3.4 | 4.3 | 7.1 | 8.1 | 11.3 | 13.3 | 12.6 |
| Brazil | 17.5 | 22.1 | 17.2 | 17.6 | 20.0 | 13.9 | 10.8 | 8.8 | 8.4 | 8.3 | 8.7 |
| United States | 6.6 | 6.9 | 9.3 | 9.4 | 9.8 | 11.1 | 9.4 | 7.8 | 7.7 | 7.9 | 7.8 |
| Others | 165 | 169 | 192 | 210 | 205 | 245 | 187 | 189 | 218 | 241 | 274 |
| Total | 299 | 328 | 365 | 405 | 393 | 471 | 359 | 364 | 427 | 469 | 540 |
Imports by Country
In 2023, China (30K tons) constituted the largest supplier of spice to Mexico, accounting for a 27% share of total imports. Moreover, spice imports from China exceeded the figures recorded by the second-largest supplier, Sri Lanka (14K tons), twofold. Peru (8.7K tons) ranked third in terms of total imports with a 7.9% share.
From 2013 to 2023, the average annual growth rate of volume from China amounted to +25.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+8.3% per year) and Peru (+3.6% per year).
In value terms, China ($91M), Sri Lanka ($91M) and Peru ($39M) were the largest spice suppliers to Mexico, with a combined 41% share of total imports.
In terms of the main suppliers, China, with a CAGR of +31.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Imports by Type
In 2023, pimenta pepper (83K tons) constituted the largest type of spices supplied to Mexico, accounting for a 75% share of total imports. Moreover, pimenta pepper exceeded the figures recorded for the second-largest type, cinnamon (canella) (15K tons), sixfold. The third position in this ranking was taken by piper pepper (10K tons), with a 9.1% share.
From 2013 to 2023, the average annual rate of growth in terms of the volume of pimenta pepper imports amounted to +7.1%. With regard to the other supplied products, the following average annual rates of growth were recorded: cinnamon (canella) (+0.6% per year) and piper pepper (+6.1% per year).
In value terms, pimenta pepper ($284M), cinnamon (canella) ($194M) and piper pepper ($38M) appeared to be the most imported types of spices in Mexico, together comprising 96% of total imports.
Import Prices by Country
In 2023, the spice price stood at $4,898 per ton (CIF, Mexico), with a decrease of -7.8% against the previous year. Overall, import price indicated modest growth from 2013 to 2023: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, spice import price increased by +1.7% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 106%. As a result, import price reached the peak level of $8,574 per ton. From 2015 to 2023, the average import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($7,252 per ton), while the price for Brazil ($2,656 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by India (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.
This report provides an in-depth analysis of the spice market in Mexico. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- Mexico
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Mexico
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption In 2012-2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
- Trade Balance, In Physical Terms, 2012-2024
- Trade Balance, In Value Terms, 2012-2024
- Per Capita Consumption, 2012-2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Area Harvested, 2012–2024
- Yield, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
