Mexico: Almond Market 2024

Almond Market Size in Mexico

The Mexican almond market dropped rapidly to $X in 2021, with a decrease of -61.9% against the previous year. Overall, consumption continues to indicate a deep slump. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Almond Production in Mexico

In value terms, almond production contracted rapidly to $X in 2021 estimated in export price. In general, production saw a noticeable expansion. The pace of growth appeared the most rapid in 2020 with an increase of 75% against the previous year. As a result, production reached the peak level of $X, and then dropped dramatically in the following year.

In 2021, the average almond yield in Mexico shrank slightly to X tons per ha, falling by -2.9% against the year before. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 3% against the previous year. As a result, the yield reached the peak level of X tons per ha, and then declined modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of almonds were harvested in Mexico; picking up by 3% against 2020. In general, the harvested area, however, recorded a slight decrease. The pace of growth was the most pronounced in 2016 when the harvested area increased by 9.4%. Over the period under review, the harvested area dedicated to almond production attained the maximum at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Almond Exports

Exports from Mexico

In 2021, shipments abroad of almonds increased by 137% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports saw tangible growth. The pace of growth appeared the most rapid in 2016 with an increase of 1,176% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, almond exports soared to $X in 2021. Overall, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2016 when exports increased by 982%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X tons), Slovakia (X tons) and Canada (X tons) were the main destinations of almond exports from Mexico, with a combined 99% share of total exports.

From 2012 to 2021, the biggest increases were in Slovakia (with a CAGR of +91.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Slovakia ($X) remains the key foreign market for almond exports from Mexico, comprising 81% of total exports. The second position in the ranking was held by Canada ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Slovakia amounted to +84.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-5.2% per year) and Guatemala (-3.0% per year).

Export Prices by Country

In 2021, the average almond export price amounted to $X per ton, growing by 3.8% against the previous year. In general, the export price posted strong growth. The growth pace was the most rapid in 2020 an increase of 114%. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+25.5%), while the prices for the other major destinations experienced mixed trend patterns.

Almond Imports

Imports into Mexico

After two years of growth, supplies from abroad of almonds decreased by -69.2% to X tons in 2021. Over the period under review, imports showed a deep setback. The growth pace was the most rapid in 2019 when imports increased by 304%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, almond imports dropped sharply to $X in 2021. In general, imports saw a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 357%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest almond supplier to Mexico, with a 89% share of total imports. Moreover, almond imports from the United States exceeded the figures recorded by the second-largest supplier, Guatemala (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -17.1%.

In value terms, the United States ($X) constituted the largest supplier of almond to Mexico, comprising 87% of total imports. The second position in the ranking was held by Guatemala ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States stood at -10.9%.

Import Prices by Country

The average almond import price stood at $X per ton in 2021, reducing by -6.1% against the previous year. In general, the import price, however, continues to indicate a remarkable increase. The growth pace was the most rapid in 2015 an increase of 66% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Guatemala ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.4%).

Source: IndexBox Platform

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