Mexico: Animal Feed Market 2024

Animal Feed Market Size in Mexico

The Mexican animal feed market fell slightly to $X in 2022, declining by -3.2% against the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Animal feed consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Animal Feed Production in Mexico

In value terms, animal feed production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 30%. Animal feed production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Animal Feed Exports

Exports from Mexico

In 2022, the amount of animal and pet feed exported from Mexico reduced remarkably to X tons, waning by -17.3% compared with the previous year's figure. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 86%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, animal feed exports stood at $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 71% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Costa Rica (X tons) and Guatemala (X tons) were the main destinations of animal feed exports from Mexico, with a combined 68% share of total exports. El Salvador, Panama, the Dominican Republic, Belize and Cuba lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +18.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for animal and pet feed exports from Mexico, comprising 41% of total exports. The second position in the ranking was held by Guatemala ($X), with a 19% share of total exports. It was followed by Costa Rica, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+7.2% per year) and Costa Rica (+5.0% per year).

Export Prices by Country

The average animal feed export price stood at $X per ton in 2022, picking up by 27% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2016 an increase of 28% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into Mexico

In 2022, animal feed imports into Mexico stood at X tons, flattening at the year before. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 21%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, animal feed imports surged to $X in 2022. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.5% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest animal feed supplier to Mexico, with a 86% share of total imports. Moreover, animal feed imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.9% per year) and Canada (-8.8% per year).

In value terms, the United States ($X) constituted the largest supplier of animal and pet feed to Mexico, comprising 74% of total imports. The second position in the ranking was held by China ($X), with a 9.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.1% per year) and Canada (-12.2% per year).

Import Prices by Country

In 2022, the average animal feed import price amounted to $X per ton, growing by 25% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The import price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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