Mexico: Beef Market 2024

Beef Market Size in Mexico

The Mexican beef market shrank slightly to $X in 2021, with a decrease of -1.8% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Beef Production in Mexico

In value terms, beef production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 21% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

The average yield of beef (cattle meat) in Mexico totaled X kg per head in 2021, flattening at the year before. The yield figure increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 9.1% against the previous year. The beef yield peaked in 2021 and is likely to see gradual growth in the immediate term.

In 2021, approx. X heads of animals slaughtered for beef production in Mexico; growing by 1.9% on the year before. In general, the number of producing animals, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the number of producing animals increased by 2% against the previous year. The number of animals slaughtered for beef production peaked at X heads in 2012; however, from 2013 to 2021, producing animals failed to regain momentum.

Beef Exports

Exports from Mexico

In 2021, after two years of growth, there was decline in shipments abroad of beef (cattle meat), when their volume decreased by -3.2% to X tons. Overall, exports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 42%. The exports peaked at X tons in 2020, and then declined in the following year.

In value terms, beef exports soared to $X in 2021. In general, exports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 40%. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons) was the main destination for beef exports from Mexico, accounting for a 93% share of total exports. Moreover, beef exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +11.9%.

In value terms, the United States ($X) remains the key foreign market for beef (cattle meat) exports from Mexico, comprising 95% of total exports. The second position in the ranking was held by Japan ($X), with a 3.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +15.2%.

Export Prices by Country

The average beef export price stood at $X per ton in 2021, picking up by 31% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.9%).

Beef Imports

Imports into Mexico

After two years of decline, purchases abroad of beef (cattle meat) increased by 18% to X tons in 2021. Over the period under review, imports, however, saw a deep contraction. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, beef imports skyrocketed to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest beef supplier to Mexico, accounting for a 88% share of total imports. Moreover, beef imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to -5.2%.

In value terms, the United States ($X) constituted the largest supplier of beef (cattle meat) to Mexico, comprising 88% of total imports. The second position in the ranking was held by Canada ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest.

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, picking up by 4.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +5.1%. The most prominent rate of growth was recorded in 2014 an increase of 21%. The import price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+5.4%).

Source: IndexBox Platform

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