Mexico: Cheese Market 2024

Cheese Market Size in Mexico

The Mexican cheese market declined to $X in 2021, with a decrease of -12.8% against the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Cheese Production in Mexico

In value terms, cheese production dropped dramatically to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 20% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted significantly in the following year.

Cheese Exports

Exports from Mexico

Cheese exports from Mexico surged to X tons in 2021, with an increase of 49% compared with the previous year's figure. Over the period under review, total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +71.0% against 2017 indices. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, cheese exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 39%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for cheese exports from Mexico, accounting for a 88% share of total exports. Moreover, cheese exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-11.0% per year) and Chile (+28.3% per year).

In value terms, the United States ($X) remains the key foreign market for cheese exports from Mexico, comprising 91% of total exports. The second position in the ranking was held by Guatemala ($X), with a 5.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-6.4% per year) and Chile (+37.3% per year).

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, waning by -20% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2014 an increase of 28%. The export price peaked at $X per ton in 2020, and then shrank significantly in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Guatemala ($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 Chile (+7.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cheese Imports

Imports into Mexico

In 2021, imports of cheese into Mexico totaled X tons, flattening at the previous year's figure. In general, total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by +0.9% against 2017 indices. The pace of growth was the most pronounced in 2016 when imports increased by 87%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, cheese imports declined slightly to $X in 2021. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 18%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main supplier of cheese to Mexico, with a 91% share of total imports. It was followed by New Zealand (X tons), with a 2.5% share of total imports. The third position in this ranking was taken by Chile (X tons), with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-4.2% per year) and Chile (-10.7% per year).

In value terms, the United States ($X) constituted the largest supplier of cheese to Mexico, comprising 90% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 2.2% share of total imports. It was followed by Chile, with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-4.4% per year) and Chile (-11.9% per year).

Import Prices by Country

The average cheese import price stood at $X per ton in 2021, waning by -1.7% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 74% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and the United States ($X per ton), while the price for New Zealand ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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