Mexico: Maize Market 2024

Maize Market Size in Mexico

The Mexican maize market fell to $X in 2022, with a decrease of -8.1% against the previous year. Over the period under review, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +34.2% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Maize Production in Mexico

In value terms, maize production dropped notably to $X in 2022 estimated in export price. Overall, production, however, posted a remarkable increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 452%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

In 2022, the average yield of maize in Mexico shrank to X tons per ha, remaining stable against the previous year. The yield figure increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 6.9%. Over the period under review, the average maize yield hit record highs at X tons per ha in 2019; however, from 2020 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of maize in Mexico amounted to X ha, therefore, remained relatively stable against the previous year's figure. In general, the harvested area showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the harvested area increased by 7% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2017 to 2022, the growth of the maize harvested area remained at a lower figure.

Maize Exports

Exports from Mexico

Maize exports from Mexico declined dramatically to X tons in 2022, with a decrease of -54.5% compared with 2021 figures. Over the period under review, exports showed a precipitous slump. The pace of growth appeared the most rapid in 2016 with an increase of 111% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, maize exports declined remarkably to $X in 2022. Overall, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2016 with an increase of 75%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X tons), the United States (X tons) and Venezuela (X tons) were the main destinations of maize exports from Mexico, together accounting for 92% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +24.5%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for maize exported from Mexico were the United States ($X), Honduras ($X) and Costa Rica ($X), together comprising 70% of total exports.

Among the main countries of destination, Costa Rica, with a CAGR of +13.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, growing by 70% against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price increased by +90.4% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Honduras ($X per ton), while the average price for exports to Guatemala ($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 Costa Rica (+21.8%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Mexico

In 2022, purchases abroad of maize increased by 4.3% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports showed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, maize imports totaled $X in 2022. Overall, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 66%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, the United States (X tons) was the main maize supplier to Mexico, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +6.7%.

In value terms, the United States ($X) constituted the largest supplier of maize to Mexico.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +7.3%.

Import Prices by Country

The average maize import price stood at $X per ton in 2022, picking up by 1.7% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 12% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +0.6% per year.

Source: IndexBox Platform

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