Mexico: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Mexico

After two years of growth, the Mexican margarine and shortening market decreased by -2.3% to $X in 2022. Overall, consumption, however, continues to indicate a buoyant increase. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Margarine And Shortening Production in Mexico

In value terms, margarine and shortening production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 422%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Margarine And Shortening Exports

Exports from Mexico

In 2022, the amount of margarine and shortening exported from Mexico surged to X tons, jumping by 94% compared with the year before. In general, total exports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, margarine and shortening exports surged to $X in 2022. Over the period under review, exports continue to indicate a pronounced expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for margarine and shortening exports from Mexico, with a 95% share of total exports. Moreover, margarine and shortening exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +1.9%.

In value terms, the United States ($X) remains the key foreign market for margarine and shortening exports from Mexico, comprising 96% of total exports. The second position in the ranking was held by Guatemala ($X), with a 3.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +3.8%.

Export Prices by Country

The average margarine and shortening export price stood at $X per ton in 2022, increasing by 36% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening export price increased by +103.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 50%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major external 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 Guatemala totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+3.2%).

Margarine And Shortening Imports

Imports into Mexico

In 2022, overseas purchases of margarine and shortening decreased by -26.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports saw a drastic downturn. The growth pace was the most rapid in 2020 with an increase of 29%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, margarine and shortening imports shrank to $X in 2022. Overall, imports showed a noticeable curtailment. The growth pace was the most rapid in 2020 when imports increased by 28% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) was the main margarine and shortening supplier to Mexico, accounting for a 95% share of total imports. Moreover, margarine and shortening imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -6.2%.

In value terms, the United States ($X) constituted the largest supplier of margarine and shortening to Mexico, comprising 95% of total imports. The second position in the ranking was held by Malaysia ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -2.0%.

Import Prices by Country

The average margarine and shortening import price stood at $X per ton in 2022, picking up by 21% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 an increase of 60% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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