Mexico: Vitamin Market 2024

Vitamin Market Size in Mexico

The Mexican vitamin market dropped remarkably to $X in 2021, waning by -26.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Vitamin Exports

Exports from Mexico

In 2021, overseas shipments of provitamins and vitamins decreased by -26.2% to X tons, falling for the second consecutive year after two years of growth. In general, exports recorded a noticeable contraction. The pace of growth was the most pronounced in 2013 when exports increased by 71%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, vitamin exports stood at $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 39% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Guatemala (X tons), Costa Rica (X tons) and the Dominican Republic (X tons) were the main destinations of vitamin exports from Mexico, together accounting for 65% of total exports. Panama, Ecuador, Egypt, South Korea, the United States and Venezuela lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +116.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for vitamin exported from Mexico were South Korea ($X), the Dominican Republic ($X) and Guatemala ($X), with a combined 39% share of total exports.

Among the main countries of destination, South Korea, with a CAGR of +158.2%, 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 vitamin export price stood at $X per ton in 2021, rising by 37% against the previous year. Over the period under review, the export price saw temperate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Panama ($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 South Korea (+19.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Mexico

Vitamin imports into Mexico reduced to X tons in 2021, dropping by -12.3% on the previous year. In general, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +8.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 37%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, vitamin imports declined sharply to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 61% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to Mexico, accounting for a 69% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), ninefold. The United States (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.7% per year) and the United States (-0.3% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to Mexico, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 12% share of total imports. It was followed by Germany, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.4% per year) and Germany (-3.3% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, waning by -19.8% against the previous year. Over the period under review, the import price saw a noticeable slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 18%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+12.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :