Mexico: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Mexico

In 2022, after three years of growth, there was decline in the Mexican refined rapeseed oil market, when its value decreased by -1% to $X. In general, consumption, however, showed a pronounced downturn. Refined rapeseed oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Rapeseed Oil Production in Mexico

In value terms, refined rapeseed oil production declined slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced contraction. The growth pace was the most rapid in 2019 when the production volume increased by 26% against the previous year. Refined rapeseed oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Rapeseed Oil Exports

Exports from Mexico

In 2022, overseas shipments of refined rape, colza or mustard oil decreased by -22.3% to X tons, falling for the second year in a row after four years of growth. Overall, exports, however, saw perceptible growth. The most prominent rate of growth was recorded in 2018 when exports increased by 51% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined rapeseed oil exports rose remarkably to $X in 2022. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 43% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for refined rapeseed oil exports from Mexico, with a 70% share of total exports. Moreover, refined rapeseed oil exports to the United States exceeded the volume sent to the second major destination, El Salvador (X tons), sevenfold. The third position in this ranking was taken by Guatemala (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+22.9% per year) and Guatemala (+58.5% per year).

In value terms, the United States ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Mexico, comprising 73% of total exports. The second position in the ranking was taken by El Salvador ($X), with an 11% share of total exports. It was followed by Guatemala, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+31.1% per year) and Guatemala (+64.1% per year).

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, rising by 46% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil export price increased by +105.7% against 2020 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Belize ($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 Nicaragua (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Mexico

After two years of growth, overseas purchases of refined rape, colza or mustard oil decreased by -8.3% to X tons in 2022. Overall, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 336%. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, refined rapeseed oil imports surged to $X in 2022. Over the period under review, imports, however, posted a significant expansion. The growth pace was the most rapid in 2021 with an increase of 389% 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.

Imports by Country

In 2022, Canada (X tons) constituted the largest refined rapeseed oil supplier to Mexico, with a 84% share of total imports. Moreover, refined rapeseed oil imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Canada stood at +43.3%.

In value terms, Canada ($X) constituted the largest supplier of refined rape, colza or mustard oil to Mexico, comprising 85% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada totaled +46.8%.

Import Prices by Country

The average refined rapeseed oil import price stood at $X per ton in 2022, picking up by 45% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.5%).

Source: IndexBox Platform

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