Mexico: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Mexico

In 2022, after two years of growth, there was significant decline in the Mexican virgin olive oil market, when its value decreased by -17.8% to $X. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +9.7% against 2018 indices. As a result, consumption attained the peak level of $X, and then contracted markedly in the following year.

Virgin Olive Oil Production in Mexico

In value terms, virgin olive oil production amounted to $X in 2022 estimated in export price. Over the period under review, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 110%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Virgin Olive Oil Exports

Exports from Mexico

In 2022, the amount of virgin olive oil exported from Mexico soared to X tons, with an increase of 345% on the previous year. Over the period under review, exports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 142,476% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports soared to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 146,961% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for virgin olive oil exports from Mexico, accounting for a 91% share of total exports. Moreover, virgin olive oil exports to the United States exceeded the volume sent to the second major destination, the Dominican Republic (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+23.4% per year) and Canada (+39.4% per year).

In value terms, the United States ($X) remains the key foreign market for virgin olive oil exports from Mexico, comprising 89% of total exports. The second position in the ranking was taken by Canada ($X), with an 8.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+44.3% per year) and the Dominican Republic (+15.4% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, which is down by -25.5% against the previous year. Overall, the export price, however, showed a noticeable increase. The pace of growth appeared the most rapid in 2015 an increase of 47%. The export price peaked at $X per ton in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the Dominican Republic ($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 Spain (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Mexico

After two years of growth, overseas purchases of virgin olive oil decreased by -21.8% to X tons in 2022. In general, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 26%. Imports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, virgin olive oil imports reduced dramatically to $X in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.9% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 38%. As a result, imports attained the peak of $X, and then declined notably in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest virgin olive oil supplier to Mexico, accounting for a 88% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.4% per year) and the United States (+18.1% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Mexico, comprising 86% of total imports. The second position in the ranking was taken by Italy ($X), with a 9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+0.8% per year) and the United States (+17.6% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, with an increase of 6.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2021 an increase of 26%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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