Mexico: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Mexico

In 2021, after five years of growth, there was decline in the Mexican waffle and wafer market, when its value decreased by -1.6% to $X. Over the period under review, consumption, however, enjoyed prominent growth. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Waffle And Wafer Production in Mexico

In value terms, waffle and wafer production declined modestly to $X in 2021 estimated in export price. In general, production, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2014 when the production volume increased by 35%. Waffle and wafer production peaked at $X in 2020, and then fell in the following year.

Waffle And Wafer Exports

Exports from Mexico

In 2021, overseas shipments of waffles and wafers increased by 7.8% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +85.6% against 2016 indices. The growth pace was the most rapid in 2017 when exports increased by 26% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, waffle and wafer exports totaled $X in 2021. Overall, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 35% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for waffle and wafer exports from Mexico, with a 73% share of total exports. Moreover, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Honduras (X tons), more than tenfold. Panama (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+65.2% per year) and Panama (+11.4% per year).

In value terms, the United States ($X) remains the key foreign market for waffles and wafers exports from Mexico, comprising 69% of total exports. The second position in the ranking was taken by Panama ($X), with a 6.9% share of total exports. It was followed by Costa Rica, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+20.8% per year) and Costa Rica (+44.3% per year).

Export Prices by Country

The average waffle and wafer export price stood at $X per ton in 2021, shrinking by -3.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2016 when the average export price increased by 24%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Guatemala ($X per ton), while the average price for exports to Honduras ($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 Panama (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Mexico

In 2021, approx. X tons of waffles and wafers were imported into Mexico; rising by 2.3% on the previous year. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.2% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 40% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, waffle and wafer imports amounted to $X in 2021. Over the period under review, imports saw a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 113% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Canada (X tons), the United States (X tons) and Guatemala (X tons) were the main suppliers of waffle and wafer imports to Mexico, together accounting for 79% of total imports. These countries were followed by Italy, Brazil, Poland, Spain and Indonesia, which together accounted for a further 17%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +91.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of waffles and wafers to Mexico, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Italy, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada stood at +51.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.9% per year) and Italy (+8.3% per year).

Import Prices by Country

The average waffle and wafer import price stood at $X per ton in 2021, flattening at the previous year. Overall, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, waffle and wafer import price increased by +106.2% against 2012 indices. The growth pace was the most rapid in 2013 when the average import price increased by 52% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Canada ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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