Updated Jan 11, 2023 07:22

Preserved Asparagus Market in Mexico

Market Overview
The Mexican preserved asparagus market stood at $ in , surging by % 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). The market value increased at an average annual rate of +% from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Preserved asparagus consumption peaked at $ in 2008; however, from 2009 to , consumption stood at a somewhat lower figure.

In value terms, preserved asparagus production rose modestly to $ in estimated in export price. In general, the total production indicated a moderate increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against indices. The growth pace was the most rapid in 2014 with an increase of %. Over the period under review, production reached the peak level at $ in ; however, from to , production failed to regain momentum.


Consumption
Preserved asparagus consumption in Mexico dropped slightly to tons in , almost unchanged from . In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, consumption hit record highs at tons in 2008; however, from 2009 to , consumption remained at a lower figure.

The size of the preserved asparagus market in Mexico totaled $ in , growing by % 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). The market value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $ in 2008; however, from 2009 to , consumption stood at a somewhat lower figure.


Market Forecast
The preserved asparagus market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Over the period under review, the share of imports in terms of total preserved asparagus consumption in Mexico was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the Mexico preserved asparagus market is largely supplied by domestic manufacturers. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Mexico remains a net importer of preserved asparagus; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $.