Mexico Meat Market Report and Forecast 2024-2032

Mexico Meat Market Outlook

The Mexico meat market size is projected to grow at a CAGR of 6.1% between 2024 and 2032. The market is being aided by the rising disposable incomes of the growing middle-class population in the country.

Key Takeaways:

• US beef exports to Mexico recorded a y-o-y increase of 15% in volume and 13% in value.

• The US accounts for 84% of the total pork imported by Mexico.

• The extension of trade-free import of meat policy by Mexico is attracting players from Brazil and European countries.

As per the USDA Global Agricultural Information network, the consumption of chicken meat in Mexico is expected to record a y-o-y growth of 3% in 2024. Due to the rising consumption of frozen meat products by Mexican consumers, the annual production is expected to reach 4.9 MMT in 2024. This is expected to favourably drive the Mexico meat market expansion over the forecast period.

The minimum wage rate of Mexican consumers recorded an increase of $6.00 between 2018-2023, which is further expected to boost the market growth. In 2023, remittances reached an all-time high in Mexico, which is also expected to favour the development of the market.

Increasing  investments in researching innovative ways of producing cultured meat are expected to drive the Mexico meat market growth. This is because artificially grown meat is a more sustainable and ethical option for consumption. Moreover, since it is grown in labs, its fat content and cholesterol levels can be modified to enhance its nutritional profile, which can attract vegetarian consumers. Increasing focus on health and wellness is a primary driver of the market, which is prompting startups like Forma Foods to invest in the cultivation and large-scale commercialisation of in vitro meat.

Market Segmentation

Mexico Meat Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Raw

• Processed

Market Breakup by Product

• Beef

• Pork

• Chicken

• Mutton

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Speciality Stores

• Departmental Stores

• Online Stores

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• The Bajío

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

The key Mexico meat market players are Industrias Bachoco, S.A. de C.V., Sigma Alimentos, S.A. de C.V., Sukarne, S.A. de C.V., JBS S.A. (Pilgrim’s), and Cargill Inc., among others.

Key Highlights of the Report