The latest news, views and insights in food trends
Are you ready to spice up your consumer research? Mexican market coverage data is now officially available via the Tastewise platform.
Mexico is a country that is steeped in culinary tradition, with a rich and diverse food and drink culture that is celebrated around the world. With a population of over 130 million people, Mexico is the 11th largest country in the world by population, and its food and beverage market is continuously growing. Valued at approximately US$115 billion in 2022, this market is projected to grow to US$126.6 billion by 2025, with a compound annual growth rate of 2.7%.
So why is Mexico such an exciting market for food and beverage companies? There are several reasons why Mexico is a key market for those looking to expand their offerings:
Large and growing market: With a population of over 130 million people, Mexico is a significant market for food and beverage companies looking to expand their reach.
Changing demographics: Mexico has a relatively young population, with a median age of just 28 years. This demographic shift is leading to changing consumer preferences and habits, making it an exciting market for those looking to innovate and adapt to evolving trends.
Rapidly growing middle class: With an increasing demand for consumer packaged goods (CPG) products, the Mexican middle class is rapidly growing, providing new opportunities for companies looking to expand their offerings.
Unique local consumer preferences: Mexican consumers have unique preferences and habits when it comes to food and beverage, making it an exciting market for companies looking to differentiate themselves and offer something new and exciting.
Cultural diversity: Mexico is a culturally diverse country with a wide range of regional differences, providing opportunities for companies to tailor their offerings to specific regions and demographics.
Dietary preferences: Mexican cuisine is known for its bold and flavorful dishes, and there is a growing interest in healthy eating and plant-based diets in the country, providing opportunities for companies to innovate and cater to these changing tastes.
Why our data works Tastewise makes use of real data from 1.5 million consumers, 5.2 million recipes, 1.1 million dishes, 10.5 million social posts, and 30,600 restaurants to gain a deep understanding of the Mexican food and beverage market. We’ve identified key elements of Mexican cuisine, including corn and wheat, spices and herbs, chili peppers, meat and seafood, beans and rice, salsa and guacamole, and desserts. Understanding these elements is crucial for companies looking to develop products that appeal to Mexican consumers and capture a share of this growing market. According to our data, ‘Mexican’ has grown by 0.49% in social discussion over the past year.
Consumer insights Mexican consumers are becoming increasingly aware of the importance of health and nutrition, with many seeking healthier food and drink options. In fact, Mexico is showing an increase of 20% in ‘Health’ as a consumer need as opposed to only 2.9% growth in the United States. However, traditional Mexican cuisine is often high in fat and calories, making it challenging to balance health concerns with traditional tastes. Convenience is also essential to Mexican consumers, who value quick and easy food options that fit into their busy lifestyles.
The market is price-sensitive, with consumers looking for the best value for their money, but they are also becoming more discerning about the quality of their food and drink. Finally, Mexican consumers are increasingly concerned about the environmental impact of their food choices, seeking more sustainable and eco-friendly options.
The Mexican food and beverage market is an exciting and dynamic market with unique cultural and culinary traditions that make it a valuable target for food and beverage companies. Understanding the key elements of Mexican cuisine, as well as the evolving preferences and habits of Mexican consumers, is crucial for companies looking to expand their offerings and capture a share of this growing market.
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