The global biscuit market is anticipated to reach a value of US$ 68.3 billion by 2023, considering a CAGR of 5.9% between 2021 and 2023.
Within this context, the Mexican market is also growing steadily from year to year. According to the annual report published by the ANIMCO (Association of Maize Mills and Flour Industry) about the performance of the maize flour industry in Mexico, it has grown from $1.7 billion in 2017 to $1.8 billion in 2018.
This article covers everything you need to know about the biscuit industry in Mexico – from its current size and scope to its key players and future growth prospects:
What is the current size and scope of the Mexican biscuit market?
The Mexican biscuit industry has been growing steadily in the last five years, but at a slower pace than the global average.
Over the next five years, however, the industry is expected to expand at a much faster rate than the global average growth rate.
This is due to several factors, primarily the rising demand for snacks in Mexico as a whole. The Mexican biscuit industry is currently worth around $1.9 billion, according to data gathered by Research and Markets.
This represents an 8.2% increase from the previous year, but the industry is still less than half of its size in 1990 when it was worth $4 billion.
The market is dominated by a few key players but has room for smaller firms to expand as well. The top four players account for around half of the market.
Which are the most popular biscuits in Mexico?
The most popular biscuits in Mexico are those made locally.
These are often made with corn and wheat, with sugar and lard as the primary ingredients.
They are baked in the traditional Mexican way: with hot stones in the oven. Some of the most popular local biscuits in the country are “mantecadas,” “mecates,” and “orejas.”
There are also a number of “regional” biscuits that are popular in certain parts of the country.
Which snacks are also growing in popularity in Mexico?
The rise in popularity of snacks in Mexico has been remarkable over the past decade. In the early 2000s, snacks accounted for only a quarter of the country’s baked goods sales.
Currently, however, they account for a third of the market, suggesting that the Mexican population is eating more snacks than ever before.
Some of the most popular snacks in Mexico include:
Churros are fried dough that is often topped with sugar and served with hot chocolate.
Barreritas are similar to churros, but are made with sweet bread dough.
Tostadas are flat, fried tortillas that are often topped with beans, lettuce, meat, and cheese.
What are some of the biggest threats to the Mexican biscuit industry?
The biggest threat to the Mexican biscuit industry is changing consumer tastes.
Although Mexicans continue to consume many of their traditional biscuits, they are also eating more nutrition-rich products.
This is expected to put a dent in the sales of many traditional Mexican biscuits in the coming years. Another major threat facing the Mexican biscuit industry is the rising cost of raw materials.
Corn, wheat, and sugar are all expected to become more expensive in the coming years.
This will put upward pressure on the prices of many traditional Mexican biscuits and may lead to the development of new products with lower prices.
What opportunities exist for growth in the coming years?
The Mexican biscuit industry has a number of opportunities for growth in the coming years.
First, it can look to expand beyond its traditional market and tap into the growing health and wellness trends.
This can be done by marketing products as “less sweet” or “low fat” and offering products that are high in fiber and whole grains.
Second, the industry can focus on expanding its production capacity.
Many of the leading players in the industry produce only a small amount of products each year. This creates a supply chain that is heavily reliant on one or two corn harvests.
The biscuit industry in Mexico is expected to continue growing steadily in the coming years.
The rise in the consumption of snacks is expected to drive growth, while the increasing popularity of health and wellness products is expected to lead to the development of new products.
These trends create several opportunities for expansion and growth in the Mexican biscuit industry.
Moreover, the Mexican government has expressed interest in diversifying its agricultural production.
This is expected to lead to a rise in the production of high-value and high-quality products.
There is also a growing interest in local products among the Mexican population.
These trends have the potential to transform the Mexican biscuit industry significantly.