Cooking ingredients and meals in 2024: The big picture
Cooking ingredients and meals in Mexico in 2024 is being influenced by the economic situation in the country, with a low GDP indicating a struggling economy. Despite 2024 being an election year in Mexico, which was expected to bring a solid rebound in spending, driven by typical government policies associated with election years, consumer spending has been less dynamic than anticipated.
Key trends in 2024
Health and wellness trends continue to be on the rise across categories, with consumers becoming increasingly interested in the ingredients of foods and opting for healthier alternatives. According to Euromonitor International's Voice of the Consumer: Lifestyles Survey 2024, 60% of consumers actively seek products containing healthy ingredients in their food and beverages.
Competitive landscape
Conservas La Costeña SA de CV continues to lead sales of cooking ingredients and meals in Mexico, being the only company holding an overall double-digit share. This is thanks to its long tradition and presence of its brand La Costeña, which also takes the overall top spot in brand terms.
Channel developments
Small local grocers remains the strongest distribution channel for cooking ingredients and meals in Mexico. However, as consumers become more rational in their shopping habits, increasingly seeking special offers and discounts, channels such as discounters are also popular, as are supermarkets and hypermarkets which offer deals and discounts to budget-conscious consumers.
What next for cooking ingredients and meals?
The stabilisation of prices in cooking ingredients and meals, expected over the forecast period after a challenging review period, is anticipated to boost retail volume and value sales. Health trends will continue to play a key role, with companies launching new products and revitalising their existing lines with healthy alternatives and ingredients.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Mexico, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Mexico report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Mexico?
- Which are the leading brands in Cooking Ingredients and Meals in Mexico?
- How are products distributed in Cooking Ingredients and Meals in Mexico?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Mexico?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Mexico
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Mexico
KEY DATA FINDINGS
Edible oils continues to face challenges, despite prices starting to drop
Olive oil is the winner and sees its own campaign and supporting activities
Modern retail channels are preferred for olive oil
Stabilisation of prices will help to support edible oils sales over the forecast period
Private label expected to gain further ground over the forecast period
Ongoing activity in alliances expected to continue
Meals and Soups in Mexico
KEY DATA FINDINGS
Stabilising prices help to support sales in meals and soups
Sigma Alimentos maintains its leading place thanks to the success of its Fud, Guten, and El Cazo brands
Convenience is the key sales driver for meals and soups
Health and wellness trends pose a threat to meals and soups and inspire healthier formulations
Foodservice sales continue to normalise
E-commerce options enhance the key driver of convenience for consumers
Sauces, Dips and Condiments in Mexico
KEY DATA FINDINGS
Health and wellness trends noted in sauces, dips and condiments
Barbecue sauces sees healthy volume growth, with the majority of sales held by Hunt’s BBQ
Conservas La Costeña maintains its lead thanks to longstanding reputation in the country
Private label expected to gain further ground over the forecast period
Stabilisation of prices will help to support sales over the forecast period
E-commerce expected to maintain a role in sales
Sweet Spreads in Mexico
KEY DATA FINDINGS
Stabilising prices and revival of at-home breakfasts support sales
Nut and seed based spreads is the winner and attracts innovative new developments
Jams and preserves manages to maintain positive sales, although the mature category faces rising competition from healthier variants
Consumers warned against “fake honey”
Indulgence trends will help to support sales in chocolate spread
Aspartame under the spotlight as “possibly carcinogenic to humans”
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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