Higher consumption of pork and poultry expected in Mexico
Animal protein consumption in Mexico is expected to rise this year, as demand for chicken meat, eggs and pork is already at elevated levels. Domestic consumption is expected to reach 28.3 million tons this year, 1.2% more than the previous year. Growth will be supported by higher consumption of:
Chicken (3.8%), close to 4.5 million tons.
Pork (3.4%) around 2.6 million tons; and,
Egg (3.3%) increase in the consumption of to reach a consumption of 3.2 million tons, as revealed by a Genesus market report.
"Pork prices in Mexico soared at record highs during the first half of the year (62% higher year over year) helping producers offset high input costs. Hog prices are expected to plateau in 2022 after record price volatility in 2020/2021, according to Rabobank. Both, production growth and market price, however, have temporarily slowed with an expected rebound in the fourth quarter," reports Fernando Ortiz, Ibero-America Business Development Manager.
It is expected that Mexican imports of pork in 2022 will be close to a million tonnes, although a little lower than what was imported in 2021 because the national production could exceed the growth in demand.
The United States will continue to be Mexico's leading foreign supplier of pork, and Mexico will continue to be the second-largest destination for US pork exports, closely following China.
Mexico's pork exports in 2022 are forecast to remain at the same level as 2021 (390,000 tonnes) with stable export demand from Asia and the Americas. Mexican exporters have learned to diversify their markets with shipments of high-value cuts to the US and special and more elaborate cuts to Japan and Korea.
Mexican pork exports to the US have increased at a rate of 23% in the last three years. Exports to Canada grew at a rate of almost 15% during the same period. Annual Mexican pork exports to South Korea accelerated in 2021, reaching record highs.
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