Mexican avocado continues to break export records

Mexican avocado exports continue to break records. According to data from the Ministry of Agriculture, between January and November 2020, Mexico exported 1,219,700 tons of avocado, 6.3% more than in the same period of the previous year and a new record export volume in that period. In fact, exports have tripled in the last decade, from the 369,000 tons recorded in 2010.

In terms of value, Mexican foreign sales of avocado fell by 7.4% in the first eleven months of 2020, totaling 2.698 billion dollars.

United States: 23 years of steady growth
Mexican avocado exports to the United States have experienced unstoppable growth after 1997 when the US market was gradually opened to the Mexican product after an 83-year embargo on this fruit.

According to the Department of Agriculture, between 2008 and 2018 total avocado consumption increased from 1.1 billion pounds to 2.6 billion pounds, presenting a compound annual growth rate (CAGR) of 9.4%. In 2019, the US Hass avocado industry's total market value stood at $6.5 billion.

This growth has been driven in part by a significant increase in per capita consumption, which went from 3.5 pounds in 2008 to 8.0 pounds in 2018.

The U.S. Hass avocado market is expected to continue having a 5.5% CAGR between 2019 and 2023, and the industry is expected to make more than $ 8 billion in revenue in 2023, according to the Hass Avocado Board.

There are multiple factors that contribute to the growth of the industry. One of them is the growing interest in healthy eating and the focus on nutrient-dense foods. Likewise, demographic changes have contributed to the growth of avocado consumption in the United States. Approximately 75% of the Hispanic population's households in the US, a growing segment of the population, buy avocados and they spend 45% more money purchasing avocados than non-Hispanic households.

It should be noted that most of the avocados sold in the United States are imported from other countries. 76% of the avocado consumed in the US in 2018 was imported from Mexico.

 

Source: agronegocios.co

 


Publication date:



Receive the daily newsletter in your email for free | Click here


Other news in this sector:


© FreshPlaza.com 2021

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber