Mexico Foodservice Market to 2028

Mexico Foodservice Market to 2028

Summary

“Mexico – The Future of Foodservice to 2028” published by GlobalData provides extensive insight and analysis of the Mexican Foodservice market over the next five years (2023–28) and acts as a vital point of reference for operators or suppliers.

The Mexican foodservice profit sector generated total revenue of MXN1.7 trillion ($84 billion) in 2023, recording a compound annual growth rate (CAGR) of 2.7% from MXN1.5 trillion ($79 billion) in 2018. However, the number of transactions declined at a negative CAGR of 0.03%. The number of outlets recorded a CAGR of 1.9% during 2018–23. QSR led the foodservice profit sector in 2023, accounting for 38% of total sales.

The foodservice profit sector is expected to reach MXN2.6 trillion ($116 billion) in 2028, registering a strong CAGR of 8.1% during 2023–28, while the number of transactions will achieve a CAGR of 4.6%.

The report includes:

• Overview of Mexico's macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on the Mexico foodservice market including GDP per capita, consumer price index, population growth, and annual household income distribution.
• Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, and coffee & tea shop) within the Mexico foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
• Customer segmentation: Identify the most important demographic groups, buying habits, and motivations that drive out-of-home meal occasions among segments of the Mexico population.
• Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

Scope

In 2023, Mexico recorded annual nominal GDP per capita growth of 8.6% due to strong investment and private consumption. The construction, service, and auto production sectors performed well, which helped boost the economy.

The working-age population (aged 15–64) accounted for 68.2% of the total population in 2023. Moreover, the proportion of the working-age population is expected to rise to 69.4% by 2028. As of 2023, 23.8% of the population were under 15 years, while 8% were aged 65 years and above. The share of the young-age population (0–14) will decline to 21.4% by 2028.

The unemployment rate was recorded at 2.9% in 2023. It is expected to increase to 3.5% in 2028. The labor force participation rate stood at 49.8% for women and 81.5% for men in 2023. The tertiary sector had the highest proportion of employment in 2023, with 62.1%, followed by the secondary sector with 25.7%.

Reasons to Buy

Specific forecasts of the foodservice market over the next five years (2023–28) will give readers the ability to make informed business decisions through identifying emerging/declining markets. Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, and coffee & tea shop) will allow readers understand the wants and needs of their target demographics.