Prepared meals remain hard sell in Mexican market

By Hank Schultz

- Last updated on GMT

Related tags Compound annual growth rate

Prepared meals remain hard sell in Mexican market
Sales of prepared meals in Mexico are forecast to trend up in the next five years, according to a recent report, but are still lagging behind the overall rate of economic growth in the country.

UK based firm Progressive Digital Media forecasts that the sector will grow by just 1.5% compound annual growth rate (CAGR) in terms of value in the 2012-2017 time frame.  By comparison, the overall Mexican economy was forecast to grow by 3.5% in 2013.

Within the packaged foods sphere, the ready meals category is forecast to be the strongest, with an anticapated volume CAGR of 3% for the forecast period. That subcategory is also the largest, taking 66.9% of the pie by value and 56.6% by volume in 2012. The meal kits category comes in second at 19.9% and 32% respectively and pizza brings up the rear at 13.2% and 11.4%.

As for growth in the forecast period, ready meals are forecast to grow by 1.8% CAGR in terms of value and 3% by volume. Meal kits will come in at 1.4% and 2.3% and pizza at 0.5% and 1.6% respectively.

This represents one of the slowest growth rates of all food subcategories in the country, the report said. “Marketers of prepared meals face a difficult task in convincing Mexican  consumers that their products are convenient, tasty and healthy,”​ the report said. 

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