The gross domestic product (GDP) of Mexico grew by 2.7% year-over-year as of September 2022, according to the most recent estimates by the National Institute of Statistics and Geography, known as INEGI. This progress is encouraging, as it already surpassed the 2.1% GDP growth that was forecasted for Mexico in 2022 by the International Monetary Fund (IMF).
While GDP growth was fairly modest for Mexico, the country’s local economy is advancing steadily. In retail, INEGI reports that real income from goods and services has had an annual increase of 3.3% as of September 2022. Also, preliminary data shared by El Economista indicates that there was a 49.2% increase in foreign investment in Mexico during the first half of 2022. Finally, data from Americas Market Intelligence (AMI) point to a 32% growth in e-commerce in Mexico between 2022 and 2023.
Below you’ll find the top-selling products in Mexico in 2022.
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#1 Cars
According to the Mexican Association of Automotive Distributors (AMDA, as per the Spanish-language acronym), between January and October 2022, about 870,000 units of light vehicles were sold in Mexico, indicating a 4.2% increase in sales compared to the same period in 2021. The largest increase in sales was seen in sports cars (+31.4%), light trucks (+20%) and luxury cars (+13%).
AMDA also reports increases in retail sales of heavy vehicles in Mexico. Between January and September 2022, more than 28,000 units were sold, a growth of 22% compared to the same period in previous year. The greatest increase in sales was evidenced in cargo vehicles (+25.8%) and foreign buses (+74.8%).
#2 Hybrid and Electric Cars
JD Power estimates that nearly 70,000 new units of hybrid vehicles will be sold in the country in 2022, which will result in a sales increase in hybrid vehicles in Mexico of 37.2%, year-over-year. According to JP Power, annual hybrid vehicle sales in Mexico could reach 178,000 units by 2030.
The sale of electric vehicles has also grown significantly in Mexico. Even though electric vehicle sales in Mexico will barely total 7,000 units in 2022 (according to JD Power), this will still represent 122% growth compared to 2021.
#3 Hardware Products
According to Javier García, director of the Expo Nacional Ferretera (National Hardware Expo), Mexico’s hardware sector has experienced 7.4% growth between January and July 2022. According to García, hardware sales in Mexico contribute 9% of the national GDP.
The hardware and home improvement items in Mexico include paint, locks, lighting, and electrical materials. In 2021, the hardware sector in Mexico saw a sales increase of 40% compared to 2020.
#4 Motorcycles
The recently formed Mexican Association of Motorcycle Manufacturers and Importers (AMFIM, as per the Spanish-language acronym) estimates that between 2017 and 2021, the motorcycle market in Mexico grew by 27% (with annual average growth of 5.4%). This figure is actually higher than the growth in car sales during the same period, according to Expansión. Overall, it’s projected that in 2022, 1.25 million motorcycles will be sold in Mexico.
#5 Consumer Goods
The sale of meat and poultry in Mexico will increase by an annual average of 9.2% between 2022 and 2026, growing from US$59 billion to US$74 billion, according to Fitch Solutions. Poultry is the meat preferred by Mexicans, with a 36% market share in 2022.
Similarly, the sales of sugar and confectionery products in Mexico will increase at an annual rate of 8.3% between 2022 and 2026, going from US$2.7 billion to US$3.2 billion in sales volume.
#6 Video Games
The video game market in Mexico grew by 5.5% during the first semester of 2022, according to data from The Competitive Intelligence Unit (The CIU). By the end of 2022, videogames sales in Mexico could exceed MXN$41 trillion (US$2.1 billion), which will represent a 5.2% increase compared to 2021.
The CIU states that 56.5% of the Mexican population older than six are gamers. The smartphone is the most-preferred platform for video games in Mexico (used by 79.8% of gamers), followed by consoles (20,5%), computers (6.7%), and tablets (6.2%).
#7 Cosmetics
Sales of beauty, cosmetics and personal care products in Mexico are projected to grow by 12% in 2022, according to the latest data from the National Chamber of the Home and Personal Care Products Industry (CANIPEC, as per the Spanish-language acronym). The market includes makeup, bath products, and hair care products, among other types; in Mexico, leading brands in this sector include Avon, P&G and Unilever.
Similarly, Mordor Intelligence forecasts a compound annual growth rate (CAGR) of 9.57% for cosmetics and personal care products in Mexico between 2022 and 2027.
As for skin care products only, Global Data estimated that there was a market value of US$1.6 billion in Mexico in 2021, and that this sector will have a CAGR of 4% through 2026.
Next Steps
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You may also want to explore our other stories on top-selling products in Latin America, as well as the best-selling products in markets such as Argentina, Colombia, Chile, and Brazil.
