Mexico’s GDP grew by 2.7% YoY as of September 2022, surpassing the 2022 forecast of 2.1% by the IMF, according to INEGI (National Institute of Statistics and Geography). This is an encouraging sign.
Despite modest GDP growth, Mexico’s economy is progressing. Real income from goods and services rose by 3.3% YoY as of September 2022, according to INEGI. El Economista reported a 49.2% surge in foreign investment during H1 2022. AMI data shows a 32% growth in Mexico’s e-commerce sector between 2022 and 2023.
Here are the top-selling products in Mexico in 2022:
1. Cars
The Mexican Association of Automotive Distributors (AMDA) reports that light vehicle sales in Mexico rose by 4.2% (870,000 units) between January and October 2022, compared to the same period in 2021. The biggest sales increase was observed in sports cars (+31.4%), followed by light trucks (+20%) and luxury cars (+13%).
AMDA also reports growth in heavy vehicle retail sales in Mexico, with more than 28,000 units sold between January and September 2022, a 22% increase YoY. The highest sales growth was seen in cargo vehicles (+25.8%) and foreign buses (+74.8%).
2. Electric Cars
JP Power forecasts that 70,000 new hybrid vehicles will be sold in Mexico in 2022, leading to a YoY sales increase of 37.2%. They predict that annual hybrid vehicle sales in Mexico could reach 178,000 units by 2030.
Electric vehicle sales in Mexico have also experienced significant growth. Despite only totalling 7,000 units in 2022 (according to JP Power), this still represents a 122% increase compared to 2021.
3. Hardware
Javier García, director of the National Hardware Expo, reports that Mexico’s hardware sector grew by 7.4% from January to July 2022. García states that hardware sales in Mexico make up 9% of the country’s GDP.
Mexico’s hardware and home improvement items market includes paint, locks, lighting, and electrical materials. The hardware sector saw a 40% sales increase in 2021 compared to 2020.
4. Motorcycles
The newly established Mexican Association of Motorcycle Manufacturers and Importers (AMFIM) estimates that the motorcycle market in Mexico grew by 27% (with an average annual growth of 5.4%) between 2017 and 2021. This growth outpaces car sales during the same period, according to Expansión. It’s projected that 1.25 million motorcycles will be sold in Mexico in 2022.
5. Consumer Goods
Fitch Solutions predicts that meat and poultry sales in Mexico will increase by an average annual rate of 9.2% from 2022 to 2026, growing from US$59 billion to US$74 billion. Poultry is the most popular meat in Mexico, holding a 36% market share in 2022.
The sales of sugar and confectionery products in Mexico are also expected to increase at an annual rate of 8.3% from 2022 to 2026, rising from US$2.7 billion to US$3.2 billion in sales volume.
6. Video Games
Data from The Competitive Intelligence Unit (The CIU) shows that the video game market in Mexico experienced a 5.5% growth during H1 2022. It’s projected that video game sales in Mexico could reach MXN$41 trillion (US$2.1 billion) by the end of 2022, marking a 5.2% increase compared to 2021.
The CIU reports that 56.5% of Mexicans aged six and above are gamers. Smartphones are the most popular 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
According to the National Chamber of the Home and Personal Care Products Industry (CANIPEC), the beauty, cosmetics, and personal care product market in Mexico is expected to see a 12% increase in sales in 2022. This market encompasses makeup, bath products, hair care products, and more, and features leading brands such as Avon, P&G, and Unilever.
The market research firm Mordor Intelligence predicts an annual growth rate of 9.57% for beauty, cosmetics, and personal care products in Mexico from 2022 to 2027. Meanwhile, according to Global Data, the skin care products market in Mexico was valued at $1.6 billion in 2021 and is expected to grow at a rate of 4% per year through 2026.
