Market Insights Consumer DIY & Hardware Store

Lawn & Garden - Mexico

Mexico

In Mexico, the revenue in the Lawn & Garden market is projected to reach €3.60bn in 2024.
Based on the expected annual growth rate of 2.15% (CAGR 2024-2028), the market is anticipated to expand steadily.
When compared globally, in the United States leads in generating the highest revenue with €123bn in 2024.
This showcases the significant market presence and dominance of the United States in the Lawn & Garden market industry.
In terms of per capita revenue, in Mexico is expected to generate €26.87 per person in 2024.
This figure indicates the average revenue generated by each individual in the country within the Lawn & Garden market.
The demand for lawn and garden products in Mexico is on the rise, driven by the country's growing middle class and increasing interest in outdoor living spaces.

Key regions: Germany, Nigeria, Brazil, India, China

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Analyst Opinion

The DIY & Hardware Store Market in Mexico is facing negligible growth due to various factors such as limited consumer interest in lawn and garden products, saturated market, and the preference of Mexican consumers for traditional gardening methods. However, the convenience of online shopping is expected to drive growth in the coming years.

Customer preferences: As consumers become more environmentally conscious, there has been a notable increase in demand for sustainable and eco-friendly lawn and garden products. This trend is particularly prominent among younger demographics, who prioritize sustainable practices and seek out organic and non-toxic alternatives. Additionally, the rise of remote work and home gardening during the pandemic has led to a greater interest in DIY lawn and garden projects, with an emphasis on using natural, locally-sourced materials. This shift towards sustainable and DIY gardening practices is likely to continue as consumers prioritize health, wellness, and sustainability in their purchasing decisions.

Trends in the market: In Mexico, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a surge in demand for sustainable and eco-friendly gardening products. This trend is driven by increasing awareness of the environmental impact of traditional lawn and garden care methods. In response, industry stakeholders are offering a wider range of organic and sustainable products, such as natural fertilizers and pest control solutions. This trend is expected to continue, as consumers prioritize environmentally-friendly options and as government regulations promoting sustainable practices are implemented. This presents a significant opportunity for industry players to differentiate themselves and cater to the evolving needs of the market.

Local special circumstances: In Mexico, the Lawn & Garden Market within the DIY & Hardware Store Market is heavily influenced by the country's diverse climate and flora. This leads to a unique and wide range of lawn care and gardening products that cater to the varying needs of Mexican consumers. Additionally, the country's cultural traditions and love for outdoor living also contribute to the demand for such products. On the regulatory front, Mexico has strict laws regarding the use and disposal of pesticides, which has resulted in the rise of environmentally friendly and organic lawn and garden solutions.

Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Mexico is heavily influenced by macroeconomic factors such as the country's economic health and fiscal policies. With a growing middle class and increased disposable income, there is a rising demand for home improvement and outdoor products. Government initiatives to promote home ownership and investments in infrastructure development also contribute to the market growth. However, fluctuations in the global economy, such as currency exchange rates and trade policies, can impact the availability and cost of imported products. Furthermore, consumer confidence and spending are greatly influenced by inflation rates and unemployment levels, which can affect overall market performance.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.