Latin America and the Caribbean: Vaccine Market 2024

Vaccine Market Size in Latin America and the Caribbean

After four years of growth, the Latin American vaccine market decreased by X% to $X in 2022. Overall, consumption, however, recorded a pronounced expansion. As a result, consumption reached the peak level of $X, and then dropped dramatically in the following year.

Vaccine Production in Latin America and the Caribbean

In value terms, vaccine production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Vaccine Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of vaccines for human medicine increased by X% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports, however, continue to indicate a pronounced decline. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, vaccine exports plummeted to $X in 2022. Over the period under review, exports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Cuba represented the key exporting country with an export of around X tons, which resulted at X% of total exports. It was distantly followed by the Dominican Republic (X tons), creating a X% share of total exports. Panama (X tons), Nicaragua (X tons) and Argentina (X tons) held a little share of total exports.

Exports from Cuba increased at an average annual rate of X% from 2012 to 2022. At the same time, the Dominican Republic (X%) and Nicaragua (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Argentina (X%) and Panama (X%) illustrated a downward trend over the same period. While the share of Cuba (X p.p.), the Dominican Republic (X p.p.) and Nicaragua (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Panama (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vaccine supplying countries in Latin America and the Caribbean were Nicaragua ($X), Cuba ($X) and Panama ($X), with a combined X% share of total exports. Argentina and the Dominican Republic lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, the Dominican Republic, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, which is down by X% against the previous year. In general, the export price recorded a abrupt descent. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X,490 per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (X%), while the other leaders experienced more modest paces of growth.

Vaccine Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of vaccines for human medicine were imported in Latin America and the Caribbean; which is down by X% on the previous year's figure. In general, imports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, vaccine imports contracted sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then dropped dramatically in the following year.

Imports by Country

In 2022, Argentina (X tons), Brazil (X tons), Colombia (X tons), Peru (X tons), Chile (X tons) and Guatemala (X tons) was the major importer of vaccines for human medicine in Latin America and the Caribbean, mixing up X% of total import. It was distantly followed by Honduras (X tons), the Dominican Republic (X tons) and El Salvador (X tons), together generating a X% share of total imports. Nicaragua (X tons), Ecuador (X tons), Costa Rica (X tons) and Bolivia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and Colombia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Chile, the Dominican Republic, Peru, Ecuador, Guatemala, El Salvador, Nicaragua, Honduras, Costa Rica and Bolivia lagged somewhat behind, together accounting for a further X%.

The Dominican Republic, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per kg, with a decrease of X% against the previous year. Overall, the import price, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per kg, and then declined significantly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per kg), while Bolivia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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