Colombia: Medicaments Containing Vitamins Market 2024

Medicaments Containing Vitamins Market Size in Colombia

The Colombian medicaments containing vitamins market rose sharply to $X in 2021, growing by 14% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +34.1% against 2016 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in years to come.

Medicaments Containing Vitamins Production in Colombia

In value terms, medicaments containing vitamins production stood at $X in 2021 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.1% against 2019 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 39% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Medicaments Containing Vitamins Exports

Exports from Colombia

For the fourth year in a row, Colombia recorded decline in shipments abroad of medicaments containing vitamins and provitamins, which decreased by -6.8% to X tons in 2021. Over the period under review, exports continue to indicate a perceptible descent. The growth pace was the most rapid in 2014 when exports increased by 29% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, medicaments containing vitamins exports expanded significantly to $X in 2021. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 46%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X tons), Brazil (X tons) and Nicaragua (X tons) were the main destinations of medicaments containing vitamins exports from Colombia, together comprising 46% of total exports. Peru, Guatemala, the UK, the Netherlands, El Salvador, Panama, Bolivia, Chile, Honduras and the United States lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +504.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for medicaments containing vitamins exported from Colombia were Ecuador ($X), El Salvador ($X) and Nicaragua ($X), together comprising 47% of total exports. These countries were followed by Peru, the Netherlands, Guatemala, Brazil, the UK, Bolivia, Panama, Chile, Honduras and the United States, which together accounted for a further 44%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +395.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medicaments containing vitamins export price stood at $X per ton in 2021, with an increase of 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Medicaments Containing Vitamins Imports

Imports into Colombia

In 2021, approx. X tons of medicaments containing vitamins and provitamins were imported into Colombia; increasing by 72% compared with 2020. Overall, imports showed notable growth. The growth pace was the most rapid in 2018 when imports increased by 84% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, medicaments containing vitamins imports skyrocketed to $X in 2021. Over the period under review, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 60%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Argentina (X tons) and the United States (X tons) were the main suppliers of medicaments containing vitamins imports to Colombia, together comprising 53% of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +40.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest medicaments containing vitamins suppliers to Colombia were Germany ($X), Canada ($X) and Argentina ($X), together comprising 46% of total imports. These countries were followed by Mexico, the United States, China, Brazil and India, which together accounted for a further 26%.

Among the main suppliers, China, with a CAGR of +34.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average medicaments containing vitamins import price amounted to $X per ton, reducing by -9.8% against the previous year. In general, the import price continues to indicate a pronounced contraction. The growth pace was the most rapid in 2016 when the average import price increased by 62%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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