Colombia: Vitamin Market 2024

Vitamin Market Size in Colombia

The Colombian vitamin market skyrocketed to $X in 2021, increasing by 27% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Vitamin consumption peaked in 2021 and is likely to see steady growth in the near future.

Vitamin Exports

Exports from Colombia

Vitamin exports from Colombia surged to X tons in 2021, increasing by 43% compared with the previous year. Over the period under review, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2014 with an increase of 84%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, vitamin exports surged to $X in 2021. Overall, exports enjoyed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 84% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for vitamin exports from Colombia, accounting for a 51% share of total exports. Moreover, vitamin exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+47.2% per year) and Vietnam (+11.6% per year).

In value terms, Ecuador ($X), Venezuela ($X) and Mexico ($X) were the largest markets for vitamin exported from Colombia worldwide, with a combined 79% share of total exports.

Venezuela, with a CAGR of +40.6%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, with a decrease of -7.6% against the previous year. Over the period under review, the export price recorded a mild descent. The pace of growth appeared the most rapid in 2018 an increase of 36%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Vietnam ($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 Peru (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Colombia

Vitamin imports into Colombia surged to X tons in 2021, picking up by 17% on the previous year's figure. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +43.7% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 20%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, vitamin imports soared to $X in 2021. The total import value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to Colombia, with a 51% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Switzerland (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.0% per year) and Switzerland (+5.5% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to Colombia, comprising 48% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by Switzerland, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.6% per year) and Switzerland (-1.7% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, growing by 13% against the previous year. Overall, the import price, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by 13% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average 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 the United States ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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