Colombia: Vaccine Market 2024

Vaccine Market Size in Colombia

The Colombian vaccine market declined modestly to $X in 2022, remaining constant 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). Overall, consumption, however, continues to indicate a mild curtailment. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Vaccine Exports

Exports from Colombia

In 2022, overseas shipments of vaccines for human medicine increased by 4.8% to X tons for the first time since 2016, thus ending a five-year declining trend. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 40% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, vaccine exports expanded significantly to $X in 2022. Overall, total exports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -39.8% against 2014 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 46%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for vaccine exports from Colombia, with a 81% share of total exports. Moreover, vaccine exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Ecuador totaled +35.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+25.4% per year) and Panama (-1.0% per year).

In value terms, Venezuela ($X) remains the key foreign market for vaccines for human medicine exports from Colombia, comprising 80% of total exports. The second position in the ranking was held by Ecuador ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Venezuela stood at +36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+22.1% per year) and Panama (-10.6% per year).

Export Prices by Country

In 2022, the average vaccine export price amounted to $X per ton, surging by 2.9% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 25% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+8.7%), while the prices for the other major destinations experienced a decline.

Vaccine Imports

Imports into Colombia

In 2022, overseas purchases of vaccines for human medicine were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, saw a pronounced downturn. The growth pace was the most rapid in 2017 when imports increased by 42% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vaccine imports reduced modestly to $X in 2022. In general, imports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by 45%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest vaccine supplier to Colombia, accounting for a 23% share of total imports. Moreover, vaccine imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-12.1% per year) and Belgium (-16.1% per year).

In value terms, the United States ($X) constituted the largest supplier of vaccines for human medicine to Colombia, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 23% share of total imports. It was followed by Belgium, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+184.2% per year) and Belgium (-18.1% per year).

Import Prices by Country

In 2022, the average vaccine import price amounted to $X per ton, shrinking by -8.4% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vaccine import price increased by +61.7% against 2013 indices. The most prominent rate of growth was recorded in 2014 an increase of 19%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+45.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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