Costa Rica: Vaccine Market 2024

Vaccine Market Size in Costa Rica

The Costa Rican vaccine market stood at $X in 2022, approximately mirroring 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, the total consumption indicated measured growth from 2012 to 2022: its value 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, consumption decreased by -7.1% against 2019 indices. Vaccine consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Vaccine Exports

Exports from Costa Rica

In 2022, shipments abroad of vaccines for human medicine decreased by -18.9% to X kg for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a precipitous decline. The most prominent rate of growth was recorded in 2018 with an increase of 800%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, vaccine exports declined remarkably to $X in 2022. Overall, exports faced a dramatic curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 697% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X kg) was the main destination for vaccine exports from Costa Rica, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso stood at -8.9%.

In value terms, Burkina Faso ($X) also remains the key foreign market for vaccines for human medicine exports from Costa Rica.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso stood at -3.6%.

Export Prices by Country

In 2022, the average vaccine export price amounted to $X per ton, picking up by 1.9% against the previous year. Overall, the export price recorded resilient growth. The most prominent rate of growth was recorded in 2016 an increase of 94%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Burkina Faso.

From 2012 to 2022, the rate of growth in terms of prices for Saint Lucia amounted to +9.2% per year.

Vaccine Imports

Imports into Costa Rica

After two years of decline, overseas purchases of vaccines for human medicine increased by 23% to X tons in 2022. In general, imports, however, showed a slight curtailment. The growth pace was the most rapid in 2018 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, vaccine imports contracted modestly to $X in 2022. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.7% against 2014 indices. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped modestly in the following year.

Imports by Country

France (X tons), South Korea (X tons) and Belgium (X tons) were the main suppliers of vaccine imports to Costa Rica, together accounting for 63% of total imports. Germany, the United States, India, the Netherlands, Panama and the UK lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +19.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vaccine suppliers to Costa Rica were South Korea ($X), France ($X) and the United States ($X), with a combined 73% share of total imports. Belgium, the Netherlands, Germany, India, Panama and the UK lagged somewhat behind, together accounting for a further 21%.

The Netherlands, with a CAGR of +18.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vaccine import price stood at $X per ton in 2022, declining by -22.3% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 +9.5% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 39%. As a result, import price attained the peak level of $X per ton, and then contracted significantly 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 the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform