Cuba: Vaccines Market 2024

Vaccines Market Size in Cuba

The Cuban vaccines market soared to $X in 2021, with an increase of 22% against the previous year. Overall, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -14.1% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Vaccines Production in Cuba

In value terms, vaccines production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -14.3% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 49%. Vaccines production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Vaccines Exports

Exports from Cuba

For the sixth year in a row, Cuba recorded decline in shipments abroad of vaccines for human medicine, which decreased by -60.3% to X tons in 2021. Overall, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 25%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, vaccines exports declined to $X in 2021. In general, exports faced a dramatic curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 44% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Nicaragua (X kg), Togo (X kg) and Benin (X kg) were the main destinations of vaccines exports from Cuba, together accounting for 78% of total exports.

From 2012 to 2021, the biggest increases were in Benin (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Nicaragua ($X) emerged as the key foreign market for vaccines exports from Cuba, comprising 68% of total exports. The second position in the ranking was taken by Togo ($X), with a 16% share of total exports. It was followed by Benin, with a 5% share.

From 2012 to 2021, the average annual growth rate of value to Nicaragua stood at -11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-40.6% per year) and Benin (0.0% per year).

Export Prices by Country

In 2021, the average vaccines export price amounted to $X per ton, surging by 137% against the previous year. Over the period under review, the export price continues to indicate a remarkable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Argentina ($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 Pakistan (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccines Imports

Imports into Cuba

In 2021, the amount of vaccines for human medicine imported into Cuba declined to X tons, reducing by -13.1% compared with the previous year. In general, imports continue to indicate a perceptible descent. The pace of growth was the most pronounced in 2014 when imports increased by 105% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, vaccines imports fell to $X in 2021. Overall, imports, however, posted a noticeable expansion. The most prominent rate of growth was recorded in 2014 with an increase of 302% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Nicaragua (X tons), India (X tons) and France (X kg) were the main suppliers of vaccines imports to Cuba, with a combined 86% share of total imports. South Korea and the Netherlands lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +28.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nicaragua ($X) constituted the largest supplier of vaccines to Cuba, comprising 46% of total imports. The second position in the ranking was held by France ($X), with an 18% share of total imports. It was followed by India, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Nicaragua stood at -17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+18.4% per year) and India (+8.7% per year).

Import Prices by Country

The average vaccines import price stood at $X per ton in 2021, surging by 4% against the previous year. Overall, import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, vaccines import price increased by +40.1% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 96% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+29.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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