Latin America and the Caribbean: Vaccine Market 2024

Vaccine Market Size in Latin America and the Caribbean

In 2022, the Latin American vaccine market decreased by -2.5% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, recorded a remarkable increase. Over the period under review, the market reached the peak level at $X in 2021, and then fell slightly in the following year.

Vaccine Production in Latin America and the Caribbean

In value terms, vaccine production expanded rapidly to $X in 2022 estimated in export price. In general, production enjoyed prominent growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 105% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Vaccine Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of vaccines for human medicine were exported in Latin America and the Caribbean; waning by -26.7% on the previous year. Over the period under review, exports recorded a deep slump. The pace of growth was the most pronounced in 2019 with an increase of 117%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vaccine exports fell to $X in 2022. In general, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 240% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted in the following year.

Exports by Country

The shipments of the three major exporters of vaccines for human medicine, namely Mexico, Panama and Brazil, represented more than two-thirds of total export. It was distantly followed by Cuba (X tons), constituting a 9.5% share of total exports. Nicaragua (X tons) and Argentina (X tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Nicaragua (with a CAGR of +41.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X) remains the largest vaccine supplier in Latin America and the Caribbean, comprising 85% of total exports. The second position in the ranking was taken by Panama ($X), with a 5.5% share of total exports. It was followed by Brazil, with a 4.4% share.

In Mexico, vaccine exports increased at an average annual rate of +26.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Panama (-9.5% per year) and Brazil (-6.6% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per kg, with an increase of 23% against the previous year. Overall, the export price continues to indicate significant growth. The pace of growth was the most pronounced in 2017 an increase of 100% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per kg), while Argentina ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+25.7%), while the other leaders experienced more modest paces of growth.

Vaccine Imports

Imports in Latin America and the Caribbean

After two years of growth, overseas purchases of vaccines for human medicine decreased by -35.2% to X tons in 2022. In general, imports, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2021 when imports increased by 145% against the previous year. As a result, imports reached the peak of X tons, and then declined notably in the following year.

In value terms, vaccine imports reduced dramatically to $X in 2022. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 281% against the previous year. As a result, imports reached the peak of $X, and then shrank dramatically in the following year.

Imports by Country

Brazil (X tons) and the Dominican Republic (X tons) were the largest importers of vaccines for human medicine in 2022, resulting at approx. 22% and 20% of total imports, respectively. Argentina (X tons) held a 9.5% share (based on physical terms) of total imports, which put it in second place, followed by Chile (5.8%) and Peru (4.5%). Guatemala (X tons), Ecuador (X tons), Mexico (X tons), Bolivia (X tons), Colombia (X tons), Honduras (X tons), El Salvador (X tons) and Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +38.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported vaccines for human medicine in Latin America and the Caribbean, comprising 39% of total imports. The second position in the ranking was taken by Argentina ($X), with a 16% share of total imports. It was followed by Chile, with an 8.9% share.

In Brazil, vaccine imports expanded at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (+19.6% per year) and Chile (+14.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, falling by -2.4% against the previous year. Overall, the import price, however, recorded strong growth. The pace of growth appeared the most rapid in 2021 when the import price increased by 56%. As a result, import price attained the peak level of $X per ton, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+16.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :