Latin America and the Caribbean: Veterinary Medicine Vaccines Market 2024

Veterinary Medicine Vaccines Market Size in Latin America and the Caribbean

The Latin American veterinary medicine vaccines market rose significantly to $X in 2021, picking up by 5.1% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 5.4% against the previous year. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Veterinary Medicine Vaccines Production in Latin America and the Caribbean

In value terms, veterinary medicine vaccines production declined to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 8%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Veterinary Medicine Vaccines Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of vaccines for veterinary medicine were exported in Latin America and the Caribbean; declining by -7.1% compared with 2020. Over the period under review, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 16% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, veterinary medicine vaccines exports reduced to $X in 2021. Overall, exports showed a perceptible descent. The pace of growth was the most pronounced in 2020 with an increase of 18%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Uruguay (X tons) and Brazil (X tons) represented the largest exporters of vaccines for veterinary medicine in Latin America and the Caribbean, together reaching approx. 63% of total exports. Mexico (X tons) held the next position in the ranking, followed by Argentina (X tons). All these countries together took near 23% share of total exports. The following exporters - Colombia (X tons), Panama (X tons) and Peru (X tons) - together made up 9.4% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Peru (with a CAGR of +8.7%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Uruguay ($X) and Mexico ($X) constituted the countries with the highest levels of exports in 2021, together comprising 66% of total exports. Argentina, Colombia, Panama and Peru lagged somewhat behind, together accounting for a further 28%.

Peru, with a CAGR of +9.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, waning by -2.7% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Colombia ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+6.7%), while the other leaders experienced more modest paces of growth.

Veterinary Medicine Vaccines Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of vaccines for veterinary medicine increased by 15% to X tons, rising for the fifth consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, veterinary medicine vaccines imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 17%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Brazil (X tons) and Chile (X tons) were the largest importers of vaccines for veterinary medicine in 2021, accounting for approx. 27% and 23% of total imports, respectively. Mexico (X tons) took the next position in the ranking, followed by Colombia (X tons) and Guatemala (X tons). All these countries together took approx. 21% share of total imports. Panama (X tons), Argentina (X tons), Uruguay (X tons), Ecuador (X tons), Paraguay (X tons), Peru (X tons), Nicaragua (X tons) and the Dominican Republic (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +19.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest veterinary medicine vaccines importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Chile ($X), together comprising 57% of total imports. These countries were followed by Colombia, Argentina, Ecuador, Uruguay, Peru, the Dominican Republic, Guatemala, Panama, Paraguay and Nicaragua, which together accounted for a further 36%.

Uruguay, with a CAGR of +16.2%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, waning by -2.1% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 14%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Argentina ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+10.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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