Peru: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Peru

The Peruvian composite laboratory reagents market expanded sharply to $X in 2022, picking up by 7% 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). In general, consumption, however, saw a strong increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Composite Laboratory Reagents Exports

Exports from Peru

After two years of decline, shipments abroad of composite diagnostic or laboratory reagents decreased by -50% to X tons in 2022. Over the period under review, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 253%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, composite laboratory reagents exports contracted markedly to $X in 2022. Overall, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2013 with an increase of 478%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for composite laboratory reagents exports from Peru, accounting for a 49% share of total exports. Moreover, composite laboratory reagents exports to Ecuador exceeded the volume sent to the second major destination, Mexico (X tons), threefold. The third position in this ranking was held by Bolivia (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Ecuador totaled +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+83.4% per year) and Bolivia (+23.5% per year).

In value terms, Ecuador ($X) remains the key foreign market for composite diagnostic or laboratory reagents exports from Peru, comprising 87% of total exports. The second position in the ranking was held by Colombia ($X), with a 6.6% share of total exports. It was followed by Mexico, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador totaled +47.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+26.7% per year) and Mexico (+47.5% per year).

Export Prices by Country

In 2022, the average composite laboratory reagents export price amounted to $X per ton, remaining constant against the previous year. Overall, the export price posted measured growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 370%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Bolivia ($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 Ecuador (+39.4%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Peru

After two years of growth, overseas purchases of composite diagnostic or laboratory reagents decreased by -9.5% to X tons in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.2% 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 +4.6% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 46% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, composite laboratory reagents imports skyrocketed to $X in 2022. Overall, imports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2020 when imports increased by 140% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of composite laboratory reagents to Peru, with a 52% share of total imports. Moreover, composite laboratory reagents imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Brazil (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.0% per year) and Brazil (+1.5% per year).

In value terms, the largest composite laboratory reagents suppliers to Peru were China ($X), the United States ($X) and South Korea ($X), together comprising 68% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +50.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average composite laboratory reagents import price stood at $X per ton in 2022, rising by 33% against the previous year. Over the period under review, the import price recorded strong growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 125%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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 Australia ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+36.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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