The government is working with the private sector to expand the export of animal pharmaceuticals to Latin America. The strategy is to use the rapidly growing markets in Chile and Mexico as a springboard to diversify exports and establish a foundation for regulatory cooperation.
On the 11th, the Ministry of Agriculture, Food and Rural Affairs announced that it will dispatch a market development group composed of the Korean Animal Pharmaceutical Association and domestic animal pharmaceutical manufacturers to the Latin American region from the 12th to the 21st. The target countries are Chile and Mexico, and the participating corporations are Green Cross Veterinary Products, Daesung Microbiological Labs, MEDIAN Diagnostics, and Woogene B&G.
This dispatch is part of the Ministry of Agriculture, Food and Rural Affairs' annual overseas market support program. Last year, it visited Rwanda and recorded a total of 73 export consultations and $5.7 million in consultation results.
The Ministry of Agriculture, Food and Rural Affairs plans to establish a practical foundation for entry through comprehensive support, including direct export expansion, understanding of regulations, distribution structure analysis, and securing buyer networks at the local level.
Chile and Mexico are assessed as countries with solid livestock industries and relatively well-established hygiene and quarantine systems. Demand for imports of animal pharmaceuticals such as antibiotics and vaccines is steadily increasing, marking these regions as having high potential for domestic corporations' entry.
In fact, the animal pharmaceutical markets in both countries are rapidly expanding. Chile's market size is expected to reach approximately $220 million by 2024, with an average annual growth rate of 8.5%. Mexico holds a market worth about $1.65 billion, with an anticipated annual growth rate of 8.4% until 2030.
The Ministry of Agriculture, Food and Rural Affairs is set to hold one-on-one export consultation meetings between our corporations and 28 promising local buyers on the 15th and 17th in both countries. To prepare for this, it has identified the requirements of buyers in advance and provided training to participating corporations on local market trends and consultation strategies.
On the 14th and 18th, the ministry plans to visit relevant government agencies in both countries to review the approval processes for animal pharmaceuticals and livestock policies, and to conduct market research on distribution channels and import structures through local distributors.
The Ministry of Agriculture, Food and Rural Affairs aims to secure a foothold for exports to Latin America through this market development group, and to expand a sustainable export base based on building trust with local regulations and buyers.
Kim Jeong-wook, Director of Agricultural Food Innovation Policy, noted, "We will actively promote the competitiveness of Korean animal pharmaceuticals locally and support the expansion into new markets, including Latin America, through exchanges and cooperation."
Meanwhile, exports of Korean animal pharmaceuticals have shown a significant increase this year. As of the end of May 2025, export value reached $16.72 million, a 51% increase compared to the same period last year.