ASEAN: Vaccine Market 2024

Vaccine Market Size in ASEAN

After four years of growth, the ASEAN vaccine market decreased by -22.5% to $X in 2022. Overall, consumption, however, enjoyed strong growth. As a result, consumption reached the peak level of $X, and then declined significantly in the following year.

Vaccine Production in ASEAN

In value terms, vaccine production stood at $X in 2022 estimated in export price. Over the period under review, production saw a resilient expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 48%. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Vaccine Exports

Exports in ASEAN

Vaccine exports fell to X tons in 2022, which is down by -10% compared with the previous year's figure. In general, exports recorded a noticeable decline. The pace of growth was the most pronounced in 2019 when exports increased by 47%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, vaccine exports rose remarkably to $X in 2022. Overall, exports, however, enjoyed a temperate expansion. The pace of growth was the most pronounced in 2014 when exports increased by 66% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia represented the major exporter of vaccines for human medicine in ASEAN, with the volume of exports accounting for X tons, which was near 69% of total exports in 2022. It was distantly followed by Singapore (X tons) and Malaysia (X tons), together achieving a 30% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to vaccine exports from Indonesia stood at -2.9%. At the same time, Malaysia (+30.5%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +30.5% from 2012-2022. Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of Singapore and Malaysia increased by +6.2 and +5.5 percentage points, respectively.

In value terms, the largest vaccine supplying countries in ASEAN were Singapore ($X), Indonesia ($X) and Malaysia ($X), with a combined 100% share of total exports.

Malaysia, with a CAGR of +27.8%, recorded the highest growth rate of the value of exports, among 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 ASEAN stood at $X per ton in 2022, surging by 19% against the previous year. Overall, the export price showed a notable expansion. The growth pace was the most rapid in 2014 an increase of 38% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Vaccine Imports

Imports in ASEAN

After three years of growth, supplies from abroad of vaccines for human medicine decreased by -30.4% to X tons in 2022. In general, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of 133%. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, vaccine imports fell rapidly to $X in 2022. Overall, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 200%. As a result, imports reached the peak of $X, and then reduced rapidly in the following year.

Imports by Country

The Philippines represented the largest importing country with an import of around X tons, which finished at 45% of total imports. Vietnam (X tons) took the second position in the ranking, distantly followed by Thailand (X tons), Malaysia (X tons), Myanmar (X tons), Indonesia (X tons) and Singapore (X tons). All these countries together held approx. 51% share of total imports.

Imports into the Philippines increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Vietnam (+16.1%), Singapore (+15.7%), Myanmar (+12.2%), Indonesia (+8.4%), Thailand (+8.1%) and Malaysia (+5.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +16.1% from 2012-2022. While the share of the Philippines (+9 p.p.) and Vietnam (+5.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-2.4 p.p.), Thailand (-4.2 p.p.) and Malaysia (-6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X), Vietnam ($X) and Singapore ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 77% of total imports.

Among the main importing countries, Singapore, with a CAGR of +30.0%, 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 import price in ASEAN stood at $X per ton in 2022, declining by -10.3% against the previous year. In general, the import price, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by 29%. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+12.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform