Asia-Pacific: Vaccine Market 2024

Vaccine Market Size in Asia-Pacific

In 2022, after four years of growth, there was decline in the Asia-Pacific vaccine market, when its value decreased by -2.1% to $X. Overall, consumption enjoyed a buoyant expansion. The level of consumption peaked at $X in 2021, and then contracted slightly in the following year.

Vaccine Production in Asia-Pacific

In value terms, vaccine production expanded modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a prominent expansion. The growth pace was the most rapid in 2019 when the production volume increased by 32%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Vaccine Exports

Exports in Asia-Pacific

In 2022, after four years of growth, there was significant decline in overseas shipments of vaccines for human medicine, when their volume decreased by -17.3% to X tons. Over the period under review, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 35%. The volume of export peaked at X tons in 2021, and then fell notably in the following year.

In value terms, vaccine exports declined to $X in 2022. In general, exports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 38%. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

India was the major exporter of vaccines for human medicine in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 64% of total exports in 2022. South Korea (X tons) ranks second in terms of the total exports with a 16% share, followed by China (5.9%) and Indonesia (5.4%). The following exporters - Japan (X tons) and Singapore (X tons) - together made up 4.8% of total exports.

Exports from India increased at an average annual rate of +11.1% from 2012 to 2022. At the same time, China (+18.1%), Japan (+12.9%) and South Korea (+4.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +18.1% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Indonesia (-2.9%) illustrated a downward trend over the same period. While the share of India (+17 p.p.) and China (+3.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-1.8 p.p.), South Korea (-6.1 p.p.) and Indonesia (-9.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest vaccine supplier in Asia-Pacific, comprising 42% of total exports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total exports. It was followed by China, with a 13% share.

In India, vaccine exports increased at an average annual rate of +8.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+4.8% per year) and China (+27.2% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, with an increase of 3.1% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 9.6% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the other leaders experienced more modest paces of growth.

Vaccine Imports

Imports in Asia-Pacific

After three years of growth, purchases abroad of vaccines for human medicine decreased by -22.1% to X tons in 2022. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 62% against the previous year. As a result, imports attained the peak of X tons, and then fell significantly in the following year.

In value terms, vaccine imports contracted dramatically to $X in 2022. In general, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 94%. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

In 2022, the Philippines (X tons) and China (X tons) represented the major importers of vaccines for human medicine in Asia-Pacific, together mixing up 38% of total imports. Vietnam (X tons) took the next position in the ranking, followed by Pakistan (X tons) and Australia (X tons). All these countries together took near 24% share of total imports. The following importers - Japan (X tons), India (X tons), Thailand (X tons), South Korea (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons), Myanmar (X tons) and Indonesia (X tons) - together made up 26% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +16.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Australia ($X) and the Philippines ($X) were the countries with the highest levels of imports in 2022, together accounting for 56% of total imports.

China, with a CAGR of +32.4%, recorded the highest growth rate of the value of imports, among 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 2022, the import price in Asia-Pacific amounted to $X per ton, which is down by -4.2% against the previous year. Over the period under review, the import price, however, recorded a strong increase. The pace of growth was the most pronounced in 2019 an increase of 27%. The level of import peaked at $X per ton in 2021, and then fell modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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