Asia: Vaccine Market 2024

Vaccine Market Size in Asia

In 2022, after five years of growth, there was significant decline in the Asian vaccine market, when its value decreased by -9.8% to $X. Over the period under review, consumption, however, showed prominent growth. Over the period under review, the market hit record highs at $X in 2021, and then declined in the following year.

Vaccine Production in Asia

In value terms, vaccine production rose sharply to $X in 2022 estimated in export price. Overall, production continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 33% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Vaccine Exports

Exports in Asia

After four years of growth, overseas shipments of vaccines for human medicine decreased by -17.2% to X tons in 2022. Over the period under review, exports, however, posted prominent growth. The pace of growth appeared the most rapid in 2019 when exports increased by 34%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell significantly in the following year.

In value terms, vaccine exports shrank to $X in 2022. Overall, exports, however, showed buoyant growth. The growth pace was the most rapid in 2021 with an increase of 37%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

In 2022, India (X tons) represented the major exporter of vaccines for human medicine, making up 64% of total exports. South Korea (X tons) held the second position in the ranking, distantly followed by China (X tons) and Indonesia (X tons). All these countries together held approx. 28% share of total exports. Japan (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vaccine exports from India stood at +11.1%. 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, 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. India (+18 p.p.) and China (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Singapore, South Korea and Indonesia saw its share reduced by -1.7%, -5.6% and -9.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest vaccine supplier in Asia, comprising 44% of total exports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +8.5%. In the other countries, the average annual rates were as follows: South Korea (+4.8% per year) and China (+27.2% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, growing by 3.3% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 11%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a 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

After three years of growth, purchases abroad of vaccines for human medicine decreased by -30.8% to X tons in 2022. Over the period under review, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 97% against the previous year. As a result, imports reached the peak of X tons, and then dropped significantly in the following year.

In value terms, vaccine imports declined sharply to $X in 2022. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 147%. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

The Philippines (X tons) and China (X tons) represented roughly 28% of total imports in 2022. The United Arab Emirates (X tons) held the next position in the ranking, followed by Vietnam (X tons), Pakistan (X tons), Saudi Arabia (X tons) and Turkey (X tons). All these countries together took approx. 32% share of total imports. Japan (X tons), India (X tons), Thailand (X tons), Israel (X tons), South Korea (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +28.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vaccine importing markets in Asia were China ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 45% share of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of +33.9%, saw the highest growth rate of 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

In 2022, the import price in Asia amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the import price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 when the import price increased by 29% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+16.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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