Belgium: Vaccine Market 2024

Vaccine Market Size in Belgium

After two years of growth, the Belgian vaccine market decreased by 99.9% to less than $X in 2022. Over the period under review, consumption enjoyed strong growth. Vaccine consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Vaccine Production in Belgium

In value terms, vaccine production fell remarkably to $X in 2022 estimated in export price. In general, production, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 260% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Vaccine Exports

Exports from Belgium

In 2022, after six years of growth, there was significant decline in overseas shipments of vaccines for human medicine, when their volume decreased by -68.4% to X tons. Overall, exports, however, posted prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 301%. As a result, the exports attained the peak of X tons, and then contracted sharply in the following year.

In value terms, vaccine exports reduced markedly to $X in 2022. Over the period under review, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 194%. As a result, the exports attained the peak of $X, and then reduced markedly in the following year.

Exports by Country

The Philippines (X tons) was the main destination for vaccine exports from Belgium, accounting for a 56% share of total exports. Moreover, vaccine exports to the Philippines exceeded the volume sent to the second major destination, Sri Lanka (X tons), fourfold. The third position in this ranking was held by Argentina (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +59.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+60.2% per year) and Argentina (+44.9% per year).

In value terms, the largest markets for vaccine exported from Belgium were the Philippines ($X), Argentina ($X) and Uzbekistan ($X), together comprising 86% of total exports. Sri Lanka, Tunisia, Mozambique, Togo, Rwanda and Zimbabwe lagged somewhat behind, together accounting for a further 9.7%.

Mozambique, with a CAGR of +380.7%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average vaccine export price stood at $X per kg in 2022, increasing by 112% against the previous year. Over the period under review, the export price showed a prominent expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Argentina ($X per kg), while the average price for exports to Sri Lanka ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uzbekistan (+33.5%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccine Imports

Imports into Belgium

After three years of growth, supplies from abroad of vaccines for human medicine decreased by -15.2% to X tons in 2021. Overall, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 105%. As a result, imports reached the peak of X tons, and then shrank rapidly in the following year.

In value terms, vaccine imports surged to $X in 2021. Over the period under review, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 90%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, Ireland (X tons) constituted the largest vaccine supplier to Belgium, with a 67% share of total imports. Moreover, vaccine imports from Ireland exceeded the figures recorded by the second-largest supplier, France (X tons), sevenfold. The third position in this ranking was held by Germany (X tons), with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume from Ireland totaled +24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-10.8% per year) and Germany (-8.5% per year).

In value terms, Ireland ($X) constituted the largest supplier of vaccines for human medicine to Belgium, comprising 59% of total imports. The second position in the ranking was taken by Spain ($X), with a 22% share of total imports. It was followed by France, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Ireland amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+282.6% per year) and France (-8.9% per year).

Import Prices by Country

The average vaccine import price stood at $X per ton in 2021, growing by 86% against the previous year. Overall, the import price continues to indicate a modest expansion. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+195.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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