India: Vaccine Market 2024

Vaccine Market Size in India

The Indian vaccine market rose notably to $X in 2022, picking up by 14% against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.6% against 2020 indices. Vaccine consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Vaccine Production in India

In value terms, vaccine production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 29%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Vaccine Exports

Exports from India

In 2022, after four years of growth, there was significant decline in shipments abroad of vaccines for human medicine, when their volume decreased by -13.3% to X tons. Overall, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 45%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, vaccine exports dropped to $X in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 with an increase of 47%. Over the period under review, the exports reached the maximum at $X in 2021, and then declined in the following year.

Exports by Country

Pakistan (X tons) was the main destination for vaccine exports from India, accounting for a 16% share of total exports. Moreover, vaccine exports to Pakistan exceeded the volume sent to the second major destination, Nigeria (X tons), twofold. The third position in this ranking was held by Bangladesh (X tons), with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Pakistan amounted to +30.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+11.0% per year) and Bangladesh (+12.2% per year).

In value terms, Pakistan ($X), Bangladesh ($X) and Nigeria ($X) were the largest markets for vaccine exported from India worldwide, together comprising 29% of total exports. Brazil, Indonesia, Nepal, Democratic Republic of the Congo, Ethiopia, Algeria, Mexico, Turkey, the Philippines and Colombia lagged somewhat behind, together comprising a further 22%.

In terms of the main countries of destination, Indonesia, with a CAGR of +64.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average vaccine export price amounted to $X per ton, picking up by 3.5% against the previous year. In general, the export price, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2020 when the average export price increased by 19%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccine Imports

Imports into India

Vaccine imports into India reduced dramatically to X tons in 2022, waning by -26.9% on 2021. Over the period under review, imports, however, showed tangible growth. The pace of growth appeared the most rapid in 2019 with an increase of 119%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, vaccine imports declined significantly to $X in 2022. Overall, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2019 when imports increased by 128%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of vaccine to India, accounting for a 50% share of total imports. Moreover, vaccine imports from Belgium exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sixfold. The third position in this ranking was taken by China (X tons), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+15.5% per year) and China (+11.6% per year).

In value terms, Belgium ($X), the Netherlands ($X) and France ($X) were the largest vaccine suppliers to India, together comprising 54% of total imports. Indonesia, Russia, the United States, China and Sweden lagged somewhat behind, together comprising a further 38%.

Russia, with a CAGR of +93.0%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vaccine import price amounted to $X per ton, increasing by 2.4% against the previous year. In general, the import price posted a remarkable increase. The growth pace was the most rapid in 2021 an increase of 32%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+33.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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