Indonesia: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Indonesia

In 2022, the Indonesian composite laboratory reagents market decreased by -41.8% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, posted a buoyant increase. Over the period under review, the market reached the peak level at $X in 2021, and then declined remarkably in the following year.

Composite Laboratory Reagents Exports

Exports from Indonesia

In 2022, shipments abroad of composite diagnostic or laboratory reagents increased by 164% to X tons, rising for the second consecutive year after three years of decline. Overall, exports saw a notable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, composite laboratory reagents exports soared to $X in 2022. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 888%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for composite laboratory reagents exports from Indonesia, accounting for a 36% share of total exports. Moreover, composite laboratory reagents exports to Vietnam exceeded the volume sent to the second major destination, Ethiopia (X tons), twofold. Malaysia (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (+212.9% per year) and Malaysia (+32.8% per year).

In value terms, Poland ($X), Singapore ($X) and Vietnam ($X) appeared to be the largest markets for composite laboratory reagents exported from Indonesia worldwide, together comprising 21% of total exports. Malaysia, Pakistan, Mozambique, Brunei Darussalam, Ethiopia and India lagged somewhat behind, together accounting for a further 3%.

In terms of the main countries of destination, Ethiopia, with a CAGR of +39.4%, saw 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

The average composite laboratory reagents export price stood at $X per ton in 2022, with a decrease of -25.7% against the previous year. Overall, the export price, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 633%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to Ethiopia ($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 Pakistan (+41.4%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Indonesia

Composite laboratory reagents imports into Indonesia shrank modestly to X tons in 2022, which is down by -4.6% compared with the year before. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.7% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 24% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, composite laboratory reagents imports fell notably to $X in 2022. In general, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 156%. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank dramatically in the following year.

Imports by Country

China (X tons), Singapore (X tons) and South Korea (X tons) were the main suppliers of composite laboratory reagents imports to Indonesia, together accounting for 63% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +36.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Indonesia, comprising 44% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by the United States, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +45.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+16.2% per year) and the United States (-0.3% per year).

Import Prices by Country

The average composite laboratory reagents import price stood at $X per ton in 2022, with a decrease of -59.4% against the previous year. Overall, the import price, however, recorded buoyant growth. The growth pace was the most rapid in 2020 an increase of 230%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then declined notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+32.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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