Republic of Korea: Antibiotic Market 2024

Antibiotic Market Size in Republic of Korea

The South Korean antibiotic market declined remarkably to $X in 2021, dropping by -21.1% against the previous year. In general, consumption continues to indicate a pronounced slump. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Antibiotic Production in Republic of Korea

In value terms, antibiotic production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 198% against the previous year. Antibiotic production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Antibiotic Exports

Exports from Republic of Korea

In 2021, shipments abroad of antibiotics decreased by -7% to X tons, falling for the fifth year in a row after two years of growth. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 70% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, antibiotic exports dropped to $X in 2021. Over the period under review, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2015 with an increase of 8.6% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Italy (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main destinations of antibiotic exports from South Korea, together comprising 58% of total exports. China, Portugal, India, Brazil, Belgium, Indonesia, the United Arab Emirates, Turkey, Russia and Vietnam lagged somewhat behind, together comprising a further 40%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +136.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Japan ($X) and China ($X) were the largest markets for antibiotic exported from South Korea worldwide, together accounting for 67% of total exports. India, Brazil, Russia, Indonesia, Turkey, Belgium, Taiwan (Chinese), Portugal, the United Arab Emirates and Vietnam lagged somewhat behind, together accounting for a further 26%.

Belgium, with a CAGR of +132.5%, 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

In 2021, the average antibiotic export price amounted to $X per ton, shrinking by -6.3% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, antibiotic export price increased by +82.7% against 2016 indices. The growth pace was the most rapid in 2019 an increase of 34%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Antibiotic Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded decline in supplies from abroad of antibiotics, which decreased by -1.8% to X tons in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 10% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, antibiotic imports dropped to $X in 2021. Overall, imports showed a perceptible descent. The pace of growth appeared the most rapid in 2016 with an increase of 8.6% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest antibiotic supplier to South Korea, accounting for a 83% share of total imports. Moreover, antibiotic imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. Italy (X tons) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (-7.1% per year) and Italy (-4.9% per year).

In value terms, China ($X) constituted the largest supplier of antibiotics to South Korea, comprising 62% of total imports. The second position in the ranking was taken by Italy ($X), with a 10% share of total imports. It was followed by India, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.7% per year) and India (-7.9% per year).

Import Prices by Country

The average antibiotic import price stood at $X per ton in 2021, shrinking by -12.6% against the previous year. Overall, the import price continues to indicate a mild decline. The pace of growth appeared the most rapid in 2020 when the average import price increased by 7.2% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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