Republic of Korea: Vaccine Market 2024

Vaccine Market Size in Republic of Korea

In 2022, after two years of decline, there was significant growth in the South Korean vaccine market, when its value increased by 89% to $X. Over the period under review, consumption showed a tangible increase. Vaccine consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Vaccine Production in Republic of Korea

In value terms, vaccine production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when the production volume increased by 39%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Vaccine Exports

Exports from Republic of Korea

In 2022, approx. X tons of vaccines for human medicine were exported from South Korea; with a decrease of -37.5% against the previous year's figure. Overall, exports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2021 with an increase of 285% against the previous year. As a result, the exports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, vaccine exports dropped markedly to $X in 2022. In general, exports, however, posted a moderate increase. The growth pace was the most rapid in 2021 with an increase of 286% against the previous year. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

The Philippines (X tons) was the main destination for vaccine exports from South Korea, accounting for a 48% share of total exports. Moreover, vaccine exports to the Philippines exceeded the volume sent to the second major destination, Peru (X tons), tenfold. Brazil (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +67.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+14.5% per year) and Brazil (+2.5% per year).

In value terms, the Philippines ($X) remains the key foreign market for vaccines for human medicine exports from South Korea, comprising 43% of total exports. The second position in the ranking was held by Peru ($X), with a 4.3% share of total exports. It was followed by Brazil, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines totaled +64.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+12.3% per year) and Brazil (+0.9% per year).

Export Prices by Country

The average vaccine export price stood at $X per ton in 2022, leveling off at the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 15% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 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 Turkey ($X per ton), while the average price for exports to Myanmar ($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 Turkey (+26.3%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccine Imports

Imports into Republic of Korea

In 2022, the amount of vaccines for human medicine imported into South Korea contracted modestly to X tons, flattening at the previous year's figure. Overall, imports continue to indicate a perceptible decrease. The pace of growth was the most pronounced in 2018 when imports increased by 25%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, vaccine imports declined to $X in 2022. In general, imports, however, saw a slight increase. The pace of growth appeared the most rapid in 2018 when imports increased by 83% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then declined modestly in the following year.

Imports by Country

Belgium (X tons), France (X tons) and the United States (X tons) were the main suppliers of vaccine imports to South Korea, together comprising 32% of total imports. Switzerland, Japan, the UK and Italy lagged somewhat behind, together accounting for a further 2.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Switzerland (with a CAGR of +122.1%), while imports for the other leaders experienced a decline.

In value terms, Belgium ($X) constituted the largest supplier of vaccines for human medicine to South Korea, comprising 32% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by France, with a 1.7% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+21.7% per year) and France (-10.9% per year).

Import Prices by Country

In 2022, the average vaccine import price amounted to $X per ton, approximately equating the previous year. Overall, the import price, however, enjoyed a tangible expansion. The growth pace was the most rapid in 2018 an increase of 46% against the previous year. The import price peaked at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+35.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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