Republic of Korea: Veterinary Medicine Vaccines Market 2025

Veterinary Medicine Vaccines Market Size in Republic of Korea

In 2021, the South Korean veterinary medicine vaccines market decreased by -12.2% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2020, and then shrank in the following year.

Veterinary Medicine Vaccines Production in Republic of Korea

In value terms, veterinary medicine vaccines production declined to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a moderate increase. The growth pace was the most rapid in 2018 with an increase of 83% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then fell in the following year.

Veterinary Medicine Vaccines Exports

Exports from Republic of Korea

For the tenth year in a row, South Korea recorded growth in overseas shipments of vaccines for veterinary medicine, which increased by 14% to X tons in 2021. In general, exports posted strong growth. The pace of growth appeared the most rapid in 2014 when exports increased by 35% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, veterinary medicine vaccines exports surged to $X in 2021. Overall, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 37%. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Vietnam (X tons), Bangladesh (X tons) and Pakistan (X tons) were the main destinations of veterinary medicine vaccines exports from South Korea, together accounting for 42% of total exports. Myanmar, Egypt, Iraq, Thailand, the United Arab Emirates, Yemen, Russia, Nigeria, Cambodia and Malaysia lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the biggest increases were recorded for Egypt (with a CAGR of +221.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for vaccines for veterinary medicine exports from South Korea, comprising 33% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by Thailand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+166.1% per year) and Thailand (+12.8% per year).

Export Prices by Country

The average veterinary medicine vaccines export price stood at $X per ton in 2021, growing by 2.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2018 when the average export price increased by 15% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Myanmar ($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 Egypt (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Veterinary Medicine Vaccines Imports

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of vaccines for veterinary medicine, when their volume increased by 14% to X tons. In general, imports, however, continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2013 when imports increased by 36% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, veterinary medicine vaccines imports rose sharply to $X in 2021. Overall, imports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2013 with an increase of 51% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of veterinary medicine vaccines to South Korea, accounting for a 63% share of total imports. Moreover, veterinary medicine vaccines imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. Spain (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (-5.0% per year) and Spain (+32.6% per year).

In value terms, the United States ($X), France ($X) and the UK ($X) appeared to be the largest veterinary medicine vaccines suppliers to South Korea, with a combined 53% share of total imports. These countries were followed by Spain, Russia, Japan, Italy and Brazil, which together accounted for a further 16%.

In terms of the main suppliers, Russia, with a CAGR of +459.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average veterinary medicine vaccines import price amounted to $X per ton, declining by -3.4% against the previous year. In general, the import price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2015 an increase of 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :