Saudi Arabia: Vaccine Market 2024

Vaccine Market Size in Saudi Arabia

The Saudi vaccine market contracted markedly to $X in 2022, shrinking by -45.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw buoyant growth. As a result, consumption attained the peak level of $X, and then declined dramatically in the following year.

Vaccine Exports

Exports from Saudi Arabia

In 2022, approx. X tons of vaccines for human medicine were exported from Saudi Arabia; falling by -27.5% against the previous year's figure. In general, exports showed a deep contraction. The growth pace was the most rapid in 2021 when exports increased by 122%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, vaccine exports dropped notably to $X in 2022. Overall, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 168%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Kuwait (X tons) was the main destination for vaccine exports from Saudi Arabia, accounting for a 62% share of total exports. Moreover, vaccine exports to Kuwait exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. Bahrain (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Kuwait totaled -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+57.2% per year) and Bahrain (+26.8% per year).

In value terms, Kuwait ($X) remains the key foreign market for vaccines for human medicine exports from Saudi Arabia, comprising 55% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 27% share of total exports. It was followed by the United Arab Emirates, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Kuwait amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+25.4% per year) and the United Arab Emirates (+28.4% per year).

Export Prices by Country

In 2022, the average vaccine export price amounted to $X per ton, increasing by 5.7% against the previous year. Overall, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 an increase of 104% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to the United Arab Emirates ($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 Kuwait (+12.6%), while the prices for the other major destinations experienced a decline.

Vaccine Imports

Imports into Saudi Arabia

Vaccine imports into Saudi Arabia shrank remarkably to X tons in 2022, waning by -52% against the year before. Overall, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 205% against the previous year. As a result, imports attained the peak of X tons, and then declined markedly in the following year.

In value terms, vaccine imports fell significantly to $X in 2022. In general, imports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 515% against the previous year. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

France (X tons), Belgium (X tons) and the United States (X tons) were the main suppliers of vaccine imports to Saudi Arabia, together accounting for 69% of total imports. Ireland, the Netherlands, India and Italy lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +63.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vaccine suppliers to Saudi Arabia were Belgium ($X), the United States ($X) and France ($X), together accounting for 90% of total imports. Ireland, India, the Netherlands and Italy lagged somewhat behind, together comprising a further 7.9%.

In terms of the main suppliers, India, with a CAGR of +74.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vaccine import price stood at $X per ton in 2022, surging by 21% against the previous year. Over the period under review, the import price recorded a buoyant expansion. The growth pace was the most rapid in 2021 when the average import price increased by 101% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+45.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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