South-Eastern Asia: Vaccine Market 2024

Vaccine Market Size in South-Eastern Asia

In 2022, after four years of growth, there was significant decline in the Southeast Asian vaccine market, when its value decreased by -22.5% to $X. Over the period under review, consumption, however, continues to indicate a resilient increase. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

Vaccine Production in South-Eastern Asia

In value terms, vaccine production stood at $X in 2022 estimated in export price. In general, production saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 48%. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Vaccine Exports

Exports in South-Eastern Asia

In 2022, the amount of vaccines for human medicine exported in South-Eastern Asia fell to X tons, reducing by -10% on 2021. Overall, exports saw a perceptible contraction. The growth pace was the most rapid in 2019 when exports increased by 47% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, vaccine exports stood at $X in 2022. In general, exports, however, posted a pronounced increase. The most prominent rate of growth was recorded in 2014 with an increase of 66%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia represented the main exporting country with an export of around X tons, which recorded 69% of total exports. It was distantly followed by Singapore (X tons) and Malaysia (X tons), together generating a 30% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to vaccine exports from Indonesia stood at -2.9%. At the same time, Malaysia (+30.5%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +30.5% from 2012-2022. Singapore experienced a relatively flat trend pattern. Singapore (+6.2 p.p.) and Malaysia (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -6.6% from 2012 to 2022, respectively.

In value terms, Singapore ($X), Indonesia ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

Malaysia, with a CAGR of +27.8%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, surging by 19% against the previous year. Overall, the export price saw pronounced growth. The pace of growth appeared the most rapid in 2014 an increase of 38%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Vaccine Imports

Imports in South-Eastern Asia

After three years of growth, supplies from abroad of vaccines for human medicine decreased by -30.4% to X tons in 2022. Over the period under review, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2021 with an increase of 133%. As a result, imports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, vaccine imports plummeted to $X in 2022. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 200% against the previous year. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

The Philippines represented the major importing country with an import of about X tons, which recorded 45% of total imports. Vietnam (X tons) held the second position in the ranking, distantly followed by Thailand (X tons), Malaysia (X tons), Myanmar (X tons), Indonesia (X tons) and Singapore (X tons). All these countries together held near 51% share of total imports.

Imports into the Philippines increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Vietnam (+16.1%), Singapore (+15.7%), Myanmar (+12.2%), Indonesia (+8.4%), Thailand (+8.1%) and Malaysia (+5.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +16.1% from 2012-2022. While the share of the Philippines (+9 p.p.) and Vietnam (+5.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-2.4 p.p.), Thailand (-4.2 p.p.) and Malaysia (-6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X), Vietnam ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, with a combined 77% share of total imports.

In terms of the main importing countries, Singapore, with a CAGR of +30.0%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, dropping by -10.3% against the previous year. In general, the import price, however, saw prominent growth. The most prominent rate of growth was recorded in 2021 when the import price increased by 29% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+12.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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