Thailand: Vaccine Market 2024

Vaccine Market Size in Thailand

The Thai vaccine market soared to $X in 2022, rising by 39% 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). Overall, consumption continues to indicate a prominent increase. Vaccine consumption peaked in 2022 and is likely to see steady growth in years to come.

Vaccine Exports

Exports from Thailand

In 2021, exports of vaccines for human medicine from Thailand shrank dramatically to X tons, reducing by -49.2% compared with 2020. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 106%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, vaccine exports declined markedly to $X in 2021. Overall, exports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 127%. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Vietnam (X tons) was the main destination for vaccine exports from Thailand, with a 42% share of total exports. Moreover, vaccine exports to Vietnam exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +70.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+128.1% per year) and Indonesia (+169.6% per year).

In value terms, the largest markets for vaccine exported from Thailand were Vietnam ($X), Indonesia ($X) and Taiwan (Chinese) ($X), together accounting for 78% of total exports. The Philippines, Malaysia, Myanmar and South Korea lagged somewhat behind, together accounting for a further 19%.

The Philippines, with a CAGR of +273.2%, saw 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

The average vaccine export price stood at $X per ton in 2021, increasing by 42% against the previous year. Over the period under review, the export price posted resilient growth. The growth pace was the most rapid in 2019 when the average export price increased by 142%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

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 Indonesia ($X per ton), while the average price for exports to South Korea ($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 the Philippines (+47.8%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccine Imports

Imports into Thailand

In 2022, vaccine imports into Thailand surged to X tons, picking up by 57% against 2021 figures. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +61.8% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, vaccine imports reduced modestly to $X in 2022. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.1% against 2012 indices. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Imports peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

South Korea (X tons) and Singapore (X tons) were the main suppliers of vaccine imports to Thailand.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +191.7%).

In value terms, the largest vaccine suppliers to Thailand were South Korea ($X) and Singapore ($X).

Singapore, with a CAGR of +193.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2022, the average vaccine import price amounted to $X per ton, which is down by -38.6% against the previous year. Overall, the import price saw a slight reduction. The growth pace was the most rapid in 2016 an increase of 19% against the previous year. The import price peaked at $X per ton in 2021, and then contracted remarkably in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for South Korea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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