Vietnam: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in Vietnam

The Vietnamese medical gel preparations market dropped to $X in 2022, declining by -5.2% 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, posted strong growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Medical Gel Preparations Exports

Exports from Vietnam

In 2022, shipments abroad of gel preparations for human or veterinary medicine decreased by -13.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 19,021%. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, medical gel preparations exports shrank rapidly to $X in 2022. Overall, exports, however, saw a significant increase. The growth pace was the most rapid in 2015 with an increase of 22,437% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Myanmar (X tons) was the main destination for medical gel preparations exports from Vietnam, with a 71% share of total exports. Moreover, medical gel preparations exports to Myanmar exceeded the volume sent to the second major destination, Afghanistan (X tons), threefold. China (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +33.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Afghanistan (+56.3% per year) and China (+26.2% per year).

In value terms, Myanmar ($X), Afghanistan ($X) and China ($X) constituted the largest markets for medical gel preparations exported from Vietnam worldwide, with a combined 94% share of total exports. These countries were followed by Canada, which accounted for a further 3.1%.

Canada, with a CAGR of +128.8%, recorded the highest growth rate of 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

In 2022, the average medical gel preparations export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price showed a slight curtailment. The growth pace was the most rapid in 2013 when the average export price increased by 31%. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Myanmar ($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 Canada (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Gel Preparations Imports

Imports into Vietnam

In 2022, supplies from abroad of gel preparations for human or veterinary medicine decreased by -7.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 63%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, medical gel preparations imports declined modestly to $X in 2022. Overall, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 118%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Thailand (X tons), Turkey (X tons) and Singapore (X tons) were the main suppliers of medical gel preparations imports to Vietnam, with a combined 60% share of total imports. Spain, Malaysia, China, the United States, Denmark, Belgium, Italy, Poland, the Netherlands and Switzerland lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +141.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of gel preparations for human or veterinary medicine to Vietnam, comprising 33% of total imports. The second position in the ranking was held by Singapore ($X), with a 9.6% share of total imports. It was followed by Belgium, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from Thailand amounted to +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+36.6% per year) and Belgium (+8.2% per year).

Import Prices by Country

The average medical gel preparations import price stood at $X per ton in 2022, rising by 2.8% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, medical gel preparations import price decreased by -11.8% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 34%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+27.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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