Republic of Korea: Vaccine Market 2024

Vaccine Market Size in Republic of Korea

After four years of growth, the South Korean vaccine market decreased by X% to $X in 2022. In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Vaccine Production in Republic of Korea

In value terms, vaccine production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

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Vaccine Exports

Exports from Republic of Korea

In 2022, vaccine exports from South Korea declined significantly to X tons, which is down by X% against 2021 figures. Over the period under review, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vaccine exports declined sharply to $X in 2022. In general, exports, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then dropped dramatically in the following year.

Exports by Country

The Philippines (X tons) was the main destination for vaccine exports from South Korea, with a X% share of total exports. Moreover, vaccine exports to the Philippines exceeded the volume sent to the second major destination, Peru (X tons), tenfold. The third position in this ranking was taken by Brazil (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (X% per year) and Brazil (X% per year).

In value terms, the Philippines ($X) remains the key foreign market for vaccines for human medicine exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Peru ($X), with a X% share of total exports. It was followed by Brazil, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (X% per year) and Brazil (X% per year).

Export Prices by Country

In 2022, the average vaccine export price amounted to $X per ton, increasing by X% against the previous year. In general, the export price saw a prominent increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X,379 per ton), while the average price for exports to Myanmar ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vaccine Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in overseas purchases of vaccines for human medicine, when their volume decreased by X% to X tons. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, vaccine imports reduced remarkably to $X in 2022. Overall, imports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then dropped notably in the following year.

Imports by Country

The United States (X tons), Belgium (X tons) and France (X tons) were the main suppliers of vaccine imports to South Korea, together accounting for X% of total imports. Ireland, Germany, Bulgaria, Japan and Italy lagged somewhat behind, together comprising a further X%.

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

In value terms, Belgium ($X) constituted the largest supplier of vaccines for human medicine to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average vaccine import price amounted to $X per kg, with an increase of X% against the previous year. Overall, the import price recorded a buoyant increase. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per kg), while the price for Bulgaria ($X per kg) was amongst the lowest.

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

Source: IndexBox Platform

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