HS Code:
Progesterone (HS Code: 2937.23) falls under the category of hormones, prostaglandins, thromboxanes, and leukotrienes, natural or reproduced by synthesis. It is a critical steroid hormone used primarily in hormone replacement therapy, contraception, and treatment of various reproductive disorders. Progesterone and its derivatives are essential in pharmaceutical applications, with a growing demand driven by women's health initiatives and advancements in reproductive medicine. Global trade in progesterone is influenced by production capabilities, regulatory frameworks, and healthcare demands.
Total Trade Volume
USD 320 million
Data from 2022
Source
United Nations Comtrade Database & International Trade Centre (ITC)
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for hormone replacement therapy (HRT)
Increased imports in aging populations, particularly in North America and Europe, boosting trade volumes by 8% annually
2021-2022
Growth in generic progesterone formulations
Led to competitive pricing and higher export volumes from countries like India and China, reshaping market shares
2020-2022
Stricter regulatory standards for hormone products
Increased compliance costs for exporters, slowing trade growth in markets with stringent health regulations like the EU
2022
The European Union introduced stricter Good Manufacturing Practices (GMP) for hormonal drugs, including progesterone, to ensure product safety and traceability.
March 2023
Exporters to the EU market face higher compliance costs, potentially reducing trade volumes from non-compliant manufacturers.
A bilateral agreement reduced tariffs on certain pharmaceutical intermediates, including progesterone derivatives, to encourage trade.
January 2023
Boosted Chinese exports to the US by approximately 5%, strengthening supply chains for progesterone-based products.
Major Indian pharmaceutical companies announced investments in progesterone synthesis facilities to meet global demand.
July 2022
Positioned India as a key supplier, increasing its market share in the global progesterone trade by 3% in 2022.