ASEAN: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in ASEAN

After three years of decline, the ASEAN spectacles and goggles market increased by 2.4% to $X in 2021. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Spectacles And Goggles Production in ASEAN

In value terms, spectacles and goggles production expanded markedly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 136%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Spectacles And Goggles Exports

Exports in ASEAN

In 2021, the amount of spectacles and goggles exported in ASEAN rose remarkably to X units, picking up by 5.5% against 2020 figures. Overall, exports, however, recorded a pronounced downturn. The pace of growth was the most pronounced in 2015 with an increase of 59% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, spectacles and goggles exports soared to $X in 2021. Total exports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 25%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Thailand (X units) represented the largest exporter of spectacles and goggles, mixing up 53% of total exports. It was distantly followed by Malaysia (X units), Singapore (X units) and Vietnam (X units), together committing a 43% share of total exports. The following exporters - Indonesia (X units) and Cambodia (X units) - each finished at a 3.6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +23.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest spectacles and goggles supplier in ASEAN, comprising 69% of total exports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total exports. It was followed by Vietnam, with a 6.9% share.

In Thailand, spectacles and goggles exports increased at an average annual rate of +3.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (-8.1% per year) and Vietnam (+34.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, rising by 17% against the previous year. Export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the export price increased by 73% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+11.8%), while the other leaders experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports in ASEAN

In 2021, overseas purchases of spectacles and goggles decreased by -21.7% to X units, falling for the third year in a row after two years of growth. Total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -36.3% against 2018 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 49%. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, spectacles and goggles imports contracted to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 60%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Thailand was the key importing country with an import of about X units, which recorded 57% of total imports. Malaysia (X units) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (9.9%), the Philippines (7.4%), Vietnam (7%) and Indonesia (4.6%). Myanmar (X units) held a relatively small share of total imports.

Imports into Thailand increased at an average annual rate of +3.8% from 2012 to 2021. At the same time, Myanmar (+55.5%), the Philippines (+6.8%) and Vietnam (+5.5%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +55.5% from 2012-2021. Singapore experienced a relatively flat trend pattern. By contrast, Indonesia (-5.3%) and Malaysia (-6.9%) illustrated a downward trend over the same period. Thailand (+11 p.p.), the Philippines (+2.8 p.p.), Myanmar (+2.6 p.p.) and Vietnam (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Singapore, Indonesia and Malaysia saw its share reduced by -1.6%, -4% and -12.2% from 2012 to 2021, respectively.

In value terms, the largest spectacles and goggles importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Singapore ($X), with a combined 59% share of total imports. These countries were followed by Vietnam, Malaysia, Myanmar and the Philippines, which together accounted for a further 34%.

Myanmar, with a CAGR of +71.3%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, increasing by 11% against the previous year. Over the period under review, the import price, however, showed a perceptible decline. The pace of growth appeared the most rapid in 2019 when the import price increased by 24% against the previous year. The level of import peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform