Canada: Contact Lense Market 2024

Contact Lense Market Size in Canada

The Canadian contact lense market skyrocketed to $X in 2022, surging by 16% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +70.1% against 2017 indices. Contact lense consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Contact Lense Production in Canada

In value terms, contact lense production rose notably to $X in 2022 estimated in export price. Overall, production continues to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 141%. Contact lense production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Contact Lense Exports

Exports from Canada

In 2022, the amount of contact lenses exported from Canada contracted notably to X units, waning by -22.3% compared with the previous year's figure. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 248% against the previous year. As a result, the exports reached the peak of X units, and then dropped notably in the following year.

In value terms, contact lense exports fell rapidly to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 175% against the previous year. As a result, the exports attained the peak of $X, and then declined sharply in the following year.

Exports by Country

The United States (X units) was the main destination for contact lense exports from Canada, with a 96% share of total exports. Moreover, contact lense exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +11.1%.

In value terms, the United States ($X) remains the key foreign market for contact lenses exports from Canada, comprising 86% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +13.1%.

Export Prices by Country

The average contact lense export price stood at $X per unit in 2022, with an increase of 1.6% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, contact lense export price decreased by -19.6% against 2020 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the United States amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+1.9%).

Contact Lense Imports

Imports into Canada

In 2022, the amount of contact lenses imported into Canada reduced rapidly to X units, declining by -17.5% against the year before. In general, imports showed a mild downturn. The most prominent rate of growth was recorded in 2014 with an increase of 22% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, contact lense imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of contact lense to Canada, accounting for a 70% share of total imports. Moreover, contact lense imports from the United States exceeded the figures recorded by the second-largest supplier, Ireland (X units), threefold. The UK (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-0.8% per year) and the UK (-4.0% per year).

In value terms, the United States ($X) constituted the largest supplier of contact lenses to Canada, comprising 53% of total imports. The second position in the ranking was taken by Ireland ($X), with an 11% share of total imports. It was followed by the UK, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+4.7% per year) and the UK (-4.5% per year).

Import Prices by Country

In 2022, the average contact lense import price amounted to $X per unit, jumping by 37% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, contact lense import price increased by +97.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 38%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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