Costa Rica: Contact Lense Market 2024

Contact Lense Market Size in Costa Rica

The Costa Rican contact lense market declined notably to $X in 2022, reducing by -31.8% against the previous year. In general, consumption, however, recorded a buoyant expansion. Over the period under review, the market reached the peak level at $X in 2021, and then dropped dramatically in the following year.

Contact Lense Production in Costa Rica

In value terms, contact lense production contracted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 46%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Contact Lense Exports

Exports from Costa Rica

In 2022, overseas shipments of contact lenses were finally on the rise to reach X units after two years of decline. In general, exports continue to indicate strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, contact lense exports skyrocketed to $X in 2022. Overall, exports posted prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 234% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Hungary (X units), the UK (X units) and China (X units) were the main destinations of contact lense exports from Costa Rica, together comprising 82% of total exports. The United States, Australia, Japan, Taiwan (Chinese), South Korea and Singapore lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +58,753.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for contact lense exported from Costa Rica were the United States ($X), Hungary ($X) and the UK ($X), with a combined 76% share of total exports. China, South Korea, Taiwan (Chinese), Japan, Australia and Singapore lagged somewhat behind, together comprising a further 18%.

Japan, with a CAGR of +66,868.1%, 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

The average contact lense export price stood at $X per unit in 2022, dropping by -43% against the previous year. Over the period under review, the export price, however, continues to indicate resilient growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+220.1%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into Costa Rica

In 2022, imports of contact lenses into Costa Rica dropped to X units, falling by -7.9% compared with the previous year. In general, imports, however, recorded modest growth. The most prominent rate of growth was recorded in 2016 with an increase of 77% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, contact lense imports contracted to $X in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +2.8% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 55% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest contact lense supplier to Costa Rica, accounting for a 74% share of total imports. Moreover, contact lense imports from the United States exceeded the figures recorded by the second-largest supplier, Panama (X units), more than tenfold. The third position in this ranking was held by South Korea (X units), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+139.6% per year) and South Korea (+6.1% per year).

In value terms, the United States ($X) constituted the largest supplier of contact lenses to Costa Rica, comprising 83% of total imports. The second position in the ranking was taken by Panama ($X), with a 5.5% share of total imports. It was followed by Ireland, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+139.4% per year) and Ireland (+7.5% per year).

Import Prices by Country

The average contact lense import price stood at $X per unit in 2022, surging by 5.7% against the previous year. Over the period under review, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.5% 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 decreased by -14.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 35% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform