ECOWAS: Contact Lense Market 2024

Contact Lense Market Size in ECOWAS

The ECOWAS contact lense market contracted slightly to $X in 2022, reducing by -1.6% against the previous year. Over the period under review, consumption, however, continues to indicate a buoyant expansion. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Contact Lense Production in ECOWAS

In value terms, contact lense production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 106% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Contact Lense Exports

Exports in ECOWAS

After four years of growth, overseas shipments of contact lenses decreased by -5.4% to X units in 2022. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2013 when exports increased by 79%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, contact lense exports fell slightly to $X in 2022. Overall, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2013 when exports increased by 72% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana dominates exports structure, resulting at X units, which was near 96% of total exports in 2022. Guinea (X units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to contact lense exports from Ghana stood at -7.3%. At the same time, Guinea (+45.6%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +45.6% from 2012-2022. While the share of Guinea (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-1.7 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest contact lense supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was held by Guinea ($X), with an 8% share of total exports.

In Ghana, contact lense exports plunged by an average annual rate of -8.3% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, rising by 2.4% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 125%. Over the period under review, the export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per unit), while Ghana totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+13.9%).

Contact Lense Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in purchases abroad of contact lenses, which increased by 29% to X units in 2022. Over the period under review, imports showed a prominent increase. The growth pace was the most rapid in 2016 when imports increased by 117%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, contact lense imports amounted to $X in 2022. Overall, imports recorded prominent growth. The growth pace was the most rapid in 2013 when imports increased by 92%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of around X units, which resulted at 58% of total imports. Mali (X units) held the second position in the ranking, followed by Sierra Leone (X units) and Guinea (X units). All these countries together held approx. 24% share of total imports. The following importers - Ghana (X units), Togo (X units) and Senegal (X units) - together made up 11% of total imports.

Nigeria was also the fastest-growing in terms of the contact lenses imports, with a CAGR of +80.4% from 2012 to 2022. At the same time, Guinea (+46.5%), Togo (+27.6%), Sierra Leone (+25.0%), Senegal (+9.7%) and Mali (+6.4%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Nigeria, Guinea, Sierra Leone and Togo increased by +58, +4.6, +3 and +2 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported contact lenses in ECOWAS, comprising 36% of total imports. The second position in the ranking was held by Mali ($X), with a 13% share of total imports. It was followed by Togo, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +50.5%. The remaining importing countries recorded the following average annual rates of imports growth: Mali (-10.2% per year) and Togo (+16.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, waning by -21% against the previous year. Over the period under review, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 when the import price increased by 41%. Over the period under review, import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, 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 Togo ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-4.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform