ECOWAS: Sunglasses Market 2024

Sunglasses Market Size in ECOWAS

The ECOWAS sunglasses market expanded slightly to $X in 2022, rising by 1.8% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.5% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Sunglasses Production in ECOWAS

In value terms, sunglasses production amounted to $X in 2022 estimated in export price. The total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 44%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Sunglasses Exports

Exports in ECOWAS

In 2022, sunglasses exports in ECOWAS reduced markedly to X units, waning by -16.6% against the year before. Overall, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2013 when exports increased by 38% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, sunglasses exports fell significantly to $X in 2022. Over the period under review, exports, however, recorded a modest increase. The most prominent rate of growth was recorded in 2013 when exports increased by 77% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of sunglasses, namely Senegal, Nigeria and Sierra Leone, represented more than two-thirds of total export. It was distantly followed by Cabo Verde (X units) and Cote d'Ivoire (X units), together achieving a 20% share of total exports. Ghana (X units) and Togo (X units) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest sunglasses supplying countries in ECOWAS were Senegal ($X), Cabo Verde ($X) and Sierra Leone ($X), together comprising 60% of total exports. Nigeria, Cote d'Ivoire, Ghana and Togo lagged somewhat behind, together comprising a further 36%.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +52.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, waning by -2.6% against the previous year. Over the period under review, the export price, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2015 an increase of 33% against the previous year. The level of export peaked at $X per unit in 2021, and then contracted slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+26.9%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports in ECOWAS

After four years of growth, supplies from abroad of sunglasses decreased by -7.8% to X units in 2022. In general, imports recorded a slight setback. The pace of growth appeared the most rapid in 2020 when imports increased by 37% against the previous year. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, sunglasses imports rose modestly to $X in 2022. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 81% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

Nigeria was the largest importer of sunglasses in ECOWAS, with the volume of imports resulting at X units, which was near 36% of total imports in 2022. Cote d'Ivoire (X units) took the second position in the ranking, followed by Senegal (X units), Ghana (X units), Guinea (X units) and Cabo Verde (X units). All these countries together took approx. 55% share of total imports. Mali (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sunglasses imports into Nigeria stood at -6.6%. At the same time, Mali (+37.6%), Senegal (+33.6%), Ghana (+15.1%) and Cote d'Ivoire (+7.2%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +37.6% from 2012-2022. By contrast, Guinea (-4.8%) and Cabo Verde (-5.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Cote d'Ivoire, Ghana and Mali increased by +14, +8.9, +7.3 and +3.7 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported sunglasses in ECOWAS, comprising 46% of total imports. The second position in the ranking was held by Senegal ($X), with a 17% share of total imports. It was followed by Guinea, with a 12% share.

In Nigeria, sunglasses imports increased at an average annual rate of +7.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+35.8% per year) and Guinea (+7.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, surging by 13% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +12.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses import price increased by +24.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 67% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+14.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform