GCC: Contact Lense Market 2024

Contact Lense Market Size in GCC

The GCC contact lense market rose rapidly to $X in 2022, with an increase of 7.2% against the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 -6.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Contact Lense Production in GCC

In value terms, contact lense production expanded rapidly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 50% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Contact Lense Exports

Exports in GCC

After three years of decline, overseas shipments of contact lenses increased by 14% to X units in 2022. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 435%. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, contact lense exports surged to $X in 2022. Overall, exports recorded a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 319% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Kuwait (X units) and Oman (X units) represented the largest exporters of contact lenses in 2022, reaching approx. 52% and 35% of total exports, respectively. It was distantly followed by the United Arab Emirates (X units), mixing up a 13% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +66.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest contact lense supplier in GCC, comprising 57% of total exports. The second position in the ranking was held by Oman ($X), with a 25% share of total exports.

In the United Arab Emirates, contact lense exports increased at an average annual rate of +12.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+82.5% per year) and Kuwait (+13.6% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, jumping by 29% against the previous year. In general, the export price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the export price increased by 33% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.7%), while the other leaders experienced mixed trends in the export price figures.

Contact Lense Imports

Imports in GCC

Contact lense imports contracted to X units in 2022, flattening at the year before. Overall, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 137% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, contact lense imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 27% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X units, which was approx. 91% of total imports in 2022. It was distantly followed by Kuwait (X units), committing a 7.3% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the contact lenses imports, with a CAGR of +24.4% from 2012 to 2022. At the same time, Kuwait (+5.5%) displayed positive paces of growth. The United Arab Emirates (+22 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait saw its share reduced by -21.5% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported contact lenses in GCC, comprising 43% of total imports. The second position in the ranking was held by Kuwait ($X), with a 16% share of total imports.

In the United Arab Emirates, contact lense imports expanded at an average annual rate of +2.7% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, reducing by -8.9% against the previous year. In general, the import price showed a abrupt curtailment. The pace of growth was the most pronounced in 2021 when the import price increased by 26%. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per unit), while the United Arab Emirates totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-5.2%).

Source: IndexBox Platform