GCC: Sunglasses Market 2024

Sunglasses Market Size in GCC

The GCC sunglasses market fell to $X in 2022, which is down by -2.9% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +6.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sunglasses Production in GCC

In value terms, sunglasses production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 102% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Sunglasses Exports

Exports in GCC

In 2022, shipments abroad of sunglasses increased by 11% to X units for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, recorded a mild contraction. The pace of growth appeared the most rapid in 2014 with an increase of 66% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunglasses exports declined to $X in 2022. Overall, exports showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 82%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the main exporting country with an export of about X units, which reached 65% of total exports. Oman (X units) held the second position in the ranking, followed by Bahrain (X units) and Saudi Arabia (X units). All these countries together took approx. 31% share of total exports. Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sunglasses exports from the United Arab Emirates stood at -3.5%. At the same time, Oman (+18.6%), Saudi Arabia (+10.9%) and Kuwait (+4.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +18.6% from 2012-2022. Bahrain experienced a relatively flat trend pattern. While the share of Oman (+9.8 p.p.) and Saudi Arabia (+5.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-17.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest sunglasses supplier in GCC, comprising 70% of total exports. The second position in the ranking was held by Bahrain ($X), with an 11% share of total exports. It was followed by Oman, with a 7.5% share.

In the United Arab Emirates, sunglasses exports expanded at an average annual rate of +8.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+1.2% per year) and Oman (+18.2% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, declining by -15.9% against the previous year. In general, the export price, however, posted prominent growth. The most prominent rate of growth was recorded in 2016 when the export price increased by 133% against the previous year. The level of export peaked at $X per unit in 2021, and then fell sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kuwait ($X per unit), while Oman ($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 Arab Emirates (+12.6%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports in GCC

Sunglasses imports shrank to X units in 2022, waning by -7.8% compared with 2021 figures. Over the period under review, imports faced a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, sunglasses imports fell to $X in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 50%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) represented the major importer of sunglasses, generating 60% of total imports. It was distantly followed by Qatar (X units), Kuwait (X units) and Bahrain (X units), together mixing up a 38% share of total imports. Oman (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sunglasses imports into the United Arab Emirates stood at -17.2%. At the same time, Qatar (+22.8%), Oman (+6.5%) and Bahrain (+3.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +22.8% from 2012-2022. By contrast, Kuwait (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Qatar, Kuwait, Bahrain and Oman increased by +24, +5, +4.1 and +2 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported sunglasses in GCC, comprising 54% of total imports. The second position in the ranking was held by Qatar ($X), with an 11% share of total imports. It was followed by Kuwait, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +1.5%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+6.9% per year) and Kuwait (+1.0% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, with a decrease of -4% against the previous year. Over the period under review, the import price, however, showed a strong expansion. The most prominent rate of growth was recorded in 2018 an increase of 101%. The level of import peaked at $X per unit in 2021, and then shrank modestly in the following year.

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 ($X per unit), while Qatar ($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 Arab Emirates (+22.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform