India: Contact Lense Market 2024

Contact Lense Market Size in India

The Indian contact lense market amounted to $X in 2022, remaining stable against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +84.5% against 2012 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Contact Lense Production in India

In value terms, contact lense production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 -0.5% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 27%. Contact lense production peaked at $X in 2020; afterwards, it flattened through to 2022.

Contact Lense Exports

Exports from India

Contact lense exports from India contracted to X units in 2022, with a decrease of -5.2% against the year before. Over the period under review, total exports indicated a tangible expansion from 2012 to 2022: its volume 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, exports increased by +47.9% against 2015 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 36% 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, contact lense exports surged to $X in 2022. In general, exports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 69% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Singapore (X units) was the main destination for contact lense exports from India, with a 42% share of total exports. Moreover, contact lense exports to Singapore exceeded the volume sent to the second major destination, the UK (X units), twofold. The third position in this ranking was taken by the United States (X units), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+20.4% per year) and the United States (-2.0% per year).

In value terms, the United States ($X), Singapore ($X) and the UK ($X) constituted the largest markets for contact lense exported from India worldwide, with a combined 79% share of total exports. Hong Kong SAR, the Czech Republic, the United Arab Emirates and Nepal lagged somewhat behind, together comprising a further 14%.

Among the main countries of destination, the Czech Republic, with a CAGR of +41.3%, recorded 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

The average contact lense export price stood at $X per unit in 2022, rising by 38% against the previous year. Overall, the export price continues to indicate resilient growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Nepal ($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 Hong Kong SAR (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into India

Contact lense imports into India soared to X units in 2022, growing by 18% on the previous year's figure. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 62%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, contact lense imports soared to $X in 2022. Over the period under review, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 74%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, South Korea (X units) constituted the largest contact lense supplier to India, with a 27% share of total imports. Moreover, contact lense imports from South Korea exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea amounted to +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.9% per year) and Taiwan (Chinese) (+9.6% per year).

In value terms, the United States ($X), Hong Kong SAR ($X) and the UK ($X) were the largest contact lense suppliers to India, with a combined 44% share of total imports. South Korea, Germany, Ireland, the Netherlands, Brazil, Indonesia, Taiwan (Chinese) and China lagged somewhat behind, together comprising a further 52%.

The Netherlands, with a CAGR of +69.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average contact lense import price stood at $X per unit in 2022, growing by 12% against the previous year. Over the period under review, the import price, however, recorded a mild decline. The pace of growth appeared the most rapid in 2021 an increase of 35%. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 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 UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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