Kuwait: Contact Lense Market 2024

Contact Lense Market Size in Kuwait

In 2022, after two years of growth, there was significant decline in the Kuwaiti contact lense market, when its value decreased by -18.9% to $X. Over the period under review, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +38.7% against 2019 indices. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Contact Lense Exports

Exports from Kuwait

In 2022, after two years of growth, there was significant decline in overseas shipments of contact lenses, when their volume decreased by -7.2% to X units. Overall, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 1,023%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, contact lense exports fell to $X in 2022. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 1,076%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X units) was the main destination for contact lense exports from Kuwait, with a 62% share of total exports. Moreover, contact lense exports to Saudi Arabia exceeded the volume sent to the second major destination, Qatar (X units), sevenfold. Oman (X units) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at +74.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+52.1% per year) and Oman (+41.3% per year).

In value terms, Qatar ($X) emerged as the key foreign market for contact lenses exports from Kuwait, comprising 52% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total exports. It was followed by Iraq, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to Qatar stood at +48.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+33.0% per year) and Iraq (-10.3% per year).

Export Prices by Country

The average contact lense export price stood at $X per unit in 2022, increasing by 7.2% against the previous year. In general, the export price, however, recorded a deep contraction. The pace of growth was the most pronounced in 2016 an increase of 18%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per unit), while the average price for exports to Morocco ($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 Qatar (-2.3%), while the prices for the other major destinations experienced a decline.

Contact Lense Imports

Imports into Kuwait

After two years of growth, overseas purchases of contact lenses decreased by -18.8% to X units in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its volume 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, imports increased by +41.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 58%. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, contact lense imports contracted dramatically to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 55%. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

In 2022, South Korea (X units) constituted the largest contact lense supplier to Kuwait, accounting for a 80% share of total imports. Moreover, contact lense imports from South Korea exceeded the figures recorded by the second-largest supplier, Ireland (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+0.8% per year) and the United States (-5.5% per year).

In value terms, South Korea ($X) constituted the largest supplier of contact lenses to Kuwait, comprising 51% of total imports. The second position in the ranking was taken by Ireland ($X), with a 15% share of total imports. It was followed by the United States, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value from South Korea stood at +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+1.0% per year) and the United States (-5.0% per year).

Import Prices by Country

The average contact lense import price stood at $X per unit in 2022, leveling off at the previous year. Over the period under review, the import price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when the average import price increased by 53% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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