Kuwait: Sunglasses Market 2024

Sunglasses Market Size in Kuwait

The Kuwaiti sunglasses market declined rapidly to $X in 2022, with a decrease of -19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a slight slump. Sunglasses consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Sunglasses Exports

Exports from Kuwait

In 2022, overseas shipments of sunglasses increased by 24% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a tangible increase. The pace of growth was the most pronounced in 2014 with an increase of 172% against the previous year. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, sunglasses exports rose remarkably to $X in 2022. Over the period under review, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 238%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X units), the United Arab Emirates (X units) and Bahrain (X units) were the main destinations of sunglasses exports from Kuwait, with a combined 59% share of total exports. Italy, Saudi Arabia, Lebanon and Iran lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lebanon (with a CAGR of +50.2%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for sunglasses exports from Kuwait, comprising 53% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total exports. It was followed by Qatar, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Italy amounted to +15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+13.0% per year) and Qatar (+48.6% per year).

Export Prices by Country

The average sunglasses export price stood at $X per unit in 2022, reducing by -9% against the previous year. Over the period under review, the export price, however, showed a resilient increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 78% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then fell in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Lebanon ($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 the United Arab Emirates (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Kuwait

In 2022, supplies from abroad of sunglasses decreased by -23.5% to X units, falling for the second consecutive year after two years of growth. In general, imports showed a perceptible downturn. The most prominent rate of growth was recorded in 2013 with an increase of 36%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, sunglasses imports declined to $X in 2022. The total import value increased at an average annual rate of +1.0% 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 2021 with an increase of 41% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest sunglasses supplier to Kuwait, accounting for a 60% share of total imports. Moreover, sunglasses imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), twofold.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.2% per year) and Taiwan (Chinese) (-21.2% per year).

In value terms, the largest sunglasses suppliers to Kuwait were Italy ($X), China ($X) and Taiwan (Chinese) ($X), together comprising 76% of total imports.

China, with a CAGR of +18.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average sunglasses import price stood at $X per unit in 2022, increasing by 12% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% 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 +62.9% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 46%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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