Middle East: Sunglasses Market 2024

Sunglasses Market Size in the Middle East

The Middle Eastern sunglasses market fell modestly to $X in 2022, standing approx. at the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +10.1% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sunglasses Production in the Middle East

In value terms, sunglasses production fell to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 102% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Sunglasses Exports

Exports in the Middle East

In 2022, shipments abroad of sunglasses was finally on the rise to reach X units after four years of decline. Overall, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sunglasses exports surged to $X in 2022. Over the period under review, exports recorded strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 61% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Turkey prevails in exports structure, finishing at X units, which was near 81% of total exports in 2022. It was distantly followed by the United Arab Emirates (X units), committing an 8.9% share of total exports. Israel (X units), Oman (X units) and Bahrain (X units) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the sunglasses exports, with a CAGR of +20.5% from 2012 to 2022. At the same time, Oman (+18.6%) and Israel (+1.6%) displayed positive paces of growth. Bahrain experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-3.5%) illustrated a downward trend over the same period. While the share of Turkey (+45 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Bahrain (-3.4 p.p.), Israel (-6.4 p.p.) and the United Arab Emirates (-28.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 84% of total exports. Bahrain and Oman lagged somewhat behind, together accounting for a further 8.7%.

Oman, with a CAGR of +18.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per unit, falling by -40.9% against the previous year. Over the period under review, the export price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2016 an increase of 38% against the previous year. The level of export peaked at $X per unit in 2021, and then declined dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Turkey ($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 the Middle East

In 2022, approx. X units of sunglasses were imported in the Middle East; increasing by 15% against the previous year's figure. Over the period under review, imports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 26%. The volume of import peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, sunglasses imports totaled $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 throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 42%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X units) was the main importer of sunglasses, constituting 42% of total imports. The United Arab Emirates (X units) took the second position in the ranking, followed by Israel (X units), Qatar (X units) and Iraq (X units). All these countries together took near 47% share of total imports. Iran (X units) and Kuwait (X units) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, Qatar (+22.8%) and Iraq (+3.9%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +22.8% from 2012-2022. By contrast, Kuwait (-3.8%), Israel (-6.2%), Iran (-13.9%) and the United Arab Emirates (-17.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Qatar, Iraq and Israel increased by +26, +7.5, +5.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sunglasses importing markets in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Israel ($X), together accounting for 72% of total imports. Qatar, Kuwait, Iraq and Iran lagged somewhat behind, together comprising a further 13%.

In terms of the main importing countries, Iraq, with a CAGR of +6.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2022, declining by -11.1% against the previous year. Overall, the import price, however, recorded a strong increase. The pace of growth appeared the most rapid in 2018 an increase of 49%. Over the period under review, import prices attained the peak figure at $X per unit in 2021, and then contracted 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 ($X per unit), while Iran ($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

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