Nigeria: Contact Lense Market 2024

Contact Lense Market Size in Nigeria

The Nigerien contact lense market reduced to $X in 2022, flattening at the previous year. In general, consumption, however, recorded resilient growth. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Contact Lense Production in Nigeria

In value terms, contact lense production fell slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 126%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Contact Lense Exports

Exports from Nigeria

In 2022, approx. X units of contact lenses were exported from Nigeria; picking up by 89% on 2021. Overall, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2020 when exports increased by 456% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, contact lense exports surged to $X in 2022. In general, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 747%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for contact lense exports from Nigeria, with a 71% share of total exports. Moreover, contact lense exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Cyprus (X units), more than tenfold. South Africa (X units) ranked third in terms of total exports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire totaled +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (0.0% per year) and South Africa (0.0% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for contact lenses exports from Nigeria, comprising 64% of total exports. The second position in the ranking was held by Ireland ($X), with a 9.8% share of total exports. It was followed by Cyprus, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire amounted to +98.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+264.3% per year) and Cyprus (0.0% per year).

Export Prices by Country

In 2022, the average contact lense export price amounted to $X per unit, picking up by 44% against the previous year. In general, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, contact lense export price increased by +91.9% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 52% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($X per unit), while the average price for exports to Botswana ($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 Canada (+400.0%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into Nigeria

In 2022, the amount of contact lenses imported into Nigeria soared to X units, increasing by 31% on 2021. In general, imports saw significant growth. The growth pace was the most rapid in 2015 when imports increased by 1,082%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, contact lense imports soared to $X in 2022. Overall, imports recorded a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 792%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X units), Germany (X units) and South Korea (X units) were the main suppliers of contact lense imports to Nigeria, together comprising 64% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +176.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Israel ($X) were the largest contact lense suppliers to Nigeria, with a combined 61% share of total imports.

Among the main suppliers, South Korea, with a CAGR of +147.5%, saw the highest rates of growth with regard to 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 average contact lense import price stood at $X per unit in 2022, with an increase of 14% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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