Report Update Nov 1, 2024

Nigeria - Sunglasses - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Sunglasses Market 2024

Sunglasses Market Size in Nigeria

The Nigerien sunglasses market surged to $X in 2022, growing by 23% 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). Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Sunglasses Exports

Exports from Nigeria

In 2022, approx. X units of sunglasses were exported from Nigeria; waning by -20.6% compared with the previous year's figure. In general, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2015 when exports increased by 81% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunglasses exports reduced sharply to $X in 2022. Overall, exports recorded a abrupt descent. The growth pace was the most rapid in 2015 when exports increased by 280%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X units), Ghana (X units) and Cote d'Ivoire (X units) were the main destinations of sunglasses exports from Nigeria, with a combined 82% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +19.2%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the key foreign market for sunglasses exports from Nigeria, comprising 51% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total exports. It was followed by South Africa, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled -13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+23.1% per year) and South Africa (+24.4% per year).

Export Prices by Country

In 2022, the average sunglasses export price amounted to $X per unit, surging by 3.5% against the previous year. In general, the export price saw a strong expansion. The pace of growth appeared the most rapid in 2015 when the average export price increased by 109%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Namibia ($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 Sweden (+42.1%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Nigeria

In 2022, the amount of sunglasses imported into Nigeria expanded notably to X units, with an increase of 6.7% on the year before. Overall, imports, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2013 with an increase of 43% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sunglasses imports soared to $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2013 when imports increased by 144% 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) was the main supplier of sunglasses to Nigeria, with a 92% share of total imports. It was followed by Singapore (X units), with a 2.9% share of total imports. The third position in this ranking was taken by Italy (X units), with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+49.2% per year) and Italy (+77.0% per year).

In value terms, China ($X) constituted the largest supplier of sunglasses to Nigeria, comprising 95% of total imports. The second position in the ranking was taken by Sweden ($X), with a 1.8% share of total imports. It was followed by Italy, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+28.5% per year) and Italy (+95.3% per year).

Import Prices by Country

The average sunglasses import price stood at $X per unit in 2022, with an increase of 24% against the previous year. Overall, the import price posted a strong expansion. The pace of growth was the most pronounced in 2013 an increase of 71%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Sweden ($X per unit), while the price for Singapore ($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 (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for sunglasses in the world?

The countries with the highest volumes of in 2021 were China, the United States and Japan, together accounting for 58% of global consumption. These countries were followed by Bangladesh, Germany, India, Turkey, Italy, South Korea and Saudi Arabia, which together accounted for a further 17%.

What are the largest producers of sunglasses in the world?

The country with the largest volume of sunglasses production was China, comprising approx. 45% of total volume. Moreover, sunglasses production in China exceeded the figures recorded by the second-largest producer, the United States, fourfold. Italy ranked third in terms of total production with a 5.9% share.

What are the leading suppliers of sunglasses to Nigeria?

In value terms, China constituted the largest supplier of sunglasses to Nigeria, comprising 93% of total imports. The second position in the ranking was occupied by the Czech Republic, with a 0.1% share of total imports.

What are the leading importers of sunglasses from Nigeria?

In value terms, Ghana remains the key foreign market for sunglasses exports from Nigeria, comprising 58% of total exports. The second position in the ranking was occupied by Cote d'Ivoire $743), with a 17% share of total exports. It was followed by Niger, with an 8.7% share.

What is the average export price for sunglasses in Nigeria?

In 2021, the average sunglasses export price amounted to $26 per unit, which is down by -10.4% against the previous year.

What is the average import price for sunglasses in Nigeria?

In 2021, the average sunglasses import price amounted to $84 per unit, growing by 12% against the previous year.

This report provides an in-depth analysis of the sunglasses market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 32504250 - Sunglasses

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023