Philippines: Contact Lense Market 2024

Contact Lense Market Size in the Philippines

The Philippine contact lense market totaled $X in 2022, growing by 2.1% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Contact Lense Production in the Philippines

In value terms, contact lense production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period 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 2013 with an increase of 48%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Contact Lense Exports

Exports from the Philippines

Contact lense exports from the Philippines soared to X units in 2022, jumping by 428% compared with 2021. Over the period under review, exports, however, faced a precipitous decline. The pace of growth was the most pronounced in 2017 when exports increased by 4,561% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, contact lense exports skyrocketed to $X in 2022. Overall, exports, however, recorded a significant decrease. The most prominent rate of growth was recorded in 2017 with an increase of 3,130%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units), India (X units) and Poland (X units) were the main destinations of contact lense exports from the Philippines, together accounting for 51% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +29.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Germany ($X) and Japan ($X) constituted the largest markets for contact lense exported from the Philippines worldwide, with a combined 45% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +38.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average contact lense export price stood at $X per unit in 2022, picking up by 3.4% against the previous year. Overall, the export price, however, recorded a pronounced decline. The growth pace was the most rapid in 2016 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2014; however, from 2015 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 Singapore ($X per unit), while the average price for exports to Hong Kong SAR ($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 India (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into the Philippines

In 2022, approx. X units of contact lenses were imported into the Philippines; increasing by 118% against the previous year's figure. Overall, imports saw a significant increase. The growth pace was the most rapid in 2019 when imports increased by 243%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, contact lense imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, South Korea (X units) constituted the largest supplier of contact lense to the Philippines, with a 74% share of total imports. Moreover, contact lense imports from South Korea exceeded the figures recorded by the second-largest supplier, Singapore (X units), ninefold. Hong Kong SAR (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +115.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+8.3% per year) and Hong Kong SAR (+50.9% per year).

In value terms, South Korea ($X) constituted the largest supplier of contact lenses to the Philippines, comprising 53% of total imports. The second position in the ranking was taken by Singapore ($X), with a 5.4% share of total imports. It was followed by Hong Kong SAR, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +85.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-7.4% per year) and Hong Kong SAR (+29.3% per year).

Import Prices by Country

In 2022, the average contact lense import price amounted to $X per unit, approximately equating the previous year. In general, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2018 an increase of 49%. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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