Philippines: Spectacle Plastic Frame Market 2024

Spectacle Plastic Frame Market Size in the Philippines

In 2021, the Philippine spectacle plastic frame market decreased by -13% to $X, falling for the third year in a row after two years of growth. In general, consumption, however, recorded strong growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Spectacle Plastic Frame Production in the Philippines

In value terms, spectacle plastic frame production soared to $X in 2021 estimated in export price. Over the period under review, production showed strong growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 85% against the previous year. Spectacle plastic frame production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Spectacle Plastic Frame Exports

Exports from the Philippines

Spectacle plastic frame exports from the Philippines skyrocketed to X units in 2021, jumping by 7,576% compared with the previous year's figure. In general, exports recorded significant growth. The growth pace was the most rapid in 2020 when exports increased by 10,002% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, spectacle plastic frame exports surged to $X in 2021. Over the period under review, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Denmark (X units) was the main destination for spectacle plastic frame exports from the Philippines, accounting for a 64% share of total exports. Moreover, spectacle plastic frame exports to Denmark exceeded the volume sent to the second major destination, the United States (X units), fourfold. The third position in this ranking was held by China (X units), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10,442.5% per year) and China (0.0% per year).

In value terms, the largest markets for spectacle plastic frame exported from the Philippines were China ($X), the United States ($X) and Denmark ($X), with a combined 84% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +940.2%, recorded the highest rates of growth with regard to 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 spectacle plastic frame export price stood at $X per unit in 2021, falling by -10.1% against the previous year. Overall, the export price, however, enjoyed perceptible growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 232%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was China ($X per unit), while the average price for exports to Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-26.1%).

Spectacle Plastic Frame Imports

Imports into the Philippines

Spectacle plastic frame imports into the Philippines reduced sharply to X units in 2021, waning by -32.3% on the year before. In general, imports, however, showed significant growth. The pace of growth was the most pronounced in 2013 with an increase of 571% against the previous year. Over the period under review, imports reached the maximum at X units in 2020, and then declined remarkably in the following year.

In value terms, spectacle plastic frame imports shrank dramatically to $X in 2021. Overall, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 579%. Over the period under review, imports attained the peak figure at $X in 2020, and then dropped markedly in the following year.

Imports by Country

In 2021, China (X units) was the main supplier of spectacle plastic frame to the Philippines, with a 96% share of total imports. It was followed by Japan (X units), with a 1.7% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +43.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+42.5% per year) and South Korea (+20.3% per year).

In value terms, China ($X) constituted the largest supplier of plastic frames and mountings for spectacles and goggles to the Philippines, comprising 73% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +69.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+45.2% per year) and South Korea (+50.8% per year).

Import Prices by Country

The average spectacle plastic frame import price stood at $X per unit in 2021, declining by -6% against the previous year. Over the period under review, the import price, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2017 an increase of 110% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+25.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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