Singapore: Contact Lense Market 2024

Contact Lense Market Size in Singapore

For the seventh year in a row, the Singaporean contact lense market recorded growth in sales value, which increased by 19% to $X in 2022. Overall, consumption continues to indicate a significant increase. Contact lense consumption peaked in 2022 and is expected to retain growth in the near future.

Contact Lense Production in Singapore

In value terms, contact lense production skyrocketed to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 1,209% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Contact Lense Exports

Exports from Singapore

In 2022, after two years of decline, there was significant growth in shipments abroad of contact lenses, when their volume increased by 28% to X units. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 31% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, contact lense exports soared to $X in 2022. In general, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X units), Germany (X units) and Malaysia (X units) were the main destinations of contact lense exports from Singapore, with a combined 60% share of total exports. The United States, South Korea, Japan and China lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +25.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Germany ($X) were the largest markets for contact lense exported from Singapore worldwide, together comprising 70% of total exports. South Korea, Malaysia, Indonesia and China lagged somewhat behind, together accounting for a further 24%.

South Korea, with a CAGR of +28.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average contact lense export price amounted to $X per unit, growing by 9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Indonesia ($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 Japan (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into Singapore

In 2022, approx. X units of contact lenses were imported into Singapore; jumping by 32% against the previous year. Over the period under review, imports enjoyed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, contact lense imports surged to $X in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X units) constituted the largest supplier of contact lense to Singapore, accounting for a 56% share of total imports. Moreover, contact lense imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X units), threefold. Germany (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+2.9% per year) and Germany (+43.0% per year).

In value terms, Malaysia ($X), Germany ($X) and Indonesia ($X) constituted the largest contact lense suppliers to Singapore, with a combined 76% share of total imports.

Germany, with a CAGR of +43.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, reducing by -10.5% against the previous year. Overall, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 7.3% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

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 Germany ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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