South-Eastern Asia: Contact Lense Market 2024

Contact Lense Market Size in South-Eastern Asia

For the fifth consecutive year, the Southeast Asian contact lense market recorded growth in sales value, which increased by 7.2% to $X in 2022. The market value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Contact Lense Production in South-Eastern Asia

In value terms, contact lense production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% 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 2019 with an increase of 30%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Contact Lense Exports

Exports in South-Eastern Asia

In 2022, after two years of decline, there was significant growth in shipments abroad of contact lenses, when their volume increased by 70% to X units. Over the period under review, exports continue to indicate resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, contact lense exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 27%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Malaysia was the major exporter of contact lenses in South-Eastern Asia, with the volume of exports reaching X units, which was approx. 77% of total exports in 2022. It was distantly followed by Singapore (X units), making up an 18% share of total exports. Indonesia (X units) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the contact lenses exports, with a CAGR of +22.1% from 2012 to 2022. At the same time, Singapore (+2.4%) displayed positive paces of growth. Indonesia experienced a relatively flat trend pattern. Malaysia (+41 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia and Singapore saw its share reduced by -11.3% and -30.6% from 2012 to 2022, respectively.

In value terms, the largest contact lense supplying countries in South-Eastern Asia were Singapore ($X), Malaysia ($X) and Indonesia ($X), together accounting for 99% of total exports.

Singapore, with a CAGR of +6.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, declining by -29.8% against the previous year. Over the period under review, the export price saw a deep setback. The most prominent rate of growth was recorded in 2020 when the export price increased by 12%. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.3%), while the other leaders experienced a decline in the export price figures.

Contact Lense Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of contact lenses increased by 22% to X units, rising for the second year in a row after two years of decline. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +10.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.9% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 56% against the previous year. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, contact lense imports surged to $X in 2022. The total import value increased at an average annual rate of +1.2% 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 when imports increased by 18% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X units) was the largest importer of contact lenses, comprising 55% of total imports. Malaysia (X units) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (18%).

Imports into Singapore increased at an average annual rate of +9.5% from 2012 to 2022. At the same time, Thailand (+21.0%) and Malaysia (+14.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +21.0% from 2012-2022. Thailand (+11 p.p.) and Malaysia (+6.5 p.p.) significantly strengthened its position in terms of the total imports, while Singapore saw its share reduced by -7% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported contact lenses in South-Eastern Asia, comprising 73% of total imports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to +1.5%. In the other countries, the average annual rates were as follows: Malaysia (+6.7% per year) and Thailand (+6.6% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2022, dropping by -4.2% against the previous year. Overall, the import price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 when the import price increased by 10% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-6.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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