Thailand: Contact Lense Market 2024

Contact Lense Market Size in Thailand

In 2022, the Thai contact lense market increased by 16% to $X, rising for the fifth year in a row after two years of decline. In general, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +52.3% against 2017 indices. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Contact Lense Production in Thailand

In value terms, contact lense production fell slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 52%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Contact Lense Exports

Exports from Thailand

In 2022, shipments abroad of contact lenses decreased by -7.9% to X units, falling for the second year in a row after six years of growth. Over the period under review, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 when exports increased by 143% against the previous year. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, contact lense exports contracted to $X in 2022. Overall, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 63% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

Japan (X units) was the main destination for contact lense exports from Thailand, accounting for a 67% share of total exports. Moreover, contact lense exports to Japan exceeded the volume sent to the second major destination, Singapore (X units), fourfold. The third position in this ranking was taken by Hong Kong SAR (X units), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled +144.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+6.0% per year) and Hong Kong SAR (+31.2% per year).

In value terms, Japan ($X) remains the key foreign market for contact lenses exports from Thailand, comprising 56% of total exports. The second position in the ranking was held by Singapore ($X), with a 27% share of total exports. It was followed by Hong Kong SAR, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +186.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+13.6% per year) and Hong Kong SAR (+27.7% per year).

Export Prices by Country

In 2022, the average contact lense export price amounted to $X per unit, with a decrease of -4.4% against the previous year. In general, the export price, however, posted noticeable growth. The growth pace was the most rapid in 2014 an increase of 177%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Israel ($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 South Korea (+20.2%), while the prices for the other major destinations experienced more modest paces of growth.

Contact Lense Imports

Imports into Thailand

Contact lense imports into Thailand skyrocketed to X units in 2022, growing by 45% against the year before. In general, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 67% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, contact lense imports soared to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +30.9% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 30% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X units) constituted the largest contact lense supplier to Thailand, with a 59% share of total imports. Moreover, contact lense imports from South Korea exceeded the figures recorded by the second-largest supplier, Ireland (X units), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea amounted to +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+12.8% per year) and the United States (+23.4% per year).

In value terms, South Korea ($X), Ireland ($X) and the United States ($X) were the largest contact lense suppliers to Thailand, with a combined 93% share of total imports.

South Korea, with a CAGR of +13.4%, saw the highest rates of growth with regard to the value of imports, among 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, dropping by -12.3% against the previous year. In general, the import price faced a deep contraction. The growth pace was the most rapid in 2018 an increase of 29%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (-8.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :