Vietnam: Sunglasses Market 2024

Sunglasses Market Size in Vietnam

The Vietnamese sunglasses market was finally on the rise to reach $X in 2022, after three years of decline. Overall, consumption, however, saw a deep setback. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Sunglasses Exports

Exports from Vietnam

In 2022, after eight years of growth, there was significant decline in overseas shipments of sunglasses, when their volume decreased by -18.8% to X units. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 476%. The exports peaked at X units in 2021, and then plummeted in the following year.

In value terms, sunglasses exports fell significantly to $X in 2022. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2015 with an increase of 425% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank notably in the following year.

Exports by Country

The United States (X units) was the main destination for sunglasses exports from Vietnam, accounting for a 74% share of total exports. Moreover, sunglasses exports to the United States exceeded the volume sent to the second major destination, Japan (X units), more than tenfold. Singapore (X units) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +62.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.1% per year) and Singapore (+41.4% per year).

In value terms, the United States ($X) remains the key foreign market for sunglasses exports from Vietnam, comprising 74% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.6% share of total exports. It was followed by Singapore, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +65.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+9.4% per year) and Singapore (+49.6% per year).

Export Prices by Country

In 2022, the average sunglasses export price amounted to $X per unit, almost unchanged from the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses export price increased by +2.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per unit) and India ($X per unit), while the average price for exports to Belgium ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Vietnam

After three years of decline, supplies from abroad of sunglasses increased by 19% to X units in 2022. Overall, imports, however, saw a deep contraction. The pace of growth was the most pronounced in 2016 with an increase of 150%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sunglasses imports amounted to $X in 2022. In general, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 44%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Italy (X units) and France (X units) were the main suppliers of sunglasses imports to Vietnam, with a combined 90% share of total imports. Japan, South Korea and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 5.9%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of -4.3%), while purchases for the other leaders experienced a decline.

In value terms, the largest sunglasses suppliers to Vietnam were China ($X), Italy ($X) and France ($X), with a combined 90% share of total imports. Japan, South Korea and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 5.9%.

In terms of the main suppliers, South Korea, with a CAGR of +14.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average sunglasses import price amounted to $X per unit, reducing by -4.5% against the previous year. Overall, the import price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2015 an increase of 72% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per unit) and China ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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