Western Africa: Mounted Objective Lens Market 2025

Mounted Objective Lens Market Size in Western Africa

The West African mounted objective lens market totaled $X in 2022, surging by 5.3% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Mounted Objective Lens Production in Western Africa

In value terms, mounted objective lens production rose rapidly to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.3% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 31% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Mounted Objective Lens Exports

Exports in Western Africa

In 2022, overseas shipments of mounted objective lenses increased by 32% to X units, rising for the second year in a row after two years of decline. In general, exports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 238%. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, mounted objective lens exports skyrocketed to $X in 2022. Overall, exports showed a moderate increase. The pace of growth was the most pronounced in 2016 when exports increased by 227% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X units) and Guinea (X units) dominates exports structure, together committing 78% of total exports. It was distantly followed by Cote d'Ivoire (X units), achieving an 8.5% share of total exports. Benin (X units), Mali (X units) and Niger (X units) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Guinea (with a CAGR of +25.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Guinea ($X), Nigeria ($X) and Mali ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 76% share of total exports.

Among the main exporting countries, Guinea, with a CAGR of +38.1%, 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 export price in Western Africa stood at $X per unit in 2022, increasing by 4.2% against the previous year. Over the period under review, the export price enjoyed strong growth. The most prominent rate of growth was recorded in 2019 when the export price increased by 72% against the previous year. The level of export peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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 Mali ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+27.2%), while the other leaders experienced more modest paces of growth.

Mounted Objective Lens Imports

Imports in Western Africa

In 2022, mounted objective lens imports in Western Africa soared to X units, jumping by 92% against 2021. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 195% against the previous year. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, mounted objective lens imports soared to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 126%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Nigeria (X units) represented the largest importer of mounted objective lenses, making up 69% of total imports. It was distantly followed by Cote d'Ivoire (X units), creating an 11% share of total imports. The following importers - Togo (X units), Guinea (X units), Senegal (X units), Ghana (X units), Niger (X units), Burkina Faso (X units) and Benin (X units) - together made up 18% of total imports.

Imports into Nigeria increased at an average annual rate of +22.9% from 2012 to 2022. At the same time, Niger (+59.1%), Senegal (+31.7%), Burkina Faso (+29.4%), Cote d'Ivoire (+27.5%), Guinea (+21.4%), Togo (+20.9%) and Benin (+16.4%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +59.1% from 2012-2022. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+9.3 p.p.), Cote d'Ivoire (+4.4 p.p.) and Niger (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-16.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported mounted objective lenses in Western Africa, comprising 67% of total imports. The second position in the ranking was taken by Ghana ($X), with a 7.5% share of total imports. It was followed by Cote d'Ivoire, with a 7.3% share.

In Nigeria, mounted objective lens imports expanded at an average annual rate of +41.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+9.0% per year) and Cote d'Ivoire (+19.7% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, increasing by 8.8% against the previous year. Over the period under review, the import price showed pronounced growth. The pace of growth appeared the most rapid in 2021 when the import price increased by 202% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

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 Ghana ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+14.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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