Western Africa: Objective Lens Market 2024

Objective Lens Market Size in Western Africa

In 2021, after two years of growth, there was significant decline in the West African objective lens market, when its value decreased by -20.9% to $X. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +38.4% against 2018 indices. As a result, consumption reached the peak level of $X, and then shrank rapidly in the following year.

Objective Lens Production in Western Africa

In value terms, objective lens production declined dramatically to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +49.9% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 78% against the previous year. As a result, production reached the peak level of $X, and then reduced markedly in the following year.

Objective Lens Exports

Exports in Western Africa

After two years of decline, shipments abroad of objective lenses for cameras, projectors or photographic enlargers or reducers increased by 340% to X units in 2021. Overall, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when exports increased by 961%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, objective lens exports surged to $X in 2021. In general, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 604%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Niger dominates exports structure, amounting to X units, which was near 77% of total exports in 2021. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 9.1% share, followed by Nigeria (9.1%) and Cabo Verde (4.5%).

Niger was also the fastest-growing in terms of the objective lenses for cameras, projectors or photographic enlargers or reducers exports, with a CAGR of +116.9% from 2012 to 2021. Cote d'Ivoire (-9.0%), Cabo Verde (-18.5%) and Nigeria (-32.8%) illustrated a downward trend over the same period. While the share of Niger (+77 p.p.) and Cote d'Ivoire (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cabo Verde (-2.5 p.p.) and Nigeria (-71.5 p.p.) displayed negative dynamics.

In value terms, Niger ($X) emerged as the largest objective lens supplier in Western Africa, comprising 92% of total exports. The second position in the ranking was held by Nigeria ($X), with a 4.6% share of total exports. It was followed by Cote d'Ivoire, with a 2.1% share.

In Niger, objective lens exports increased at an average annual rate of +162.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-29.3% per year) and Cote d'Ivoire (-22.0% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, surging by 48% against the previous year. In general, the export price recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 an increase of 80%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Niger ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+5.3%), while the other leaders experienced a decline in the export price figures.

Objective Lens Imports

Imports in Western Africa

After four years of growth, supplies from abroad of objective lenses for cameras, projectors or photographic enlargers or reducers decreased by -5.7% to X units in 2021. Overall, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2014 with an increase of 127%. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, objective lens imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 209% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Ghana represented the major importing country with an import of around X units, which recorded 40% of total imports. Cote d'Ivoire (X units) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (17%) and Guinea (6.2%). Sierra Leone (X units) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +41.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported objective lenses for cameras, projectors or photographic enlargers or reducers in Western Africa, comprising 60% of total imports. The second position in the ranking was held by Nigeria ($X), with a 17% share of total imports. It was followed by Cote d'Ivoire, with a 6.9% share.

In Ghana, objective lens imports expanded at an average annual rate of +30.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (+14.4% per year) and Cote d'Ivoire (+32.8% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2021, picking up by 71% against the previous year. Overall, the import price enjoyed a strong increase. The pace of growth was the most pronounced in 2015 when the import price increased by 105%. Over the period under review, import prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Ghana ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+19.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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