Western Africa: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Western Africa

The West African spectacles and goggles market contracted to $X in 2021, falling by -10.8% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Spectacles And Goggles Production in Western Africa

In value terms, spectacles and goggles production dropped markedly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 224% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Spectacles And Goggles Exports

Exports in Western Africa

After two years of growth, shipments abroad of spectacles and goggles decreased by -23.5% to X units in 2021. Over the period under review, exports, however, showed pronounced growth. The pace of growth appeared the most rapid in 2015 when exports increased by 335% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, spectacles and goggles exports fell slightly to $X in 2021. Overall, exports, however, posted measured growth. The pace of growth appeared the most rapid in 2020 when exports increased by 148% against the previous year. As a result, the exports reached the peak of $X, and then contracted modestly in the following year.

Exports by Country

Senegal was the largest exporter of spectacles and goggles in Western Africa, with the volume of exports amounting to X units, which was near 63% of total exports in 2021. Nigeria (X units) held the second position in the ranking, distantly followed by Niger (X units). All these countries together held near 29% share of total exports. Ghana (X units) and Sierra Leone (X units) took a relatively small share of total exports.

Senegal was also the fastest-growing in terms of the spectacles and goggles exports, with a CAGR of +39.4% from 2012 to 2021. At the same time, Niger (+36.3%) and Ghana (+29.5%) displayed positive paces of growth. By contrast, Nigeria (-5.1%) and Sierra Leone (-19.6%) illustrated a downward trend over the same period. While the share of Senegal (+60 p.p.), Niger (+5.1 p.p.) and Ghana (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sierra Leone (-14.7 p.p.) and Nigeria (-21.6 p.p.) displayed negative dynamics.

In value terms, Senegal ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2021, together comprising 78% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +42.0%, 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

In 2021, the export price in Western Africa amounted to $X per unit, picking up by 29% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 379% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Niger ($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 (+9.6%), while the other leaders experienced a decline in the export price figures.

Spectacles And Goggles Imports

Imports in Western Africa

Spectacles and goggles imports skyrocketed to X units in 2021, with an increase of 63% on 2020. Total imports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, spectacles and goggles imports skyrocketed to $X in 2021. Overall, imports posted resilient growth. The growth pace was the most rapid in 2019 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Senegal (X units) represented the main importer of spectacles and goggles, comprising 54% of total imports. Burkina Faso (X units) held the second position in the ranking, followed by Guinea (X units), Nigeria (X units), Ghana (X units) and Cote d'Ivoire (X units). All these countries together held approx. 38% share of total imports. Sierra Leone (X units) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the spectacles and goggles imports, with a CAGR of +46.8% from 2012 to 2021. At the same time, Burkina Faso (+11.3%), Cote d'Ivoire (+4.3%) and Guinea (+4.1%) displayed positive paces of growth. By contrast, Sierra Leone (-8.4%), Nigeria (-9.0%) and Ghana (-16.7%) illustrated a downward trend over the same period. Senegal (+52 p.p.), Burkina Faso (+6.2 p.p.) and Guinea (+2 p.p.) significantly strengthened its position in terms of the total imports, while Sierra Leone, Nigeria and Ghana saw its share reduced by -2.8%, -10.9% and -32% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest spectacles and goggles importing markets in Western Africa were Ghana ($X), Burkina Faso ($X) and Nigeria ($X), with a combined 49% share of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of +21.0%, recorded the highest rates of growth with regard to 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 2021, the import price in Western Africa amounted to $X per unit, waning by -26.8% against the previous year. In general, the import price, however, posted a strong increase. The most prominent rate of growth was recorded in 2020 when the import price increased by 73% against the previous year. As a result, import price reached the peak level of $X per unit, and then contracted markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per unit), while Senegal ($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 (+33.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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