Western Africa: Sunglasses Market 2024

Sunglasses Market Size in Western Africa

The West African sunglasses market expanded to $X in 2022, picking up by 1.8% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.4% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Sunglasses Production in Western Africa

In value terms, sunglasses production amounted to $X in 2022 estimated in export price. The total production indicated strong 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, production decreased by -2.0% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 44%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Sunglasses Exports

Exports in Western Africa

In 2022, approx. X units of sunglasses were exported in Western Africa; reducing by -14.6% on the year before. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 39%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, sunglasses exports reduced dramatically to $X in 2022. Total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +21.8% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 75% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X units), Nigeria (X units), Sierra Leone (X units), Mauritania (X units) and Cabo Verde (X units) represented roughly 87% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X units), mixing up a 6.8% share of total exports. Ghana (X units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Sierra Leone (with a CAGR of +29.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Mauritania ($X) and Cabo Verde ($X) were the countries with the highest levels of exports in 2022, with a combined 53% share of total exports. Sierra Leone, Nigeria, Cote d'Ivoire and Ghana lagged somewhat behind, together comprising a further 43%.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +52.7%, saw 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 2022, the export price in Western Africa amounted to $X per unit, falling by -2.3% against the previous year. Over the period under review, the export price, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 26%. The level of export peaked at $X per unit in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+26.9%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports in Western Africa

In 2022, after four years of growth, there was significant decline in overseas purchases of sunglasses, when their volume decreased by -10.1% to X units. Over the period under review, imports showed a pronounced downturn. The pace of growth was the most pronounced in 2020 when imports increased by 40%. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, sunglasses imports totaled $X in 2022. Overall, imports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 68% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Nigeria was the major importing country with an import of around X units, which amounted to 34% of total imports. It was distantly followed by Cote d'Ivoire (X units), Senegal (X units), Ghana (X units), Guinea (X units), Cabo Verde (X units) and Mauritania (X units), together constituting a 57% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sunglasses imports into Nigeria stood at -6.6%. At the same time, Senegal (+33.6%), Ghana (+15.1%) and Cote d'Ivoire (+7.2%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +33.6% from 2012-2022. By contrast, Guinea (-4.8%), Cabo Verde (-5.7%) and Mauritania (-10.9%) illustrated a downward trend over the same period. While the share of Senegal (+14 p.p.), Cote d'Ivoire (+9 p.p.) and Ghana (+7.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Guinea (-2.5 p.p.), Cabo Verde (-2.9 p.p.), Mauritania (-7.5 p.p.) and Nigeria (-21.1 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported sunglasses in Western Africa, comprising 44% of total imports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total imports. It was followed by Guinea, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +7.1%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+35.8% per year) and Guinea (+7.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, with an increase of 14% against the previous year. Import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +11.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses import price increased by +22.1% against 2016 indices. The growth pace was the most rapid in 2014 when the import price increased by 67%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

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 Guinea ($X per unit), while Cabo Verde ($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 (+14.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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