GCC: Personal Spectacle Optics Market 2023

Personal Spectacle Optics Market Size in GCC

The GCC personal spectacle optics market contracted to $X in 2021, dropping by -9.2% against the previous year. Overall, consumption, however, showed a modest expansion. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Personal Spectacle Optics Production in GCC

In value terms, personal spectacle optics production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 27%. As a result, production reached the peak level of $X, and then reduced in the following year.

Personal Spectacle Optics Exports

Exports in GCC

In 2021, the amount of personal spectacle optics exported in GCC surged to X units, picking up by 145% on the previous year's figure. Overall, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, personal spectacle optics exports soared to $X in 2021. Over the period under review, exports saw buoyant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 69%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from the United Arab Emirates (X units), together finishing at 98% of total export.

The United Arab Emirates was also the fastest-growing in terms of the personal spectacle optics exports, with a CAGR of +8.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest personal spectacle optics supplier in GCC.

In the United Arab Emirates, personal spectacle optics exports increased at an average annual rate of +8.6% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, reducing by -53% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 53% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -0.3% per year.

Personal Spectacle Optics Imports

Imports in GCC

In 2021, the amount of personal spectacle optics imported in GCC contracted sharply to X units, with a decrease of -22.2% on the previous year's figure. Over the period under review, imports saw a pronounced curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 71% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, personal spectacle optics imports expanded sharply to $X in 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 15% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, finishing at X units, which was near 78% of total imports in 2021. Kuwait (X units) held an 8.8% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (6%) and Oman (5.4%). Bahrain (X units) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to personal spectacle optics imports into the United Arab Emirates stood at -4.8%. At the same time, Qatar (+7.3%) and Oman (+6.1%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +7.3% from 2012-2021. Kuwait experienced a relatively flat trend pattern. By contrast, Bahrain (-4.7%) illustrated a downward trend over the same period. While the share of Qatar (+3.7 p.p.), Oman (+3.1 p.p.) and Kuwait (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-9.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported personal spectacle optics in GCC, comprising 50% of total imports. The second position in the ranking was held by Qatar ($X), with a 9.6% share of total imports. It was followed by Kuwait, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -1.5%. In the other countries, the average annual rates were as follows: Qatar (+4.5% per year) and Kuwait (-1.5% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, growing by 43% against the previous year. Overall, the import price recorded a moderate expansion. The growth pace was the most rapid in 2019 an increase of 60% against the previous year. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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