Philippines: Spectacle Frame Market 2024

Spectacle Frame Market Size in the Philippines

In 2023, the Philippine spectacle frame market increased by X% to $X, rising for the third consecutive year after two years of decline. Overall, consumption posted a strong increase. Spectacle frame consumption peaked in 2023 and is expected to retain growth in the near future.

Spectacle Frame Production in the Philippines

In value terms, spectacle frame production rose slightly to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a pronounced decrease. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

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Spectacle Frame Exports

Exports from the Philippines

In 2023, overseas shipments of frames and mountings for spectacles, goggles or the like were finally on the rise to reach X units after three years of decline. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, spectacle frame exports rose to $X in 2023. Overall, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. The exports peaked in 2023 and are expected to retain growth in years to come.

Exports by Country

Denmark (X units) was the main destination for spectacle frame exports from the Philippines, with a X% share of total exports. Moreover, spectacle frame exports to Denmark exceeded the volume sent to the second major destination, China (X units), threefold. The United States (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Denmark stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

In value terms, the largest markets for spectacle frame exported from the Philippines were China ($X), the United States ($X) and Denmark ($X), together accounting for X% of total exports. Hong Kong SAR, Taiwan (Chinese), Japan, Australia and Canada lagged somewhat behind, together accounting for a further X%.

Taiwan (Chinese), with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average spectacle frame export price stood at $X per unit in 2023, dropping by X% against the previous year. In general, the export price faced a abrupt decline. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Denmark ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Spectacle Frame Imports

Imports into the Philippines

In 2023, the amount of frames and mountings for spectacles, goggles or the like imported into the Philippines surged to X units, increasing by X% against 2022. Over the period under review, imports saw significant growth. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked in 2023 and are likely to continue growth in years to come.

In value terms, spectacle frame imports shrank sharply to $X in 2023. Overall, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

In 2023, China (X units) constituted the largest spectacle frame supplier to the Philippines, accounting for a X% share of total imports. Moreover, spectacle frame imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), more than tenfold. Hong Kong SAR (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Hong Kong SAR (X% per year).

In value terms, China ($X) constituted the largest supplier of frames and mountings for spectacles, goggles or the like to the Philippines, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

The average spectacle frame import price stood at $X per unit in 2023, with a decrease of X% against the previous year. Overall, the import price, however, continues to indicate pronounced growth. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform