Updated Jan 13, 2023 01:43

Contact Lens Market in Morocco

Market Overview
In , the Moroccan contact lens market was finally on the rise to reach $ for the first time since 2018, thus ending a three-year declining trend. In general, consumption showed a perceptible increase. Over the period under review, the market reached the maximum level at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.


Consumption
After three years of decline, consumption of contact lenses increased by % to units in . In general, consumption saw buoyant growth. Contact lens consumption peaked at units in 2018; however, from 2019 to , consumption remained at a lower figure.

The size of the contact lens market in Morocco reached $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a temperate increase. Over the period under review, the market hit record highs at $ in 2018; however, from 2019 to , consumption failed to regain momentum.


Market Forecast
Driven by increasing demand for contact lens in Morocco, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Contact lens market in Morocco consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Morocco remains a net importer of contact lens; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.