Eyewear Market: Players Bank on Social Media and Ecommerce to Up Sales - Transparency Market Research
Eyewear Market (Product - Spectacles, Spectacle Lenses, Spectacle Frames, Contact lenses, Soft Contact Lenses, Rigid Contact Lenses, Plano Sunglasses, Polarized Sunglasses, Non-Polarized Sunglasses) - Middle East Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
ALBANY, New York, November 16, 2017 (Newswire.com) - The eyewear market in the Middle East is consolidated in nature owing to a few prominent companies dominating it. In order to bolster their positions further, such companies are pitching their products to the younger demographic through social media and e-tailing. Some of the key players in the market are Oakley, Luxottica S.p.A, Ray-Ban, Prada, Johnson & Johnson Vision Care, Safilo Group, Essilor International, and Carl Zeiss A.G.
A report by Transparency Market Research forecasts the revenue in the market for eyewear in the Middle East to rise at a solid CAGR of 8.8% from 2015 to 2023. Rising at this rate, the market will likely gross a revenue to the tune of US$5.86 bn by 2023 from US$2.75 bn in 2014. Volume-wise, the market is predicted to register a CAGR of 4.8% over the same period. The wide gap between the revenue- and volume-wise growth prospects of the market is an indication of the fact that consumers in the region are increasingly opting for expensive, branded eyewear.
The main products purveyed in the Middle East eyewear market are spectacles, plano sunglasses, and contact lenses. Among them, contact lenses are predicted to become the most lucrative product segment because of the soaring popularity of daily disposable and colored contact lenses in the region. In addition, consumers are also switching to contact lenses from spectacles, due to the former’s high style quotient and added comfort. The product segment of contact lens is expected to clock a 9.6% CAGR from 2015 to 2023.
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Region-wise, the key segments of the Middle East eyewear market are Saudi Arabia, UAE, Egypt, Qatar, Kuwait, Oman, Jordan, Bahrain, Turkey, Lebanon, and the Rest of the Middle East. Currently, the market in UAE is leading vis-à-vis revenue. In 2014, the country held a substantial 39% share in the market. In terms of volume as well, the UAE leads with maximum share. The market in the region is being boosted by a sizeable chunk of affluent people on account of an improving economy and the abundant availability of luxury brands.
Demand Boosted by Strenuous Work Life Taking a Toll on Eyesight
At the forefront of driving growth in the Middle East eyewear market is the rising eye corrections owing to strenuous work routine requiring employees to spend one too many hours parked in front of the computer screen. As per WHO, cataract prevails in 51% of the world’s visual deficient. Factors such as a burgeoning elderly population, swift pace of urbanization leading to rise in lifestyle-related diseases such as diabetes, which in turn affects the eye, are majorly fuelling the market.
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Increasing Spending Capacity among People Providing Tailwinds to Market
Apart from that, the increasing instances of nearsightedness or partial blindness both among adults and minors due to hereditary and ecological elements has also helped demand in the Middle East eyewear market. Other things benefitting the market are the rising disposable incomes of people in the region. The money is egging them to buy online games, smartphones, and tablets which keeps them hooked most of the time thereby affecting eyesight. This in turn is fuelling the market. Besides, the increasing capacity to spend among the people is also resulting in their buying latest models of eyewear and discarding their existing ones. This too is positively impacting demand.
Restraints for the market are sales of unbranded frames, illegal sale of novelty lenses, and the difficult vernacular conditions in many countries.
This review is based on the findings of a TMR report, titled, “Eyewear Market (Product - Spectacles, Spectacle Lenses, Spectacle Frames, Contact lenses, Soft Contact Lenses, Rigid Contact Lenses, Plano Sunglasses, Polarized Sunglasses, and Non-Polarized Sunglasses) - Middle East Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
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