The Middle East eyewear market features a largely consolidated competitive landscape, with the luxury eyewear maker Luxottica S.p.A accounting for over 40% in most country-wide eyewear markets in Middle East, observes Transparency Market Research in a recent report. The company also holds the dominant stake in the UAE market, the leading contributor of revenue to the Middle East eyewear market. With luxury brands such as Ray-Ban, Oakley, and Prada amongst its brand portfolio, the strong position of Luxottica in the Middle East eyewear market point at the high growth opportunities for high-end eyewear products in the region.
Marketing efforts directed at the region’s young population, increased collaborations with e-retailers, and increased focus on addition of profitable product varieties such as luxury sunglasses and contact lenses are expected to help companies gain promising results in the Middle East eyewear market. Other companies holding leading positions in the market include Johnson and Johnson Vision Care, Carl Zeiss A.G., Safilo Group, and Essilor International.
Transparency Market Research estimates that the Middle East eyewear market will exhibit a promising 8.8% CAGR in terms of revenue from 2105 through 2023, rising to a valuation of US$5.86 bn by 2023. In terms of volume, the market is expected to exhibit a 4.8% CAGR over the forecast period.
UAE to Remain Chief Contributor to Market’s Revenue
From a geographical perspective, the Middle East eyewear market is dominated by the UAE, which accounted for a more than 38% of the market in terms of valuation as well as volume in 2014. Factors such as the high demand for luxury sunglasses and strengthening economy are contributing to the overall growth of the UAE eyewear market. In terms of product variety, the spectacle segment dominated the Middle East market in 2014, accounting for a massive 61% of the overall market in terms of volume and 75.2% in terms of valuation.
Increasing Cases of Acute Myopia to Continue to Drive Market
The Middle East eyewear market is chiefly driven due to the rising cases of acute myopia among young people in the region, rising expenditure on eyewear as a fashion trend, higher preference to luxury brands, and the increased demand for contact lenses. The market is also driven by a continuously rising population of affluent middle class in emerging countries in the region, which is expected to boost the overall consumption of eyewear commodities such as contact lenses, luxury sunglasses, and planar glasses.
However, the market is expected to be retrained to a certain extent owing to the rising preference to corrective refractory surgeries in the region. The increasing number of corrective ophthalmic surgeries, such as Laser-Assisted in situ Keratomileusis and Photorefractive keratectomy, being performed in the region will have a notable impact on the overall demand for a variety of corrective eyewear products such as numbered glasses and contact lenses. This factor is expected to limit the growth prospects of the eyewear market in the region to the certain extent over the report’s forecast period.
This review is based on a recent market research report published by Transparency Market Research, titled “Eyewear Market - Middle East Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
For the study, the market has been segmented as follows:
The Middle East Eyewear Market: by Product Type
- Spectacle Lenses
- Spectacle Frames
- Contact lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Plano Sunglasses
- Polarized Sunglasses
- Non-Polarized Sunglasses
The Middle East Eyewear Market: by Country
- Saudi Arabia
- Rest of the Middle East
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