Middle East Eyewear Market: Contact Lenses to Clock Impressive Growth due to Emergence of Colored Varieties, finds TMR
The top player in the Middle East eyewear market named Luxottica S.p.A. holds a whopping 40.0% share in it, making the competitive landscape highly consolidated, notes Transparency Market Research in one of its reports. The company’s stronghold over the market has resulted from the presence of popular luxury brands such as Ray-Ban, Oakley, and Prada in its kitty which it purveys aggressively. Going forward, Luxottica S.p.A. plans to further augment its market share by unveiling innovative product offerings and targeting young buyers via social media, e-commerce and m-commerce platforms.
The eyewear market in the Middle East spells opportunity for other vendors too on account of the soaring popularity of contact lenses. Some of the big names operating in the market are Essilor International, Carl Zeiss A.G., Safilo Group, and Johnson and Johnson Vision Care. The eyewear market in the Middle East is forecasted to clock at an impressive CAGR of 8.8% from 2015 to 2023 to rake in a revenue of US$5.86 bn by 2023 from US$2.75 bn in 2014. Based on volume, the market for eyewear in the Middle East is predicted to expand at a CAGR of 4.8% during the same period.
Strengthening Economy Makes UAE the Dominant Market in the Middle East
Among the different types of products in the Middle East eyewear market, the spectacle segment dominates with a leading market share both in terms of volume and market valuation. In terms of volume, it accounted for a substantial 61.0% of the market in 2014. In the coming years, however, contact lenses are likely to become the most promising product segment by registering an impressive growth rate. This is expected to result from the emergence and increasing popularity of colored and daily disposable contact lenses and increasing preference of contact lenses over spectacles due to rising disposable incomes in the region.
Geography-wise, UAE outshines all other regions in the Middle East eyewear market due to its strengthening economy, a sizeable proportion of affluent people, and easy availability of branded stuff, which has resulted in spiking demand for sunglasses and spectacles. It held a 38.2% share in the market in terms of overall valuation in 2014. Saudi Arabia trails UAE in the Middle East market. Both the countries are expected to retain their dominant positions in the years to come.
Rising Prevalence of Acute Myopia Stimulates Market
The increasing instances of acute myopia at younger ages, growing popularity of luxury brands among the growing crop of discerning consumers, rising fashion consciousness, and robust demand for contact lenses and planar glasses are some of the factors that have majorly contributed to the Middle East eyewear market. Another major market stimulant is the burgeoning middle class population in the emerging economies of Middle East, which is slated to up demand for high-end brands of sunglasses, contact lenses, and other types of eyewear in the region in the near future too. They are increasingly buying disposable contact lenses and frequently changing spectacle lenses, thereby filliping the market.
Popularity of Corrective Refractive Surgeries to Crimp Growth
A factor slated to counter the growth in the Middle East market for eyewear is the soaring popularity of corrective refractive surgeries such as photorefractive keratectomy (PRK) and laser-assisted in situ keratomileusis (LASIK). Such surgeries reduce the need for spectacles and contact lenses and hence are likely to damp demand in the eyewear market in the near future.
This review is based on the findings of a TMR report titled “Eyewear Market - Middle East Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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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