The presence of a few prominent players in the Middle East eyewear market renders the landscape increasingly of consolidated nature, finds Transparency Market Research (TMR). Several of these players, observes analysts, are reaching out to attract millennials with innovative marketing strategies. A growing number of top players are relying on social media channels and e-tailing. This has been one of the key strategies adopted by them to gain a stronghold and consolidate their positions in the Middle East eyewear market. Companies with sizeable shares in the market include Johnson & Johnson Vision Care, Ray-Ban, Oakley, Carl Zeiss A.G., and Essilor International.
The eyewear market in the Middle East stood at US$2.75 bn in 2014. Expanding at a robust CAGR of 8.8% from 2015 to 2023, the opportunities in the regional market are expected to reach a worth of US$5.86 bn by 2023 end. There is a noticeable gap between the worth of the market volume-wise and revenue-wise, which probably indicates that consumers are getting attracted to products with prices at the higher side.
Among the various types of products in the Middle East eyewear market, contact lens are expected to become the most attractive segment during the assessment period. The growth in the segment is stoked by the rising popularity of colored contact lens and disposable types. The segment is projected to rise at CAGR during 2015–2023.
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Regionally, the UAE presently holds the major revenue share and is expected to rise at a prominent pace in the Middle East eyewear market. This is attributed to the presence of a large cross-section of consumers with substantial spending capacity.
Rising Count of Population with Vision Correction Problems bolstering Uptake
The Middle East eyewear market is driven mainly by the rising count of consumers who need vision correction. The need is on account of growing strenuous work that impairs eye sights in affected populations. Large number of hours spent on computer screens usually affects the eye sight adversely, thereby bolstering the need for various eyewear products in the Middle East market. The regional market is also witnessing solid boost from the substantial prevalence of cataract in various parts of the world.
The Middle East eyewear market is witnessing attractive boost from the swift pace of urbanization in the region and rising geriatric population. In addition, rising population with vision-robbing diseases is also expected to catalyze the expansion of the regional market. For example, the growing number of population with diabetes is a case in point.
Rising Spending Capacity of Consumers favoring Demand Dynamic
However, the sales of eyewear in the Middle East are adversely impacted by the growing availability of frames of local make and illegal sale of novelty lenses. Nevertheless, the rising spending capacity among consumers, especially in young adults, is positively influencing the dynamics of the Middle East eyewear market. Adolescents are increasingly buying smartphones, tablets, and online games, the prolonged usage of which is adversely affecting their eye sight. This is catalyzing the expansion of the regional market. Moreover, rising disposable incomes of the regional populations is bolstering the demand for stylish and fashionable eyewear. Growing number of repeat buyers looking for new trendy footwear is also creating new avenues in the regional market.