Published By : 28 Jul 2016 | Published By : QYRESEARCH
With the onset of modernization in the Middle East, the demand for corrective eyewear has taken a boost. As consumers are tilting towards luxury eyewear from comfort eyewear, eyewear manufacturers are focusing towards product innovation by providing consumers with better quality and sophisticated eyewear. Rising consciousness regarding eye health among people is expected to boost the demand for eyewear in the Middle East.
Increase in Disposable Income to Help in Expansion of Eyewear Industry in the Middle East
The spending capacity of people has increased with the rise in disposable income in the Middle East. Due to this a large population in the Middle East is capable enough to afford luxury goods. With a wide variety of products ranging from colored contact lens, high end spectacle frame, and high index glasses, the eyewear industry is anticipated to grow at a swift rate. Customers frequently tend to change spectacle lenses for better and innovative customized frames leading to a rise in the demand for eyewear.
Easy availability of eyewear through different retail channels is also one of the drivers for the growth of the eyewear market in the Middle East.
Adoption of Eye Treatments and Surgeries to Inhibit Growth of Global Eyewear Industry
The implementation of refractive eye treatments and surgeries is likely to impede the demand for eyewear. These methods provide an alternative to the use of corrective eyewear and require only an investment of one time by omitting periodic eyewear and eye care product expenses. Due to this factor people are inclining towards surgeries for a long term relieve from eyewear. The young generation is also focused on the usage of products that contribute to the quality of their life and which provide long term value to their investment.
Leading eyewear chains in the Middle East such as Al Jaber, Yateem Opticals, and Magrabiopticals are spreading their outlets all over the countries in the Middle East to retain their market position. They are also focusing on marketing and social media strategies, special offers, and the implementation of new designs and trends.=
The luxury eyewear company Luxottica S.p.A is expected to dominate the Middle East eyewear market with a share of approximately 40%. The eyewear market in the Middle East is expected to increase at a CAGR of 8.8% from 2015 to 2023 with a market worth of US$5.86 bn in 2023.