Albany – NY, Sept. 20, 2016 (GLOBE NEWSWIRE) — According to a recent report published by Transparency Market Research, the Middle East eyewear market is expected to expand at a healthy CAGR of 8.8% over the period between 2015 and 2023 in terms of revenue. The market, which held an opportunity of US$2.75 bn in 2014 is expected to rise to US$5.86 bn by 2023. Volume-wise, the Middle East eyewear market is expected to rise at a 4.8% CAGR over the said period.
The eyewear market in Middle East is predominantly driven by the rising prevalence of acute myopia at younger ages, high preference for luxury brands, an enhanced sense of fashion, and the increased demand for contact lenses and planar glasses. The market is also benefitting from the rising population of middle class people in emerging countries across Middle East. This demographic is expected to contribute significantly to the consumption of luxury sunglasses, contact lenses, and other eyewear commodities in the region in the next few years.
Rising Prevalence of Acute Myopia and Increased Affordability to Drive Market
Products such as daily, weekly, and monthly disposable contact lenses, and frequent renewal of spectacle lenses have come under the realm of purchasing power of the middle class population in emerging countries in the region. The trend is expected to have a major impact of the overall development of the Middle East eyewear market in the next few years.
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Preference for Corrective Refractive Surgeries to Challenge Middle East Eyewear Market
However, the rising popularity of corrective refractive surgeries such as PRK (Photorefractive keratectomy) and LASIK (Laser-Assisted in situ Keratomileusis) is expected to have a substantial impact on the overall development of the Middle East eyewear market in the next few years. Mitigating the need for the use of spectacles and contact lenses, rising preference to such surgeries could limit the growth prospects of the market to a certain extent in the next few years.
Spectacles to Remain Chief Contributors to Market’s Revenues
The spectacle segment is presently the leading product variety in the Middle East eyewear market, in terms of both volume as well as overall market valuation. The segment accounted for a volume-wise share of 61% and a valuation-wise share of 75.2% in the overall market in 2014. Geography-wise, the Middle East eyewear market is dominated by UAE. The country accounted for a 38.2% share in the market in terms of overall valuation and a 38.1% in terms of volume in 2014. The strengthening economy and vast demand for luxury sunglasses and spectacles are key to UAE’s dominance in the Middle East eyewear market.
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The highly consolidated Middle East eyewear market marks the dominance of the luxury eyewear maker Luxottica S.p.A., states Transparency Market Research (TMR) in a recent report. The company held more than 40% of the eyewear markets in most countries in the Middle East, including the UAE, which is the largest contributor to the Middle East eyewear market’s overall revenues presently.
The company has a strong hold on the market and enjoys immense popularity on account of the presence of luxury brands such as Prada, Ray-Ban, and Oakley in its arsenal. The company focuses on further strengthening its grip on the Middle East eyewear market by incorporating innovative product varieties in its offerings and targeting young buyers through e-retail and social media outlets. The rising popularity of contact lenses is a major growth opportunity for other vendors in the Middle East eyewear market, which mostly include international players such as Safilo Group, Essilor International, Johnson and Johnson Vision Care, and Carl Zeiss A.G.Top of Form
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