The eyewear market in the Middle East is marked by the rising use of disposable contact lenses, increased affordability, an enhanced sense of fashion, and high consumption of luxury sunglasses and high-end spectacle frames. With contact lenses and frequent replacement of corrective spectacle lenses coming under the realm of a constantly expanding middle class population, the Middle East eyewear market is projected to witness healthy expansion in the years to come.
According to Transparency Market Research, the Middle East eyewear market is set to expand at an 8.8% CAGR over the period between 2015 and 2023 in terms of revenue. Growing at this rate, the market is expected to expand from US$2.75 bn in 2014 to US$5.86 bn by 2023. In terms of volume, the market is expected to exhibit a 4.8% over the same period. The vast deficit between revenue- and volume-wise growth prospects of the market point at the possibility that the consumers in the region are rapidly shifting towards opulent choices for eyewear.
Corrective Eyewear Remains Key Determinant of Market Growth
Based on the type of products in the Middle East eyewear market, the segment of corrective eyewear, comprising spectacles and contact lenses, accounts for a dominant share in the overall market. Of these, the spectacles segment has a clear lead, in terms of both valuation and volume.
The segment accounted for a share of nearly 75% in terms of value and 60% in terms of volume of the overall market in 2014. Spectacle lenses and spectacle frames come under the purview of the spectacles segment, of which, the high frequency of replacement aid the increased demand for spectacle lenses, enabling them to account for a dominant share. The rising prevalence of a number of vision-related problems at younger ages and rising geriatric population have aided the healthy growth of the spectacles segment in Middle East eyewear market in the past few years.
Contact Lenses to Witness Heightened Popularity
Over the forecasting horizon, contact lenses will emerge as the most promising product segment, expanding at a CAGR of 9.6% through 2023. The growth will be enabled by the introduction and increasing popularity of colored and daily disposable contact lenses in the region. Additionally, shift in consumer preference from spectacles to contact lenses owing to the latter’s high style quotient and added comfort will also favor the growth of contact lenses in the Middle East eyewear market.
UAE and Saudi Arabia to Remain Attractive Markets
On the basis of geography, the market for eyewear in UAE emerged as the leading contributor to the overall revenues of the Middle East eyewear market in 2014, accounting for over 39% in the market. In terms of volume as well, UAE led the Middle East eyewear market, accounting for a 38% share. The UAE marker for eyewear benefits from the high population of affluent consumers, strengthening economy, and the easy availability of luxury brands.
With over 23% share in the Middle East eyewear market, Saudi Arabia emerged as the second leading regional market in 2014. Over the forecasting horizon as well, UAE and Saudi Arabia are expected to remain the dominant regional markets, with the share of UAE rising to 39% and Saudi Arabia nearing 24% of the Middle East eyewear market by 2023.
The competitive landscape of the Middle East eyewear market features mostly foreign companies such as Luxottica S.p.A, Carl Zeiss A.G, Essilor International, Safilo Group, and Johnson and Johnson Vision Care. Luxottica S.p.A., the company having luxury brands such as Prada, Ray-Ban, and Oakley under its portfolio, rules across most regional markets, accounting for over 40% share of the overall market in countries such as Egypt, Qatar, Oman, Kuwait, UAE, Bahrain, Saudi Arabia, and Jordan.