Asia-Pacific Eyewear Market is Witnessing Modest Growth—Projected to Reach worth USD 34,098.4 Million by 2027
Published | 01 January 2022
Asia-Pacific Eyewear market is growing at a modest rate. The increasing number of myopia cases in the Asia-Pacific is the primary factor driving the market. To learn more about the trends and factors propelling the market…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Eyewear market was worth USD 26,379.3 million in 2020 and is further projected to reach USD 34,098.4 million by 2027, at a CAGR of 4.0% during the forecast period (2021-2027). The growing prevalence of myopia cases, growing awareness regarding eye protection, and various eye conditions in children are some factors driving the market. The growing geriatric population also acts as a major growth driver of the market. Additionally, technological advancements in manufacturing, changing lifestyles, and increasing population of fashion-conscious youngsters will likely fuel the Asian eyewear market during the forecast period.
Growing Demand for Fashion Eyewear Favoring the Asia Pacific Eyewear Market
The demand for fashion eyewear is growing steadily across the Asia Pacific with increasing per capita income and improving living standards. Eyewear is now used as a fashion accessory by fashion-conscious Millennials. For instance, the streets of Tokyo fashion hubs Shibuya and Harajuku are full of youngsters wearing trendy eyewear. Due to the revival of a retro '80s look, large-framed glasses have become one of the most popular fashion accessories among women in their teens and twenties. Furthermore, according to a recent report published by Unicommerce, an Indian e-commerce focused supply chain SaaS technology company, the online fashion industry in Indian grew by 61% in FY21. The report further states that Tier 3 and cities beyond registered a growth of around 192% in FY21. Moreover, domestic/local brands like John Jacobs, IDEE, Lenskart, TitanEyePlus, Fastrack, and others benefit from it. Recently, Lenskart raised over 200 million to expand its retail outlets across India and expand the business into other European countries. The CEO of Lenskart claims that around 1.2 million glasses are sold every day in India. With the improving per capita income, growing fashionable products, demand is expected to drive the growth of the eyewear market in India during the forecast period.
Growing Prevalence of Myopia across the Asia Pacific
Because Asian young adults have higher rates of high myopia than non-Asian young adults, Asian populations suffer from myopia to a greater extent than non-Asian populations. According to the National Health Commission, approximately 50% of Chinese people are myopic, while the global average is around 30%. India also struggles with myopia, which affects 7 to 8% of children aged 5 to 15 in India, and this number is expected to increase significantly over the next few years. Over the past few years, Japan has also witnessed a rapid increase in the number of people enrolling for eye care treatment. A JAMA Ophthalmology and Association of Optometrists (UK) report indicates that myopia has been prevalent among the younger generation across Japan. The number of myopic children aged 6 to 11 and the number of myopic children aged 12 to 14 has been estimated at 76.5% and 95%, respectively, in 2019. The prevalence of such occurrences can be largely attributed to excessive screen time and a decline in outdoor activities.
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The Offline Segment Holds Largest Share in the Market
Based on distribution channels, the APAC eyewear market is categorized into online, and offline. The offline segment dominates the APAC eyewear market and is expected to continue its dominance over the coming years. However, the growing inclination toward online channels indicates the fastest CAGR for the online segment in the coming years. The manufacturers have also adopted vertical integration and an effective distribution network to drive profitability. However, the offline segment remains the most preferred method to purchase eyeglasses due to the numerous advantages it offers, including eye examinations and consultations with practiced optometrists.
Impact of COVID-19 on the Asia Pacific Eyewear Market
Several countries in Asia-Pacific were placed under lockdown due to the rapid growth of COVID-19 in 2020. The COVID-19 virus is believed to have originated from China, which was the first country to announce a lockdown, leaving all industries at risk. The lockdown created many issues for eyewear companies across the value chain. The demand for eyewear products, therefore, witnessed a sharp decline in 2020. According to Hong Kong Trade Development Council (HKTDC), Hong Kong, one of the largest exporters of spectacles and frames, registered a decrease of 22% in the export of spectacles, lenses, and frames in 2020. Likewise, the exports of products manufactured in mainland China dropped by 22% in 2020 due to the strict lockdown restriction, disruptions across the supply chain, difficulties in raw material procurement, and a lack of labor. On the other hand, despite the ongoing global health crisis, India saw mixed impacts, with brands like Lenskart posting double-digit growth in 2020 after losing 78% in 2019. On the other hand, Titan Eye Plus announced that it would pull out of large format stores as they have been witnessing stagnant growth.
Asia-Pacific Eyewear Market: By Country
Based on countries, the market is segmented into China, India, Japan, South Korea, and Rest of the Asia-Pacific. China accounted for the largest share with a market share in 2020 and is expected to dominate the market during the forecast period as well. China's National Health and Family Planning Commission, which plans to expand optical and optometric services in the region, is responsible for the growth of the eyewear market in the region. Conversely, India is expected to be the fastest-growing region during the forecast period. Increasing exposure to display screen, combined with the growth of the India’s cosmetic contact lens market and are driving the growth of the country’s eyewear market.
Asia-Pacific Eyewear Market - Competitive Landscape
The major players in the Asia Pacific eyewear market are Johnson & Johnson Vision, CooperVision, Charmant Group, Chemiglass Corporation, CIBA Vision Inc. (Alcon Vision LLC), Hoya Corporation, Bausch + Lomb Inc., Carl Zeiss AG, Charmant Group, De Rigo S.p.A., Fielmann AG, Marchon Eyewear Inc., Rodenstock GmbH, Seiko Optical Products Co. Ltd, Shamir Optical Industry Ltd., Shanghai Conant Optics Co., Ltd, Silhouette International Schmied AG., Uvex Winter Holding GmbH & Co. KG., Vison Ease Lens, Inc., Lenskart, and others. Despite high fragmentation, no dominant player holds a significant market share in the Asia-Pacific. However, prominent brands such as EssilorLuxottica lead the market because of their wide range of brands, acquisitions of domestic players, and launch of new products. The domestic and small players are also slowly gaining a profitable share in the market.
In March 2021, Polyray Corp., a Chinese eyewear lens manufacturer, and SABIC, a global leader in the chemical industry, announced their collaboration for the use of SABIC's LEXAN™ polycarbonate resin (PC) based on certified renewable feedstock in the lenses of multiple eyewear end applications, including sunglasses, safety goggles, and sports goggles.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific eyewear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the eyewear market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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