Middle East eyewear market expected to reach US$5.86 billion by 2023
Transparency Market Research (TMR) has released a report that reveals that the eyewear market in the Middle East is expanding at a CAGR of 8.8 percent till 2023, where the opportunities in the regional market are expected to reach a worth of US$5.86 bn by the end 2023. 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 on the higher side.
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.
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 coloured contact lens and disposable types.
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 catalyse the expansion of the regional market. For example, the growing number of population with diabetes is a case in point.
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 catalysing the expansion of the regional market. Moreover, rising disposable incomes of the regional populations is bolstering the demand for stylish and fashionable eyewear.
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.