Eyewear products such as spectacles, sunglasses, contact lenses, reflectors, eyeglass lenses, and many more are much in demand by the consumers and this has made the industry boom like anything. Read on ...
In the past few decades, the Indian eyewear industry has transformed itself from a near stagnant market into a promising market, which is poised to become a Rs 17,00 crores industry in the year 2021.
The eyewear market is not just for those who suffer from serious vision related issues, but it is now meant to target to the fashion-freaks too. Eyewear products such as spectacles, sunglasses, contact lenses, reflectors, eyeglass lenses, and many more are very much in demand by the consumers and this has made the industry boom like anything.
Apart from changing consumer needs, there are various trends who have added fuel to the growth of this industry. Here are a few of those trends.
Increasing Commoditisation of Eyewear
Due to varying fashion trends and fads coming and going every now and then, eyewear is becoming increasingly commoditised. Average unit prices are facing a steady decline and replacements of eyewear units are increasingly rising. The changing fads have made all the difference in the selling patterns of eyewear, hence giving the market a significant growth. And this has further led to commoditisation of eyewear, whereby eyewear is not just used to fulfill requirement but also to flaunt the fashion statement.
Increased Awareness and Purchasing Power
There was a time when people did not know much about contact lenses and had speculated various things about the effects of using contact lenses. But in today’s time, consumers have become aware of most of the things and are not reluctant to use them as a substitute of their spectacles. This shows that awareness plays a key role in the business of everything.
As consumers have become aware of their good and bad, they have started investing their money into right places. Also, purchasing powers have also increased in India since past few years. So, consumers are choosing to take greater ownership of their self and are more preventive of them. This has played a major role in the growth of eyewear industry.
Unfortunately, unhealthy lifestyles and food habits are the two most prevalent trends of today’s time. Every other person is working in a corporate setup and sits before the computer/laptop/mobile screens for 9 hours a day. Eating unhealthy food, that too untimely, has made people starved from nutritional values. All of this combined has distorted the vision of people, making them spend their bucks on eyewear products. This trend of unhealthy lifestyle and food habit has added fuel to the Indian eyewear industry.
Rapidly Growing Population
Aging is considered to be a factor that significantly impacts the eyewear industry. Due to aging, a person could face a lot of vision related challenges such as cataract, presbyopia, hypermetropia etc. According to statistics, it is revealed that the proportion of world’s population (above the age of 45 and above) is about to rise over 33% by 2030, when over 2.6 billion consumers will be in need of some sort of presbyopia-related eye care solutions. This increase represents the market opportunity of nearly 500 million new consumers globally.
This suggests that eyewear industry is about to explode in the near future and aging plays a significant role in order to make it happen.