India is one of the largest and fastest growing spectacle market globally owing to its large population size and increasing awareness about vision care. Spectacles are the most widely used optical products to treat refractive errors such as myopia, hyperopia and astigmatism. The growing participation in sports activities combined with extensive usage of digital devices such as smartphones, laptops and computers have increased the prevalence of vision related issues among people in India. Growing health consciousness among consumers about regular eye check-ups have also boosted the demand for spectacles. Advancements in lens material and technologies have made spectacles more fashionable. The product innovations in value-added lenses such as reflective, photochromic and anti-scratch lenses are also fueling the market growth.
The Indian spectacles market is estimated to be valued at US$ 1.8 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the India spectacles market are Essilor, Johnson & Johnson Vision, CooperVision, Fielmann AG and Safilo Group S.p.A.. These players are focusing on expansion of retail networks, premiumization of products and digital innovations.
There exists huge opportunities in rural areas and tier 2 & 3 cities owing to low spectacles penetration and growing internet penetration. E-commerce has opened new avenues for players by providing easy access to customers in remote locations.
Major players are exploring opportunities in international markets through acquisitions and partnerships. Essilor acquired stores of Walman Optical to expand footprint in China while Safilo partnered with Kering to develop eyewear collection of brands like Gucci, Saint Laurent.
Market Drivers
Increasing urbanization and rising disposable incomes have increased the affordability of quality spectacles among middle class population. This is propelling the demand.
Growing health awareness through social media marketing and eye check-up campaigns by opticians as well as eyewear brands is educating people regarding benefits of wearing corrective glasses. This is a key growth driver.
Market Restraints
Most consumers still prefer unorganized local players over branded products due to value consciousness. This is a major challenge for organized players.
Lack of ophthalmologists in rural areas restricts access to regular eye check-ups and diagnosis of refractive errors at an initial stage. This dampens the demand.
Segment Analysis
The India spectacles market can be segmented based on product type into prescription glasses and sunglasses. Prescription glasses account for the major share as a large number of people suffer from vision issues like myopia and require vision correction. Within prescription glasses, progressive lenses have emerged as the dominating sub-segment. Progressive lenses help correct visions across multiple distances like near, intermediate and far without lines or boundaries. Their wide applicability for people of all ages including kids and elders have made them popular.
Global Analysis
Regionally, the southern region of India dominates the spectacles market owing to hot and sunny weather conditions throughout the year. Sunglasses are widely used in this region. The western region follows in terms of market share due to growing health and vision awareness among people. It is witnessing increasing demand for high-quality prescription lenses including progressive lenses and anti-reflective coatings.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
