About Eye Wear Industry

About Eye Wear Industry

According to Associated Chamber of Commerce and Industry of India (Assocham) the size of the Indian eyewear market, comprising optical products such as Contact Lens, Spectacle lenses, Frames and Sunglasses, Lens Cleaning Solutions and Optical Equipments, is set to more than double by 2015. From Rs.21,000 crore now, it is poised to touch Rs.43,000 crore in three years.

The compounded annual growth rate (CAGR) of the global eyewear industry is about 20 per cent. However, the Indian eyewear market is growing at around 30 per cent CAGR.

Fuelling the “robust growth” would be the “ever-changing consumer preferences, rising per capita income and growing awareness among consumers. Eyewear has also become more of a fashion accessory and a lifestyle product,”

According to study, the contact lenses market in India is growing at a CAGR of about 25 per cent. About 40 lakh pairs of contact lens are sold annually and the market is estimated at about Rs.700 crore. The growth is led by a growing demand for daily disposables and frequent replacement contacts, including coloured contacts.

The eyewear market is concentrated in the unorganised segment — the organised segment accounts for about 25 per cent with a share of Rs.5,200 crore. With sales of about 45 crore pieces of glass lenses, the prescription eyewear market in India is estimated at about Rs.8,500 crore. About 80 per cent of this segment is in the unorganised sector. In terms of spectacle frame, the units in Gujarat manufacture nearly 75,000 frames daily, according to the study.

High-end branded eyewear market is largely dependent on imports and accounts for about 30 per cent of the Rs.2,200 crore sunglasses market.