Singapore Eyewear Market to Reach USD 400 Million by Revenue in Near Future

Singapore Eyewear Market to Reach USD 400 Million by Revenue in Near Future

Eyewear market has been ever-growing in Singapore as it was visible during the review period 2011-2016. The current market trends and developments show that the market shall display an upward growth trend in the coming years. Mounting consumer awareness about global eyewear brands, coupled with swiftly augmenting disposable income, the Singaporean consumers’ demand for high quality premium branded eyewear products have amplified. As consumers’ want for eyewear products has become increasingly individualized, the market is transitioning towards a large number of diverse products and short product cycle. Moreover, greater usage of electronic gadgets and a rapid penetration of internet in Singapore have induced the major companies operating in the country to start offering their products online. Moreover optical shops like Owndays and Zoff has also begun offering the products in their store online recently.

In addition, Singapore eyewear market is all set to benefit from a huge merger in the coming years. Luxottica, the world’s top spectacles maker and leading lens manufacturer Essilor has announced a USD 49 billion merger. Both are among top three players in Singapore Eyewear market as of 2016. The merger between the top players in the eyewear market shall enable the businesses to take full advantage of expected strong demand for prescription spectacles and sunglasses due to an aging population and increasing awareness about eye care.

Ken Research in its latest study, Singapore Eyewear Marketby Type (Spectacles & Contact Lenses), By Sunglasses and Eyeglasses and by Sales Channel - Outlook to 2021, observed that in 2016, people with myopia have increased by 1.3% against the previous year. The aging population also strengthened demand for spectacles to correct Presbyopia and for ready-made reading glasses. Presbyopia has increased at a rate of 3.3% in 2016. Singapore eyewear market is estimated to register a positive CAGR during 2017-2021. Rising awareness programs, discounted prices, mergers and acquisitions, government initiatives, improved product offerings and similar other factors are expected to be key drivers for a growth in the demand for eyewear products in the country.

The country has very limited number of local manufacturers. Majority of the demand from the public are met through imports. The Health Promotion Board of the country in partnership with 600 optical shops, Essilor and Nation Optical has initiated to make eye care affordable and accessible. They together have raised voucher funds to provide the needy students who are myopic with fully-subsidized lenses, plus SGD 30 vouchers to pay for their spectacle frames at an optical shop near them. By 2011, they have served more than 12000 needy students.

The report provides information on spectacle glasses and frames, types of spectacles, contact lenses and distribution channel dominating the market in terms of revenues and future outlook. It also covers the major players in the market and their competitive scenario and trade scenario based on contact lenses and spectacle lenses.

For more information on the market research report please refer to the below link:

Topic: Optical News