The eyewear market in the Middle East is marked by the rising use of disposable contact lenses, increased affordability, an enhanced sense of fashion, and high consumption of luxury sunglasses and high-end spectacle frames. With contact lenses and frequent replacement of corrective spectacle lenses coming under the realm of a constantly expanding middle class population, the Middle East eyewear market is projected to witness healthy expansion in the years to come.
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According to Transparency Market Research, the Middle East eyewear market is set to expand at an 8.8% CAGR over the period between 2015 and 2023 in terms of revenue. Growing at this rate, the market is expected to expand from US$2.75 bn in 2014 to US$5.86 bn by 2023. In terms of volume, the market is expected to exhibit a 4.8% over the same period.
The competitive landscape of the Middle East eyewear market features mostly foreign companies such as Luxottica S.p.A, Carl Zeiss A.G, Essilor International, Safilo Group, and Johnson and Johnson Vision Care. Luxottica S.p.A., the company having luxury brands such as Prada, Ray-Ban, and Oakley under its portfolio, rules across most regional markets, accounting for over 40% share of the overall market in countries such as Egypt, Qatar, Oman, Kuwait, UAE, Bahrain, Saudi Arabia, and Jordan.