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Spectacles in Asia Pacific

October 2018

Asia Pacific is witnessing the highest growth for spectacles globally with the region anticipated to overtake North America and become the second biggest market over the forecast period. Favourable demographics, rising aspiration levels among consumers and low penetration of spectacles are some of the key factors driving growth in this region.

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Key Findings

Asia Pacific continues to be the fastest growing region globally with China the biggest market

Asia Pacific is the fastest growing region globally in 2018, driven by favourable demographics and a high percentage of the population with myopia in comparison to other regions. The low per capita expenditure on spectacles in Asia Pacific will improve with rising disposable income in the region. China is the biggest market for spectacles in the region, driven by a large consumer base and the early onset of myopia among the youth.

Demand for readymade reading glasses remains niche

Despite being competitively priced, the per capita expenditure on readymade reading glasses is much lower in comparison to spectacle frames and lenses. The demand for these glasses is primarily among the elderly population (above 65 years), accounting for only 10% of the total population in Asia Pacific by 2023. There are more challenges ahead for readymade reading glass manufacturers as retailers offer lucrative packages for spectacle lens and frames.

Optical shops is the dominant channel for sales of spectacles

Optical shops will continue to remain the dominant channel for spectacles sales over the forecast period. Consumers prefer to purchase spectacles from optical shops as the majority of them are equipped to provide professional services by eye specialists such as optometrists and opticians. However, the channel is facing increasing competition from internet retailing with companies offering convenience and deep discounts to lure more consumers to shop online.

Affordable vision care the way forward in developing countries

The increasing penetration of spectacles in developing economies will drive the growth of the category in the future. Spectacle manufacturers will step up efforts to tackle the issue of poor vision by providing more affordable vision care and increase consumer awareness initiatives, especially across rural areas.

Introduction

Scope
Key findings

Regional Overview

Asia Pacific posts highest growth during the review period
Asia Pacific to overtake North America over the forecast period
China is the largest market for spectacles in Asia Pacific
Huge expenditure gap between developed and developing countries
Frames tops value growth while lenses leads volume growth
China registers highest value growth with increasing cases of myopia
Highest per capita expenditure for spectacle lenses
Optical shops remains the most preferred channel across Asia Pacific
Convenience and discounts drive highest growth of internet retailers

Leading Companies and Brands

Fragmented market due to variety of affordable spectacle frames
International companies lead spectacles sales in Asia Pacific…
…but rely on key markets due to large presence of local companies
Superior quality remains a differentiating factor in the face of competition

Forecast Projections

Growth in developing economies will outpace developed markets
Spectacles to face increasing competition from contact lenses

Country Snapshots

China: market context
China: competitive and retail landscape
Japan: market context
Japan: competitive and retail landscape
India: market context
India: competitive and retail landscape
South Korea: market context
South Korea: competitive and retail landscape
Philippines: market context
Philippines: competitive and retail landscape
Indonesia: market context
Indonesia: competitive and retail landscape
Malaysia: market context
Malaysia: competitive and retail landscape
Taiwan: market context
Taiwan: competitive and retail landscape
Singapore: market context
Singapore: competitive and retail landscape
Thailand: market context
Thailand: competitive and retail landscape
Hong Kong: market context
Hong Kong: competitive and retail landscape
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