World Market for Eyewear

September 2022

After a steep decline due to the global pandemic, the eyewear industry continues to show positive signs of recovery, driven by growing incidence of myopia and presbyopia among ageing populations as demand for essential corrective products remains strong. Companies that stand out with an omni-channel strategy, embracing digitalisation have proved to be resilient. However, the ongoing uncertainty in Europe has disrupted the global economy, forcing players to reassess their priorities.

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Key Findings

A shadow lies over recovery

After a severe decline in 2020 due to COVID-19, the eyewear industry continues showing positive signs recovery, with global sales up by 9% in 2022, compared with 2020, as demand for essential corrective products remains strong. While recovery has gathered steam, the ongoing uncertainty in Europe has further disrupted the world’s economy, forcing eyewear players to reassess their priorities and operating procedures.

Omnichannel is at the core of retail strategies

The pandemic was a turning point for the eyewear industry, as brands and retailers realised how reliant they were on physical optical stores. As consumers still want to enjoy the convenience of e-commerce, eyewear players have increased their focus on their online channels and their own physical stores to ensure greater control.

M&A activity remains robust in eyewear

Expect to see more M&A activity over the forecast period. Opportunities for M&A will be created by the changing consumer preferences as companies reposition themselves for growth, closely tied to the uncertain economic outlook.

Sustainability and Diversity & Inclusion matter

Following the pandemic and Black Lives Matter protests, social justice and climate change have come to the fore for a growing number of consumers. In this context, eyewear players will need to reprioritise environmental, social and governance (ESG), and diversity, equity and inclusion (DE&I) as part of their core values and offering.

Fast pace of innovation

Innovation across the eyewear supply chain, covering 3D printing technology, and product development, including digital technologies such as AI and AR try tools and smart eyewear, will continue to revolutionise the production and consumption of eyewear.

 

Introduction

Scope
Executive summary

State of the industry

Eyewear in context
Eyewear signals significant bounce back in value sales in 2022…
… but the global economy is facing an increasingly uncertain outlook
Consumers in top eyewear markets mainly spend on spectacles
North America remains the largest regional market
Still untapped undeveloped Indian market offers growth opportunities in eyewear
Sunglasses is the fasting moving category in eyewear
Despite shift to e-commerce, optical stores benefit from consumer's trust

Leading companies and brands

Contact lenses remains the most concentrated category
Further market concentration, as demand for eyewear rises
Selected major M&A activity in 2021 and 2022
Mid priced retailer Oscar Wylee leads in company sales growth
US Eyewear company Warby Parker debuts on the stock market in 2021

Top five trends shaping the industry

Examining five trends shaping eyewear
Myopia post COVID-19 in the digital age
CVI and Essilor link to address growing myopia progression with SightGlass Vision
Hybrid work leads eyewear players to rethink long term channel strategies
GrandVision partners with Eesee to pilot first clinically proven online test
Despite e-commerce shift, optical stores remain priority for retailers
Gentle Monster tech-focused stores set the bar for eyewear optical stores
Polette : a glimpse of the forthcoming p hygital reality in eyewear
Eyewear players further expand technology innovations post pandemic
Odette Lunettes launches world's first sustainable 3D printed 'athleisure' sunglasses
First step to disruption in eyewear, with UK brand Cubitt’s 3D scan face app
Sustainable eyewear becomes 'must haves' thanks to COVID-19
UK digital native fashion brand Pangaia launches sunglasses made from CO2 emissions
Diversity and inclusion matters in eyewear
German start up Reframd launches 'Afropolitan' sunglasses designed to fit black faces

Global outlook

Global eyewear industry to exceed pre Covid levels by 2022 …
… but uncertainty in Europe expected to impact business and consumers
The future of eyewear retail is hybrid
Is the next generation of smart glasses the real thing?
Private equity to lead eyewear corporate activity
Executive summary

Market snapshots

Global snapshot of spectacles
Global snapshot of sunglasses
Global snapshot of contact lenses and solutions
Regional snapshot: North America
Regional snapshot: Western Europe
Regional snapshot: Eastern Europe
Regional snapshot: Asia Pacific
Regional snapshot: Latin America
Regional snapshot: Australasia
Regional snapshot: Middle East and Africa

Eyewear

Eyewear is the aggregate of contact lenses, spectacles and sunglasses.

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