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.
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.
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.
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.
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.
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.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
See All of Our DefinitionsIf you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!