Growing at a compounded annual growth rate (CAGR) of about 30 per cent, the Indian eyewear market is likely to reach Rs 43,000 crore by 2015.
According to the Associated Chamber of Commerce and Industry of India (ASSOCHAM) study titled ‘Indian Optical Sector’, the eyewear market in the country comprising of optical products including – contact lens, intraocular lens (IOLs), lasik, lens cleaning solutions, spectacle lenses, frames and sunglasses is currently poised at about Rs 21,000 crore. Growing at a CAGR of about 20 per cent, the global eyewear industry is currently poised at about Rs 4.5 lakh crore and is likely to reach 7.5 lakh crore in 2015, the study added.
Assocham secretary general D S Rawat said that ever-changing consumer preferences, rising per-capita income, growing awareness amid consumers and with eyewear becoming more of a fashion accessory and a lifestyle product the optical products’ industry in India is likely to see robust growth during the course of next few years.
He said that with sales of about 45 crore pieces of glass lenses, the prescription eyewear market in India is currently estimated at about Rs 8,500 crores. Besides, about 80 per cent of this segment is in the unorganised sector. Spectacle frame manufacturers in Gujarat manufacture nearly 75,000 frames daily, he added.
Penetration of eyewear market in India is confined only to the metros, tier II and tier III cities to a large extent and the share of eyewear in the rural sector is a miniscule 15 per cent mainly due to lack of infrastructure like eye-testing facilities and optical products. There is huge scope for growth and development of eyewear industry as about 30 per cent of India’s population is suffering from one or the other eye ailments reflecting to the large untapped potential in Indian eyewear market. (NSS)