THE MIDDLE EAST EYEWEAR MARKET TO REACH WORTH US$5.86 BN BY 2023 END
Top players use social media channels and e-tailing to gain a stronghold
The presence of a few prominent players in the Middle East eyewear market renders the landscape increasingly of consolidated nature, finds Transparency Market Research. Several of these players, observes analysts, are reaching out to attract millennials with innovative marketing strategies.
A growing number of top players are relying on social media channels and e-tailing. This has been one of the key strategies adopted by them to gain a stronghold and consolidate their positions in the Middle East eyewear market. Companies with sizeable shares in the market include Johnson & Johnson Vision Care, Ray-Ban, Oakley, Carl Zeiss A.G., and Essilor International.
The eyewear market in the Middle East stood at US$2.75 bn in 2014. Expanding at a robust Compound Annual Growth Rate of 8.8% from 2015 to 2023, the opportunities in the regional market are expected to reach a worth of US$5.86 bn by 2023 end. There is a noticeable gap between the worth of the market volume-wise and revenue-wise, which probably indicates that consumers are getting attracted to products with prices at the higher side.
Regionally, the UAE presently holds the major revenue share and is expected to rise at a prominent pace in the Middle East eyewear market. This is attributed to the presence of a rising count of population with vision correction problems and spending capacity of consumers favoring demand dynamic.
Source: Transparency Market Research