Australia Eyewear Market Report and Forecast 2024-2032

Australia Eyewear Market Outlook

The Australia eyewear market size was valued at USD 102.4 million in 2023. The market is further projected to grow at a CAGR of 7.9% between 2024 and 2032, reaching a value of USD 204.3 million by 2032.

Key Takeaways

• As per industry reports, the demand for vision correction and preventive eye care products is influenced by factors such as aging demographics and increased screen time.

• Notable companies in the Australian eyewear market include Vision Service Plan (VSP), Optex Australia, Benra Pty Ltd, and PVH Brands Australia Limited.

• According to data released by the Australian Institute of Health and Welfare (AIHW), 54% of Australians report having at least one long-term eye health condition.

As the population ages, the incidence of vision-related issues like presbyopia and cataracts is expected to rise, leading to a higher demand for vision correction products, such as spectacles and contact lenses. Secondly, the growing interest in fashionable and high-quality eyewear, including designer frames and prescription sunglasses, is fuelling Australia eyewear market growth, driven by changing fashion trends and consumer preferences.

Additionally, the rising awareness of eye health among Australians, particularly the younger generation, is resulting in more frequent eye exams and early detection of eye problems, further boosting the demand for corrective eyewear. Lastly, the increasing focus on eco-friendly and sustainable eyewear products, made from materials like recycled plastic or bamboo, is resonating with environmentally conscious consumers, driving the demand for sustainable eyewear options in the Australian market.

Some of the key trends driving the Australian eyewear market share include the increasing demand for eyewear products due to prolonged exposure to blue light from digital screens, the rising prevalence of myopia among Australians, and the convenience of online purchases, particularly accentuated during pandemic-induced lockdowns. As per industry reports, nearly half of the Australian population wears glasses or contact lenses.

The market is also witnessing a shift towards affordable eyewear options, with brands like Specsavers leading the way by offering budget-friendly products. Moreover, the surge in e-commerce as a primary distribution channel, coupled with the preference for daily disposable contact lenses, is shaping the market landscape and driving growth in Australia's eyewear sector.

In the Australian eyewear market, the market players are emphasising on design aesthetics, technological advancements like virtual try-on features, 3D printing, and customisation options to offer personalised eyewear solutions. For instance, brands like Banton Frameworks recently expanded to Australia and offers 3D printed custom-glass spectacles.

Market Segmentation

Australia Eyewear Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Contact Lenses

• Spectacles

• Sunglasses

Market Breakup by Gender

• Unisex

• Women

• Men

Market Breakup by Price Range

• Low

• Medium

• Premium

Market Breakup by Distribution Channel

• Online Stores

• Optical Stores

• Retail Stores

• Independent Brand Showrooms

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

Competitive Landscape

Market players are focused on providing a wide range of eyewear products that combine style, functionality, and quality to meet the needs of consumers.

• Vision Service Plan (VSP)

• Optex Australia

• Benra Pty Ltd

• PVH Brands Australia Limited

• Ozeano Pty Ltd

• Others

Key Highlights of the Report