Global Optical Retail Market Report and Forecast 2024-2032

Optical Retail Market Size

The global optical retail market was valued at USD 181.89 billion in 2023, driven by the increasing prevalence of visual impairments across the globe. The market is expected to grow at a CAGR of 4.89% during the forecast period of 2024-2032, with the values likely to reach USD 279.52 billion by 2032.

Optical Retail Market Outlook

• The increasing prevalence of visual impairments and the growing aging population are driving the demand for prescription glasses and other optical products.

• The rising popularity of smart glasses that are integrated with technology is a major market trend.

• The increasing advancements in eyewear technology are poised to elevate the market value in the forecast period.

Optical Retail Market Overview

Optical retail helps in offering products and services to people with vision problems and to maintain good eye health. Optical retail stores sell items such as prescription glasses, contact lenses, sunglasses, and eyewear accessories. They also offer services like eye exams and vision testing to the customers. The increasing prevalence of visual impairments and eye disorders is a primary driver of the market, propelling the demand for corrective eyewear. Further, the growing aging population who are more prone to developing eye conditions is expected to boost the demand for prescription glasses and other optical products. Moreover, the rising advancements in eyewear technology and the growing emphasis on eye health are anticipated to impact the market dynamics. 

Optical Retail Market Growth Drivers

Increasing Prevalence of Vision Impairment Drives Market Growth

According to the World Health Organisation (WHO), around 2.2 billion  individuals are affected by a near or distance vision impairment. It is reported that visual impairment poses a massive financial burden, leading to an annual global cost of productivity amounting to USD 411 billion. Further, it is indicated that issues related to vision impairments are usually found in people over the age of 50 years. Thus, the rising burden of vision impairment and the increasing size of the elderly population are projected to fuel the market growth.     

Optical Retail Market Trends

The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:

Innovations in Eye Examination and Diagnosis Technology to Affect the Market Landscape Significantly 

One of the major market trends is the rising innovations in eye examination technology that have increased the convenience as well as accuracy of diagnosing visual impairments. This advancement is contributing to a rise in the sales of prescription eyewear. In addition, the availability of devices such as autorefractors and optical coherence tomography (OCT) are allowing for quicker eye exams in retail settings.

Rising Launches of High-Tech Eyewear to Elevate the Optical Retail Market Value

In January 2024 , Tokyo-based Japanese technology startup Vixion released Vixion01, a set of high-tech eyewear that is equipped to enhance autofocus on objects in the central view so that the wearer doesn’t have to engage their eye muscles when they want to boost their focus. This eyewear is marketed at USD 690 in Japan and is yet to be introduced in the global markets. The rise in the launch of such innovative optical products is expected to elevate the market value in the forecast period.

Advancements in Eyewear Technology Poised to Augment Optical Retail Market Demand

The rising advancements in eyewear technology are a significant market trend that has improved the quality, functionality, and aesthetic appeal of optical products. Innovations such as anti-reflective coatings, photochromic lenses, and blue light-blocking lenses are addressing the consumer demand for protection and style and are poised to contribute to the market growth in the future.

Growing Demand for Smart Glasses to Boost Optical Retail Market Size

A major market trend is the rising popularity of smart glasses that are integrated with technology such as augmented reality (AR) and fitness tracking. For instance, Minimis Glass  is a smart shade that is equipped to provide fitness tracking, navigation, and health monitoring. These smart glasses weigh only 90 grams and can provide navigational maps and workout data in real-time without the need for a secondary device. 

Optical Retail Market Segmentation

Market Breakup by Product Type 

• Eyeglasses 
  • Prescription Glasses 
  • Reading Glasses 
  • Others

• Contact Lenses 
  • Disposable Lenses 
  • Colored Lenses 
  • Others

• Sunglasses 
  • Polarized Sunglasses 
  • Photochromic Sunglasses 
  • Others

• Others

Market Breakup by Material Type 

• Plastic

• Aluminum

• Stainless Steel

• Glass

• Polycarbonate

• Others

Market Breakup by End User 

• Children

• Adults

• Seniors

Market Breakup by Distribution Channel 

• Boutiques

• Retail Chain Stores

• Warehouse Clubs

• Others

Market Breakup by Region 

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Optical Retail Market Share 

Market Segmentation Based on Material Type is Anticipated to Witness Substantial Growth

Based on the material type, the market is segmented into plastic, aluminum, stainless steel, glass, polycarbonate, and others. Plastic is one of the most commonly used materials due to its affordability and lightweight nature, particularly for making eyeglass frames for both prescription glasses and sunglasses. These plastic frames are usually made from acetate, propionate, and nylon and are available in a wide range of colors and designs.

Optical Retail Market Analysis by Region

North America is one of the largest markets for optical retail. The market share can be attributed to a high prevalence of visual impairments and a growing aging population needing vision correction due to conditions such as myopia, hyperopia, and presbyopia. The high disposable incomes of consumers in North America allow them to purchase premium eyewear products and invest in advanced eye care services. Moreover, the strong focus on eye health and greater access to optometrists and ophthalmologists are some of the factors poised to fuel the market growth in the region. 

Leading Players in the Optical Retail Market 

The key features of the market report comprise patent analysis, strategic initiatives, and technological advancements by the leading key players. The major companies in the market are as follows:

Fielmann Group AG

German-based eyewear company Fielmann Group AG is one of the leading players in the market and enjoys a strong presence in Europe for its wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses. The company is actively engaged in expanding its footprint by opening new stores and participating in strategic acquisitions.

EssilorLuxottica

EssilorLuxottica is a dominant player in the market formed through the merger of Essilor (a leading manufacturer of ophthalmic lenses), and Luxottica (a major eyewear manufacturer and retailer) in 2018. The company has more than 20 licensed brands including Ray-Ban, Vogue Eyewear, and Oakley. It is operating in 150 countries, with a network of 18,000 stores offering superior shopping experiences to its customers. Further, the company achieved a major milestone by collaborating with Meta in 2021 to launch Ray-Ban Stories smart glasses.

Bausch + Lomb

Based in Ontario, Canada, Bausch + Lomb is a prominent eye health products company, ranking as one of the world's largest suppliers of lens care products, intraocular lenses, contact lenses, pharmaceuticals, and other eye surgery products. This eye health organization offers a robust portfolio of over 400 products and a market presence in around 100 countries.

Lenskart 

Lenskart is counted as one of Asia's largest eyewear companies, with a strong commercial footprint in the optical retail market in India. The company is known for its tech-driven retail experience including 3D try-on features, home eye check-ups, and AI-driven recommendations.

Other key players in the market include Titan Eye+, DBEYEWEAR, BOLON, Yateem Group, Johnson & Johnson Vision Care Inc., and Safilo Group SpA. 

Key Highlights of the Report

Key Questions Answered in the Optical Retail Market Report 

• What was the global optical retail market value in 2023?
• What is the global optical retail market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on the product type?
• What is the market breakup based on material type?
• Who are the major end users in the market?
• What are the major distribution channels in the market?
• What are the major factors aiding the global optical retail market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• How do the prevalence and incidence of visual impairment affect the market landscape?
• What are the major global optical retail market trends?
• How does the rise in the geriatric population impact the market size?
• Which product type will dominate the market share? 
• Which material type is expected to have a high market value in the coming years?
• Which distribution channel will experience the highest demand in the market segment?
• Which end user is projected to contribute to the highest market growth?
• Who are the key players involved in the optical retail market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?