Sri Lanka Eyewear Market (2024-2030) | Size, Analysis, Forecast, Trends, Revenue, Value, industry & Outlook

Latest 2023 Development of the Sri Lanka Eyewear Market

Sri Lanka Eyewear Market is forecast to register massive growth with the increasing population, rising disposable income, and ageing population as older people require corrective eyewear to improve their vision. Additionally, changing consumer preferences in Sri Lanka and advancements in eyewear technology are also contributing to the growth of the eyewear market in Sri Lanka. The government is investing in the development of its healthcare industry, which is helping to raise awareness about the importance of eye health and driving demand for eyewear products. The launch of online platforms makes it easier for consumers to purchase glasses and contact lenses.

Moreover, there has been a growing demand for premium eyewear and many companies are now offering high-end glasses and sunglasses to cater to this demand. There is a growing awareness of sustainability issues in Sri Lanka, and many eyewear companies are now focusing on eco-friendly materials and production processes. Some eyewear companies in Sri Lanka are partnering with healthcare providers to offer vision screening services to consumers which is encouraging the importance of early detection of vision problems. Further, investment in technology such as 3D printing and virtual try-on tools by many eyewear companies improves the customer experience and streamlines production processes. Overall, the demand for Sri Lanka Eyewear Industry is expected to further proliferate in the forthcoming years owing to several growth factors such as rising disposable income, increasing geriatric population, and growing fashion consciousness among consumers. 

Sri Lanka Eyewear Market Highlights

Report Name	Sri Lanka Eyewear Market
Forecast period	2024-2030
CAGR	5.3%
Growing Sector	Healthcare

Topics Covered in Sri Lanka Eyewear Market Report

The Sri Lanka Eyewear Market Report thoroughly covers the market by Product, End-User and Distribution Channel. The Sri Lanka Eyewear Market Outlook report provides an unbiased and detailed analysis of the ongoing Sri Lanka Eyewear Market trends, opportunities/high growth areas, and market drivers. This would help stakeholders devise and align their market strategies according to the current and future market dynamics.

Sri Lanka Eyewear Market Synopsis

Sri Lanka Eyewear Market is set to grow at an unprecedented rate on account of the increase in awareness about eye health and need for regular eye check-ups. In addition, rising middle class is also supporting the market growth. The major players are concentrating on innovation in designs to draw the interest of consumers. Moreover, technological innovation in eyewear products is also providing an impetus to market growth. Overall, the Sri Lanka Eyewear Market offers significant growth and development opportunities.

According to 6Wresearch, the Sri Lanka Eyewear Market is projected to grow at a CAGR of 5.3% during 2024-2030. One of the key drivers of the Sri Lanka Eyewear Market is the increase in awareness of vision health & needs for eye checkup which is making more consumers to invest money on quality eyewear. In addition, the rising middle class with higher disposable income is driving a change to branded and designer eyewear, indicative of the trend towards spectacle wear as fashion. Furthermore, technological innovations in eyewear products designed for digital screen usage like anti-glare and blue-light filtering glasses are gaining traction among consumers. Moreover, the growing reach of e-commerce platforms has added more convenience for consumers to choose from a variety of eyewear products boosting market growth further.

However, the Sri Lanka Eyewear Market faces many challenges that hinder its growth. The main issue is the limited supply of high-end raw materials and manufacturing technologies which hinder domestic production, making producers dependent on imports that increases cost. In addition, consumer unawareness related to the necessity of eye care is also a challenge that takes down the consumption for corrective eyewear. Furthermore, there is a high level of counterfeiting that diminishes customer trust and the integrity of brands. Moreover, the increasing economic instability and fluctuating exchange rates actively contribute to creating pricing discrepancies that are problematic for retailers as well as consumers when it comes to planning.

Sri Lanka Eyewear Market: Leading Players

Some of the major players operating in Sri Lanka Eyewear Market are Vision Care, Luxottica Group, Safilo Group and Essilor International. These companies have a major presence in the Sri Lankan market and are constantly investing in research and development to introduce new designs and technologies in eyewear products.

Sri Lanka Eyewear Market: Government Initiatives

The Sri Lankan government has significantly influenced the growth of the Eyewear Market through strategic initiatives. One such initiative is the "Vision for All" plan which aims to give free eye screenings and subsidized eyeglasses to lower-income families, improving accessibility and affordability of eye care. In addition, the government's alliance with domestic manufacturing companies under the "Made in Sri Lanka" project urges in-country manufacturing of eyewear, decreasing reliance on imports while boosting the local economy. Furthermore, the government has presented tax motivations for businesses investing in research and advancement of progressed optical technologies. Moreover, the "Eye Health Awareness Campaign" is arranged to inform the overall population about the importance of routine eye tests and proper usage of eyeglasses, fostering a culture of proactive health management across the nation.

Future Insights of the Market

The Sri Lanka Eyewear Market is projected to expand substantially in the coming years. This growth is driven by the increase in awareness about eye health and regular check-up of the eyes. In addition, increasing middle class is also bolstering the market growth. Major players are focusing on design innovation to attain consumer attraction. Moreover, technological advancements within the eyewear products are additionally encouraging market growth. Overall, the future of the Sri Lanka Eyewear Market looks promising, with many opportunities for growth and development.

Market Segmentation by Product

According to Ravi Bhandari, Research Head, 6Wresearch, the spectacles segment is the dominant segment in the industry and will continue to grow in the coming years. This growth is due to the rising incidence of vision defects and eye disorders, coupled with the aging population.

Market Segmentation by End-User

Based on End-User, the female segment is the leading segment in the industry and will continue to grow in the coming years. This can be attributed to the rising knowledge about fashion and beauty trends, combined with more discretionary income in women.

Market Segmentation by Distribution Channels

On the basis of Distribution Channels, the offline segment is the leading segment in the industry and will continue to grow in the coming years. This expansion is due to the large number of retail stores and optometrist that provide services tailored to customers.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

 

Key Highlights of the Report:

• Sri Lanka Eyewear Market Overview
• Sri Lanka Eyewear Market Outlook
• Sri Lanka Eyewear Market Forecast
• Sri Lanka Eyewear Market Size and Sri Lanka Eyewear Market Forecast until 2030
• Sri Lanka Eyewear Market Share, By End-user
• Sri Lanka Eyewear Market Share, By Product
• Sri Lanka Eyewear Market Share, By Distribution Channels
• Sri Lanka Eyewear Market Share, By Region
• Historical Data of Sri Lanka Eyewear Market Revenues and Volume for the period, 2020-2030
• Market size and Forecast of Sri Lanka Eyewear Market Revenues and Volume until 2030
• Historical Data of Sri Lanka Eyewear Market Revenues and Volume, By End-user, for the Period 2020-2030
• Market size and Forecast of Sri Lanka Eyewear Market Revenues and Volume, By End-user, until 2030
• Historical Data of Sri Lanka Eyewear Market Revenues and Volume, By Product, for the Period 2020-2030
• Market size and Forecast of Sri Lanka Eyewear Market Revenues and Volume, By Product, until 2030
• Historical Data of Sri Lanka Eyewear Market Revenues and Volume, By Distribution Channels, for the Period 2020-2030
• Market size and Forecast of Sri Lanka Eyewear Market Revenues and Volume, By Distribution Channels, until 2030
• Historical Data of Sri Lanka Eyewear Market Revenues and Volume, By Region, for the Period 2020-2030
• Market size and Forecast of Sri Lanka Eyewear Market Revenues and Volume, By Region, until 2030
• Sri Lanka Eyewear Market Drivers and Restraints
• Sri Lanka Eyewear Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Sri Lanka Eyewear Market Opportunity Assessment
• Sri Lanka Eyewear Market Revenue Share, By Company
• Sri Lanka Eyewear Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Spectacles
• Sunglasses
• Contact Lenses
• Others

By End-user

• Male
• Female
• Unisex

By Distribution Channels

• Online
• Offline