The global eyewear market is worth billions of dollars and is projected to grow significantly in the coming few years. The global eyewear market is driven by the rising user base, increasing disposable income levels, and growing renewal rate of lenses. Another trend that is shaping the growth of the global eyewear market is the rising demand for eco-friendly eyewear. Many companies in the global eyewear market observing this business opportunity have launched their own eco-friendly eyewear range, while some new companies have entered the market with their green offerings.
Rising Number of Companies Entering Eyewear Market
- In 2013, Giving Tree Eyewear, a Los Angeles-based eyewear line, offered shades that are eco-friendly and nearly indestructible. These sunglasses are available in the market in two silhouettes and many colors. They are completely BPA-free and made using thermoplastic material makes them lightweight and bendable.
- In March 2015, Illesteva, a NYC-based brand, launched its new range of eyewear called Leonard. The designs in this range are 100% biodegradable and are made using repurposed cellulose acetate flake and sustainable organic plasticizers.
- In December 2015, Nau!, an eyewear brand headquartered in Milan, launched its green eyewear range. This collection is made using 96% recycled plastic material and is committed to protecting the environment. This range comprises eco-friendly, funky, and colorful sunglasses and optical frames.
- Currently, many other companies are offering eco-friendly glasses. Woodzee offers wayfarer-style frames made using bamboo. Another firm called Warby Parker provides glasses made using green materials. Grown offers organic, sustainable wooden eyewear handcrafted from ethically sourced, renewable hardwoods and bamboo.
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The growing base of environment-conscious consumers is projected to drive the demand for green products in the global eyewear market. Hence, companies in the global eyewear market are competing on the basis of materials. Companies are innovating materials that are eco-friendly and have other properties such as high durability and resistance to corrosion.
Bamboo is one of the common materials used to make eco-friendly eyewear. On the other hand, brands such as Urban Spectacles are using materials from naturally-felled trees. Certain companies are using materials that are derived from non-GMO, organic plants that are highly renewable and non-foodstuff.
Besides the rising demand for eco-friendly eyewear, players in the global eyewear market will also benefit from the opportunity presented by the large population living with uncorrected vision. Furthermore, the unavailability of testing in many regions of the world will also provide significant growth opportunities to companies in the global eyewear market.
Nevertheless, players in the global eyewear market will be restrained by the growing number of refractive surgeries. These surgeries are reducing or in some cases eliminating the need for contact lenses or glasses. This decreasing dependence on glasses is expected to hamper the growth of the global eyewear market by a great extent in the foreseeable future.