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SINGAPORE

Market Research Company Euromonitor International released today new data on the global eyewear industry. According to the new research, global sales of eyewear are forecast to reach US$136 billion by 2021, up from US$121 billion in 2016.

“The increasing prevalence of myopia globally and the growing ageing population are major contributors to the continuous growth in demand for eyewear,” said Eyewear Industry Analyst, Anna Cheng. “With higher demands for functional eyewear, such as office lenses, progressive lenses and digital devices lenses, competition is toughening for the leading players as more low-cost providers are introducing lower quality products marketed to provide similar functions at a much lower price,” she added.

While North America remains the leading region in terms of eyewear sales in 2016, Asia Pacific leads total value sales of daily disposable lenses, topping Western Europe and North America by almost 1.6 and 1.9 times, respectively. With growing disposable income, consumers in these regions increasingly prefer daily disposable lenses for hygiene and convenience reasons.

Despite a gloomy year in 2016, Asia Pacific eyewear sales will continue growing to reach nearly US$11.6 billion, 1.5 times larger than Western Europe in terms of retail value sales of spectacle frames by 2021.

The top ten fastest-growing eyewear markets in 2016-2021 will be dominated by Asia Pacific:

1- India
2- United Arab Emirates
3- Thailand
4- Malaysia
5- Romania
6- China
7- Mexico
8- Indonesia
9- Singapore
10- Canada

To learn more about Euromonitor’s eyewear data visit: http://www.euromonitor.com/eyewear

About Euromonitor International

Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160717005026/en/