Summary of our market study

As of 2020, the global eyewear market, which includes glasses, sunglasses, and contact lenses, indicates robust growth prospects due to an aging global population and increased incidences of myopia linked to lifestyle changes, such as prolonged exposure to screens. While the luxury eyewear market is expected to exceed $52 billion by 2025, growing at over 3% annually, market concentration remains high with top players such as Luxottica, Safilo, and Johnson dominating their respective categories. The Portuguese market is no exception; seeing substantial growth and a dominance of chain opticians, the country's eyewear sector benefits from its tourism industry, despite being a net importer with exports comprising only 0.08% of the world total. Online sales lag behind due to consumer habits, but the COVID-19 pandemic might accelerate the shift towards e-commerce. Regulations require strict compliance, ensuring that professionals in the field are adequately trained. Key demand factors for corrective eyewear hinge on a large visually impaired population and lifestyle-induced visual defects, while non-corrective glasses are swayed by trends such as premiumisation and seasonality. Supply trends show a push towards customization and sustainability, signaling shifting consumer preferences towards personalized and environmentally conscious products..Title: Evolving Demand Trends in the Portuguese Eyewear Market The Portuguese optical market, encompassing a diverse range of products such as glasses, sunglasses, and contact lenses, is on an upward trajectory of growth, driven by a combination of demographic, lifestyle, and fashion influences. The aging population, which constitutes approximately 22% of individuals over 65, coupled with an anticipated surge in vision impairment, underscores the expanding demand for corrective eyewear. Nearly 300,000 Portuguese over the age of 50 face moderate to severe vision loss, highlighting the corrective eyewear segment's significant market potential. Lifestyle changes, specifically the increasing duration spent in front of screens, have led to a rise in vision problems such as myopia, affecting more than 2.5 million Portuguese. Innovations like daily disposable contact lenses have further influenced the market dynamics, with contact lenses displaying a higher volume of sales despite their lower price point. Fashion and luxury also play pivotal roles in non-corrective eyewear demand. The trend of 'premiumisation' is expected to boost the luxury eyewear segment, which already claims around 6% of the total luxury goods market. Seasonality impacts the category as well, with searches for sunglasses peaking during the summer months, indicating cyclical demand driven by both weather patterns and fashion trends. Online sales, although currently lagging in the Portuguese market, offer a potential shift in consumer behavior. Only 37% of Portuguese residents have engaged in e-commerce transactions, yet the growing trend of online shopping could redefine distribution and sales strategies in the eyewear industry amidst the pandemic's push for remote retail. With an evident imbalance in foreign trade, Portugal's eyewear exports represent a minimal 0.08% of global exports, a stark contrast to their import figures. Yet, the country's participation in eyewear imports is not insignificant—it accounts for 0.65%of the total imports. Despite the forecasted growth and the undeniably promising trends supporting the market's expansion, the eyewear industry faces potential disruption by innovations like 'nano drops' and advanced laser eye surgeries. These breakthroughs could pose a challenge to the traditional corrective eyewear segment. Nevertheless, trends like personalization, sustainability, and social media influence could pave the way for market adaptation and further growth. The Portuguese eyewear market thus stands on the cusp of transformative growth, buoyed by its aging populace, changing lifestyle habits, and the allure of fashion—a market poised for opportunity and mindful of emerging disruptions..### Key Industry Titans in the Optical Market The optical market is a dynamic and competitive space where a select few companies have achieved dominant positions thanks to their broad product portfolios, strategic alliances, and powerful brand value. Here's an insight into some of the main players shaping the industry landscape: #### Luxottica: The Visionary Giant Luxottica is not just a major player but a synonym for eyewear itself. As a market leader, the Italian company stands out for its massive collection of licensed brands such as Ray-Ban and Oakley. With an aggressive vertical integration strategy, Luxottica not only manufactures but also retails eyewear, solidifying its hold over the industry. #### Safilo: Crafting Eyewear Excellence As another significant entity in the eyewear universe, Safilo rides on the back of history and heritage. With a rich portfolio that includes prestigious names like Dior, Hugo Boss, and Carrera, it has carved out a respected place for itself in the market. What distinguishes Safilo is its devotion to craftsmanship, design innovation, and passion for quality. #### Johnson & Johnson Vision: Contact Lens Connoisseur Moving away from the frames and towards subtler vision solutions, Johnson & Johnson Vision emerges as a pioneer in contact lens technology. The company underlines health and comfort, revolutionizing the contact lens segment and ensuring that it remains a staple in corrective vision care. #### Essilor: The Lens Specialist A French-based global player, Essilor, stakes its reputation as a leader in corrective eyeglass lenses. The company’s investment in research and technology has yielded a range of innovative lens solutions, cementing its reputation as a champion of vision correction. #### GrandVision: The Retail Revolutionary GrandVision redefines eyewear retail with its vast number of stores across various countries. As a company that manages a wide range of product assortments, from sunglasses to frames, to contact lenses, GrandVision caters to diverse customer needs under one roof, making it a one-stop-optical-shop. #### The Portuguese Innovators: Fora, Paulino Spectacles, Darkside, Poente Portugal has not stayed behind in the eyewear game, with local startups gaining international acclaim for quality and design. Brands like Fora and Paulino Spectacles are waving the flag for Portuguese eyewear, focusing on exclusivity and handcrafted quality. Darkside and Poente have also carved out their own niches, bringing fresh takes on traditional eyewear solutions, and evolving the 'Made in Portugal' brand in
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Summary and extracts

1 Market overview

1.1 Definition and presentation

The optical market includes articles and accessories used at eye level. Optical products can be used as a fashion accessory, for protection or to improve the user's vision.

The three largest categories in the eyewear industry are in fact:

  • The glasses;
  • The sunglasses;
  • Contact lenses.

The industry therefore includes all the players and processes involved in the design, production and marketing of eyewear. On a global level, promising market growth projections are expected. The ageing of the world's population and the increase in life expectancy around the world explain the forecasts, which point to a growing number of users. In developed countries, estimates are still rising, with about 70% of adults requiring corrective lenses. In addition, rising disposable income is expected to continue to drive the high-end segments of the eyewear industry.

For the Portuguese market, growth prospects are very optimistic. Indeed, between 2014 and 2019, 265 new opticians have opened their doors in the country. However, intensifying competition has led to increased aggressiveness in terms of offers and promotions, putting some small independent players in difficulty. Many have ended up integrating large groups or franchises: the percentage of opticians belonging to large chains has risen from 60% in 2005 to 95% in 2019. [ Opticapro ]

1.2 A growing global market

Global eyewear sales increased *.**% from $***.* billion in **** to $***.* billion in ****. The market is expected to grow even faster over the next three years, reaching $***.* billion in ****

Source: ****

Despite its relative maturity, the growing demand for eyeglasses has been driven primarily by the increase in cases of myopia and presbyopia related to ...

1.3 The Portuguese market is also expanding

Since ****, the Portuguese market for optical products has experienced substantial growth, bringing its overall sales in **** to *** million euros. A positive forecast is made for the following year, with an expected growth of *.*%.

Source: ****

In addition to the fact that it is the third oldest country in the European Union in ...

1.4 Unbalanced Foreign Trade

Value

World trade in eyewear products puts China at the top of the list of exporters (***). Portuguese eyewear exports represent only *.**% of total world exports and *.**% of total imports. In the graph below, we note that the amount of exports has recently experienced its first decline since ****, reaching US$** million in ...

2 Demand Analysis

2.1 Summary of the application

The eyewear industry has many sub-segments, a relevant distinction in the context of demand analysis is based on the purpose of eyewear :

Non-corrective use (***) Corrective use (***)

The proportion of the population benefiting from the product is undoubtedly a relevant variable influencing the current and future turnover of the industry. Nevertheless, there ...

2.2 Key Demand Factors

Corrective eyewear

Visually impaired population

In the eyewear market, the number of Portuguese people with optical disabilities is undoubtedly a determining variable. In Portugal, nearly ***,*** people over ** years of age suffer from moderate to severe vision loss or blindness [***]

New demographic realities

It is believed that the correction segment of the ...

2.3 Ranking of optical retailers in Portugal

Ranking of major retailers

Department stores and other retailers selling optical products

Source: ****

3 Market structure

3.1 Market organization and dynamics

The breakdown of the market into categories shows the importance of eyewear (***), which accounted for approximately **% of the national eyewear market in ****

Source: ****

Segmented global competition

Nevertheless, an under-segmentation of the eyewear industry is necessary in terms of competition, as some categories are more concentrated than others. Thus, breaking down global ...

3.2 Distribution channels not very varied

The domination of traditional canals

In ****, distribution throughout the eyewear industry was dominated by a single channel: optical stores. Traditional optical stores are losing market share in the non-corrective eyewear sector, but remain the leaders in the corrective eyewear segment. [***].

The category of non-corrective eyewear is undoubtedly experiencing greater fragmentation as ...

3.3 Market value chain

4 Analysis of the offer

4.1 Unequal sales volume depending on the offer

Sales volume in the different offers

As mentioned above, the segmentation by category identifies three main sectors within the eyewear industry:

Eyeglasses (***) Sunglasses Contact Lenses

In terms of volume, contact lenses dominate the landscape. A considerable part of this high volume is due to the popularisation of daily disposable lenses, driven ...

4.2 Competition at all levels

In the early ****'s, the Portuguese market was mainly focused on healthcare. Products were manufactured with little differentiation and consumers were not very loyal. The market consisted mainly of large chains such as Luxottica and Safilo, which reduced the possibility for new producers to prosper if they wanted to sell through ...

4.3 A large price gap

Prices vary considerably within the different product categories of the eyewear industry. Undoubtedly, products whose functional and conceptual meaning is intended to last longer have higher prices than products with limited use. The largest difference is observed between frames and contact lenses. It is estimated that about *** *** people in Portugal wear ...

4.4 New potential threats to the existing hierarchy

A number of social, demographic and economic factors are expected to influence market dynamics, both globally and nationally. However, most of the above-mentioned variables are expected to strengthen the eyewear industry (***), although a range of potential threats are developing that could indeed impact the evolution of the industry

Latest innovations

It ...

4.5 Supply trends

Customization

A trend that affects both corrective and non-corrective eyewear is the progressive impact of personalization on consumer purchasing habits. According to a study conducted by Deloitte As one in three consumers base their purchases on the ability to personalize a product, the trend affects all industries and is of particular ...

5 Regulation

5.1 Rules on the sale of all categories of eyewear products

Due to the particular nature of the product categories, all eyewear, whether worn for corrective or non-corrective purposes, is subject to specific and strict regulations at national and international level.

Decree-Law No ***/**** transposed the European directive ****/**/EC in Portuguese law. It lays down rules on the investigation, manufacture, marketing, putting into ...

5.2 Medical Benefits

Health expenditure also qualifies for a deduction from the WHT, regardless of the VAT rate. In this category, it is possible to deduct **% of the amounts paid, up to a maximum of EUR *,***, per household.

The health deduction covers a wide range of expenses. Consultations, surgical interventions, hospitalizations, treatments, medicines, prostheses, ...

6 Positioning of the players

6.1 Segmentation of players

  • Safilo Group
  • Essilor Luxottica groupe
  • Johnson & Johnson
  • CECOP

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Latest news

BBGR boosts Seine-et-Marne capacity by 30% to keep pace with growth in Nikon optical lenses - 30/03/2024
  • - BBGR is a subsidiary of EssilorLuxottica.
  • - The company has specialized in optical lenses for over 170 years.
  • - BBGR will increase capacity at its Provins site by 30% from April.
  • - The Provins site employs 235 people.
  • - The aim of this capacity increase is to meet strong demand for Nikon lenses, produced at Provins since 2016.
  • - Since 2016, volumes of Nikon lenses manufactured at Provins have increased 15-fold.
EssilorLuxottica passes the €25 billion sales mark - 15/02/2024
  • In 2023, the company spent 1.7 billion euros on R&D between 2020 and 2022, in particular to develop connected and/or hearing glasses. Before the summer, the company will inaugurate an optics laboratory (300 employees) in Wissous (Essonne). In the second half of 2024, its first hearing glasses will be marketed in the United States.
  • The product potentially concerns the 1.25 billion people affected by mild hearing loss.
  • To integrate a miniature hearing aid into a pair of glasses, the company acquired the Israeli start-up Nuance in 2022.
  • Its brand portfolio has expanded to include Moncler, Jimmy Choo, Brunello Cucinelli and Ferrari licenses.
  • 18,000 directly-operated stores in 150 countries, including 1,000 in France.
EssilorLuxottica integrates a hearing aid into its glasses - 09/01/2024
  • Launch of "Nuance" glasses that act as hearing aids.
  • Microphones camouflaged in the frames enable the wearer to concentrate on and amplify the voice of the person speaking
  • First equipment with virtually invisible hearing aids
  • While 1.6 billion people worldwide suffer from hearing loss, this figure is expected to rise to 2.5 billion by 2050
  • Nuance Audio glasses, which will be available in three models, will be sold by hearing aid practitioners, in EssilorLuxottica's distribution network (18,000 stores) and on the Internet.
  • Acquisition of Israel-based Nuance Hearing, which has developed a small tabletop device that amplifies sound
In the heart of the Meuse region, Essilor breaks records to produce special ophthalmic lenses - 11/08/2023
  • Essilor's SL Lab site merged in 2018 with Italian eyewear manufacturer Luxottica.
  • It employs 81 people in the special lenses production unit.
  • Each year, they produce around 80,000 ophthalmic lenses, half of which are shipped for export.
  • In France, around 1 in 1000 people suffer from extreme visual defects such as myopia or hyperopia.
  • It takes three years of compulsory training for employees to become autonomous.
  • Since the unit was set up in 2014, 300,000 special lenses have been produced.
Johnson & Johnson values its products at over $40 billion - 25/04/2023
  • Kenvue: new company resulting from the spin-off of Johnson & Johnson's (J & J) hygiene, beauty and consumer health division
  • J & J to own approximately 92% of Kenvue after IPO
  • Kenvue sales (fiscal year ending January 1): nearly $15 billion
  • Kenvue: over 22,000 employees, 25 manufacturing sites, operations in over 165 countries.
Optics: EssilorLuxottica accumulates records - 23/02/2023
  • Optical giant's sales to grow by 13.9% in 2022
  • North America, its leading market, grew by 4% at constant exchange rates, to almost 11.5 billion euros.
  • European momentum is even stronger: +11.2% to 8.7 billion euros
  • Asia remains solid

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Safilo Group
Essilor Luxottica groupe
Johnson & Johnson
CECOP

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