Saudi Arabia Eyewear Market is Expected to Represent Highest Incremental Opportunity Revenue of USD 2110.98 Million By 2030 | IGR

The Eyewear Industry in Saudi Arabia is experiencing a remarkable surge, driven by evolving consumer preferences, growing awareness about eye health, and the changing dynamics of the Saudi population. A recently released market research report, titled "Visionary Perspectives: Navigating the Growth Trajectory of Saudi Arabia's Eyewear Market," sheds light on the factors shaping the present and future of the eyewear industry in the Kingdom. The Saudi Arabia eyewear market was valued at USD 1,334.42 Million in 2022 and is expected to reach USD 2110.98 Million by 2030 and grow at a CAGR of 4.38% over the forecast period.

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The Eyewear Boom:

The eyewear industry in Saudi Arabia is witnessing continuous growth, fueled by the increasing demand for premium-quality eyewear products, particularly among the youth population. The annual sales of eyewear products are on the rise, driven by a heightened awareness of sun ultraviolet rays and glare, prompting a surge in demand for various types of sunglasses.

Moreover, eyewear manufacturing companies are strategically focusing on the women's segment, capitalizing on the newfound freedom and active consumer behavior post a change in leadership. This shift has unleashed a demand for luxurious products among women, a demand that was restrained in previous years.

Challenges in Eye Health:

Saudi Arabia, with an estimated population of approximately 32.6 million, faces eye health challenges attributed to factors such as climatic conditions, changing lifestyles, growing industrialization, and urbanization. The proliferation of electronic visual devices further compounds eye problems, affecting a significant portion of the population.

According to research by medical healthcare institutes, 1.5% of Saudis suffer from blindness, 7.8% from visual impairment, 7% of all Saudis, and 42% of those aged 40 and above have cataract issues, and 3.5% of the population suffers from corneal scars. The adoption of eyewear devices, such as spectacles and contact lenses, is crucial in addressing these eye health concerns.

Healthcare Initiatives and Saudi Vision 2030:

Recognizing the impact of eye health on the nation, Saudi Arabia has made significant investments in its healthcare sector, with eye health receiving considerable attention. The Saudi Vision 2030 initiative, aiming to diversify the economy and enhance private sector participation, includes a focus on healthcare, especially eye health. The government's pro-investment stance has positioned Saudi Arabia as a top-tier market for eye healthcare services.

Growing Awareness and Infrastructure:

A key driver of the eyewear market is the growing awareness among the population, facilitated by government media campaigns and philanthropic organizations. The expansion of health insurance coverage further supports the demand for modern eye healthcare services, translating into a growing eyewear market.

Premium Quality and Luxurious Demands:

With prosperity on the rise, Saudi nationals exhibit a penchant for premium quality products. The influx of international brands, frequent product launches, and growing competition contribute to increased awareness among the youth. The demand for premium quality and luxurious eyewear products is flourishing, reflecting the affluent lifestyle of Saudi consumers.

Challenges:

Despite the industry's growth, challenges persist, such as the lack of eye health infrastructure in rural areas. Concentration of healthcare facilities in urban centers leaves a gap in addressing the continuously growing healthcare issues, especially eye problems, in the larger part of Saudi Arabia.

Opportunities:

The Saudi government's commitment to healthcare development, as evidenced by the "Saudi 2030" vision and the National Transformation Program (NTP) 2020, presents significant opportunities. The aging population, expected to grow rapidly, offers a promising market for the eyewear industry in the coming years.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Eyewear Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Eyewear Market

Chapter 4. Saudi Arabia Eyewear Market by Product

4.1. Spectacles

4.2. Contact Lenses

4.3. Sunglasses

4.4. Others

Chapter 5. Saudi Arabia Eyewear Market by Material

5.1. Plastic

5.2. Glass

5.3. Polycarbonate

Chapter 6. Saudi Arabia Eyewear Market by Distribution Channel

6.1. Online Stores

6.2. Retail Stores

Chapter 7. Saudi Arabia Eyewear Market by End-User

7.1. Men

7.2. Women

7.3. Unisex

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia Eyewear.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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