The optical market - Portugal

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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• Number of pages : ~ 40 pages
• Format : Digital and PDF versions
• Last update : 30/06/2021

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