Efforts taken by the Ministry of Health and the major players in the country to educate Malaysians about the prevention of eye diseases, increased incidences of myopia and hyperopia and premiumisation of eyewear products were the key driver of eyewear market growth in Malaysia during the review period.
The report titled “Malaysia Eyewear Market by Type (Spectacles and Contact Lenses), By Sunglasses and Eyeglasses and By Sales Channel – Outlook to 2021” by Ken Research suggested a positive CAGR in terms of revenue in eyewear market in the next 5 years till 2021.
In Malaysia, eyewear products always had a significant importance owing to the increased rate of vision impairments in the country. Malaysia has blindness and visual impairment rates that are comparable with other countries in the South East Asia region. Cataract and uncorrected refractive errors, though readily treatable, are still the leading causes of blindness in the country. Hence, there always had been a high demand for prescription glasses. Over the course of time, the consumer preferences and behaviors has also evolved. By passing time the designs, models, materials and lot more have upgraded and changed to a notable manner. The eyewear companies have consistently analyzed, researched and identified the gaps and problems with existing products and its features. Contact lenses were introduced in the country as part of these up-gradations. Currently, frequent replacement lenses (FRP) are highly demanded in the country.
Malaysia is one among the countries in the world where the vision impairments like myopia, hyperopia and presbyopia are rising at an alarming rate. Largely, owing to the increased demand for prescription glasses the eyewear market in Malaysia has grown at a CAGR of 6.4% during the review period 2011-2016. There is also a significant demand for sunglasses in the country. Malaysians are highly price conscious due to which the major players in the country offer branded eyewear products at discounted and affordable prices. Moreover, the optical shops in the country hold sales and promotional activities to attract a larger lot of Malay customers and also to accommodate the evolving consumer behavior, many optical shops have refurbished their existing store layouts to an open concept store layout.
Both, contact lenses and prescription glasses are demanded highly in the country and the major reason portrayed behind such a demand is the increasing optical prescriptions among the Malaysians. Currently, an uncertain economic condition is prevalent in the country. The price of consumer goods are increasing and the monthly household consumption expenditure for Malaysia increased from MYR ~ in 2014 to MYR ~ in 2016 which grew at ~% per annum. This trend is expected to reduce the consumer spending on products like eyewear in the near future.
Key Topics Covered in the Report:
Malaysia Myopic Populations
Market Share Luxottica Malaysia
Sunglasses Industry Malaysia
Sunglasses Brand Share Malaysia
Sunglasses Brand Share Malaysia
Malaysia Hyper Myopic Population
Photo-Chromic Lenses Demand Malaysia
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications