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Growing global market for eyewear
The current global demographic trend shows a growing population. The population growth projections vary per region, with higher growth rates in Latin America and Asia compared to Europe.
With an estimated 60% of the current global population requiring some form of vision correction, representing more than 4 billion people, there is a wide addressable global market for eyewear. Growth rates in Asia are especially high since the percentages of national populations needing eyesight correction are generally higher.
Ageing trend is favorable for GrandVision’s business
Ageing populations are more prone to visual disorders, stimulating the demand for vision correction and more complex solutions.
Between 2010 and 2030, the percentage of the population that is over 60 years old is expected to increase two to three times faster than the rate of global population growth. The growth of the elderly population in densely populated countries such as China and India is expected to accelerate the growth in demand for eyewear products in emerging markets. Consequently the number of individuals requiring eyesight correction and the demand for higher-value solutions such as multifocal rather than single-focal lenses is expected to increase.
Underpenetration of eyesight correction in emerging markets
There is a strong potential for the eyewear market to address the underpenetration of eyesight correction, particularly in emerging markets. Growth of the global eyewear market in the short to medium term is therefore expected to be strongly driven by emerging markets, given that these markets represent the vast majority of the proportion of the global population requiring prescription eyeglasses, while penetration in these markets is currently significantly lower than elsewhere.
The low penetration of prescription eyeglasses in emerging markets is partly the consequence of the fundamentally high price structure of the eyeglasses industry as well as the low density of quality optical stores, leaving a large portion of the population with limited access to eye care.
Emerging middle class with increasing need for vision correction
The size of the eyewear market and its development strongly correlate with economic development. As societies develop in emerging markets such as Latin America and Asia, the intrinsic need for eyesight correction and eye protection translates into active consumer demand. In a more developed society, the need for vision correction solutions becomes more acute as day-to-day activities such as reading, driving and the use of digital displays, as well as changes in labor and education conditions, require good eyesight.