Posted On: 2020-11-25
Sunglasses and Spectacles acquired the largest revenue share in Nigeria Eyewear Market, in terms of its products - 6Wresearch
Owing to an increased demand for eyewear in Nigeria as a result of the ongoing awareness programs in the country, the Nigeria eyewear market witnessed moderate growth during the period 2016-2019. The rising developments in the IT Sector and technological advancements, along with increasing penetration of the internet are the major drivers for the eyewear market in Nigeria. However, the outbreak of the COVID-19 pandemic is anticipated to bring a slowdown in market revenues during the year 2020 as a result of supply chain disruptions due to the lockdown measures adopted in several countries across the globe as Nigeria eyewear market is dependent on imports majorly. Recovery is expected in market revenues post-2020, with a gradual opening of world economies and the market is anticipated to return to its normal growth trajectory in the upcoming years.
According to 6Wresearch, the Nigeria Eyewear Market size is projected to grow at a CAGR of 5.0% during 2020-2026F. On account of the rising awareness among the people of Nigeria for the importance of eye care and eyewear, underpinned by the rise in urban and young population, the market demand for sunglasses and modern eyewear is anticipated to flourish over the coming years as people living in urban areas tend to adopt modern ways of living with evolving fashion trends. Various upcoming projects like Lekki Free Trade Zone, Eko Atlantic, Mambilla hydroelectric, and many more would propel the demand for protective eyewear in Nigeria over the years to come.
According to Alpana Tyagi, Research Analyst, 6Wresearch, “Growing screen time has acted as a catalyst for the eyewear market in Nigeria. The increased use of the internet and social media, along with a rising number of mobile subscribers, has generated a good demand for the right eyewear in recent years across the country. This growth will directly influence the eyewear market as people in 15-64 age group are witnessing vision problems and thus, the demand for corrective glasses, spectacles, and contact lenses has been growing at a tremendous pace during recent years in the country.
The upcoming construction projects in Nigeria would further accelerate the growth of protective eyewear. Due to rapid urbanization in eastern Nigeria and western Nigeria, major growth in the eyewear market is anticipated from both of these regions.” Alpana concluded
According to Pragya Kapoor, Research Associate, 6Wresearch, “Increased consumer awareness and increasing demand of protection against the ultraviolet radiation, drives the growth rate of sunglasses in the Nigeria eyewear market. The rising preference for aesthetic products among the masses and rapid urbanization have led to the increasing adoption of trendy and designer spectacles and sunglasses as a means to enhance their appearances while protecting their eyes from damage.
Although spectacles accounted for a dominant share in the overall eyewear market revenues in Nigeria, faster growth is expected in the market demand for contact lenses over the forthcoming period as spectacle users are switching towards contact lenses owing to better aesthetic features and functionality of contact lenses.” Pragya concluded
According to Anmol Dhanju, Research Associate, 6Wresearch, “The offline channel garnered a major share in the Nigeria eyewear market in the past years and is anticipated to dominate the market over the coming years as well, since a major fraction of population in Nigeria living in suburban and rural areas prefer to buy eyewear after physically trying them and trust offline method of purchasing. However, faster growth is expected in the online mode of purchasing eyewear over the coming years as the online shopping spectrum has widened beyond retail goods and as a result, the consumers are using the internet for purchasing necessities like eyewear.
E-retailing and digital advertising have paced up around Nigeria and online marketing activities are being aggressively used by the top companies. Online advertising has helped the customers in the easy access of the products and the vendors are benefitted with the reduced operational costs. The factors like online sales and marketing will have a positive impact on the sales of eyewear through online distribution channel in the upcoming years. ”Anmol concluded
“Nigeria Eyewear Market (2020-2026F)” report provides an in-depth analysis with 23 figures and 5 tables, covered in 80 pages. The report estimates and forecast the Nigeria eyewear market by end-users, products, distribution channels and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.