How Eyewear Market Is Positioned in Malaysia?
Eyewear products offered across the globe have become one of the most iconic consumer goods of the decade. People from diverse cultures and vast demographic differences are becoming consumers of the global eyewear market. 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.
Historically, a problem with eyesight warranted wearing heavy spectacles. However, 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. Earlier mere traditional reusable contact lenses were prevalent in the market and it was highly demanded. However, due to the lack of proper care of contact lenses in the long usage eye infections have become common that led to the introduction of frequent replacement lenses, daily and bi-weekly lenses in the country. Currently, frequent replacement lenses (FRP) are highly demanded in the country.
Which Type of Eyewear is Preferred the Most? Spectacles or Contact Lenses
In Malaysia both spectacles and contact lenses possess significant importance in the market among different age groups. However, in terms of revenue generation spectacles dominates the market with a share of ~% as of 2016. Certain factors that support the domination of spectacles in the country in 2016 were the elevated demand for prescription glasses, rising presence of branded optical goods stores and other similar factors.
The rapid expansion of branded optical goods stores offering spectacles in Malaysia depicts the growing demand for spectacles in the country. The local customers in the country are greatly attracted to the competitive pricing offered by the fast fashion brands with open concept stores, such as Whoosh Eyewear, eGG Optical Boutique and Owl Eyewear. In the challenging economic situation of the country, the competitive pricing of strategy of optical shops have gained a significant traction during the recent years. Korean fashion trends are followed by the people in Malaysia for choosing spectacles. People in Malaysia have a cautious spending behavior that leads them to choose spectacles over contact lenses. Owing to the increasing rate of myopia the customers for spectacles include all the age groups from children to senior citizens. Contact lenses are the best option for vision correction as it is worn right on the eye due to which the entire field of view is in focus and causes less vision distortions and obstructions than eyeglasses. The segment accounted for a share of ~ % in the year 2016 in the overall eyewear market of the country.
Wearing contact lenses has certain disadvantages. They are not suitable for all eyes. For some people it may reduce the amount of oxygen reaching the eye and can cause or increase the severity of dry eye syndrome. Similar other eye health issues caused by the contact lenses like red eye, corneal edema, infiltrates and others restrict large number of people from choosing contact lenses over spectacles.
Which Distribution Channel is Preferred the Most in Malaysia Eyewear Market?
Eyewear products are distributed in Malaysia through optical shops, department stores, apparel and footwear specialist retailers, pharmacies, supermarkets and hyper markets and online channels. Optical shops are the shops that exclusively stock eyewear products including frames, glasses, contact lenses, sunglasses and others. Optical shops are meant for aiding vision correction among the people. Optical shops are preferred the most by the customers in Malaysia as a buying channel for eyewear products. Major rationale behind the domination optical shops in terms of distribution is the professional consultation made available in the shop and the wide array of products and brands available. Optical shops in Malaysia also have optical consultation set up within the shop. They offer consultations by certified eye care practitioners. With such a facility, optical shops become a one stop shop for the customers which also are the most convenient channel. The consultation may be free of charge or may have a small fee. They held a share of ~% during the year 2016. Department stores are retail establishments that offer a wide variety of consumer goods including eyewear products. In a department store different product categories are offered under different departments. In Malaysia eyewear market department stores are the second most preferred channel of distribution. In 2016, department stores held a share of ~% in terms of revenue. People generally buy sunglasses from the departmental stores and the ticket size of the sunglasses offered by the departmental stores is lower in comparison to the optical shops.
Apparel and footwear retailers are also the ones who offer eyewear as add on product with their apparel and footwear collection. As of 2016, the channel held the third position in terms of preference by the customers for buying eyewear products. Due to the tough competition prevailing in the market, the channel also consistently held the same share in the market; a share of ~% from the past three years. Supermarkets and hypermarkets held one of the least shares of ~% as a distribution channel in the Malaysia Eyewear market. Supermarkets and hypermarkets also do not specialize in the eyewear products that limit variety in their products offerings. Generally the chemist shops or pharmacies do not stock eyeglasses or sunglasses. They often take up the order for the glass from the customer and provide it to an optical shop who delivers an optical glass according to the prescription to the chemist shops or pharmacies. Online channels have held the lowest share in the market in terms of revenue. It accounted for a meager share of ~ % in the market as of 2016. Though it held a lower share in the market, it is observed that its share have been gradually inclining over the years.
Which Type Of Contact Lenses Dominates The Market?
There are two major types of contact lenses available in Malaysia eyewear market; clear spherical contact lenses and clear toric contact lenses. Clear spherical lenses are the typical round shaped contact lenses. It is available in two forms one that corrects myopia and the other one is use to correct hyperopia. Myopia represents short-sightedness and hyperopia represents long-sightedness. The contact lenses market in Malaysia eyewear market is dominated by clear spherical lenses that accounted for a share of ~% in 2016. Such a clear domination can be owed to the rising rates of myopia and hyperopia in the country. During the period of 2011-2016, both myopia and hyperopia incidences has increased at an average annual rate of ~%.
What are the Major Trends and Issues in Malaysia Eyewear Market?
One among the major concerns of Malaysia is the increasing rate of aging population in the country. Apart from an increase in the aged population, the aged are also living longer as evidenced by an increase in life expectancy. A popular vision impairment that is caused by aging is Presbyopia which may not be permanently repaired through a vision correction surgery.
In the recent years, Malaysian customers are showing an increasing preference for open concept optical goods stores. Consumers in the country have started prioritizing a free shopping experience where they can touch, feel and try on spectacle frames to decide on the ones that suits their appearance without being approached and served by sales assistants.
In Malaysia, a shift in the fashion trends has been observed among the people in the recent years. People have started adopting Korean fashion trends in eyeglasses and sunglasses.
New technologies in the space of corrective eye surgeries have started to emerge in the Malaysia eyewear market. LASIK surgeries have gained a significant traction in Malaysia. Rapidly upgrading vision correction surgical technologies are expected to adversely affect the eyewear market and reduce the demand for prescription glasses, frames and contact lenses.
Greater usage of electronic gadgets and a rapid penetration of internet in Malaysia have induced the major companies operating in the country to start offering their products online.
How the Competition is prevailing in Malaysia Eyewear Market
Malaysia Eyewear market has been dominated by the increased demand for prescription glasses among the people owing to the rising rate of myopia, hyperopia and presbyopia. Hence, the top players in the market includes increasingly known for prescription glasses and contact lenses such as Essilor, Carl Zeiss, Hoya Corp., Johnson & Johnson and others. It is one of the highly competitive and highly potential markets for the global players. High rate of vision impairment problems and changing fashion trends in the country has attracted large number of foreign players to the market. Competition in the Malaysia Eyewear market is fragmented with the presence of a large number of players. The major players in the market include manufacturers and retailers. Manufacturers present in the market compete on the basis of the number of in-house and licensed brands, price range, product variants of each brand, type of glasses and other parameters. Retailers include optical shops that compete against each other on the basis of brands available in the shop, type of glasses offered, retail price, product variety, design of frames, type of glasses available in the store, sales and promotional activities and similar related features.
What is the Future Outlook for Malaysia Eyewear Market?
Malaysia eyewear market has been growing at a CAGR of ~% during the review period 2011-2016 and a similar growth trend is expected to be visible in the coming years also. The growth in the market during the forecast period is not expected to be outstanding but shall be stable owing to a certain supporting factors. Certain factors that shall drive market growth during the forecast period can be the increasing rate of myopia, rising rate of aging population, increased acceptance of contact lenses, stabilized demand for sunglasses and more. The sales and promotional strategies adopted by the major players in the market are expected to continue to be the stimulus for the customers to further be attracted to the eyewear products offered by them. Incidences of myopia are rising year on year in the country especially among the children aged below 10 years and among the youngsters, at a larger rate. The most preferred choice of spectacles among the Malaysians is expected to be influenced from Korean fashion trends during the forecast period raising the demand for sunglasses.
Companies Cited in the Report
List of Companies Companies Covered in the Report
Luxottica Group SpA
Hoya Corporation
Essilor International SA Major Players in Malaysia Eyewear Market
Johnson & Johnson Inc
Carl Zeiss
Key Factors Considered in the Report
Comprehensive analysis of Malaysia Eyewear Market and its segments
Listed major players and their positioning in the market
Identified major industry trends and developments in last few years and assessed the future growth of the industry
Government initiatives and regulations in Malaysia Eyewear Market
Product Portfolio of major players in Malaysia Eyewear Market
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