Marketing Management: Assignment 1

MARKETING MANAGEMENT
ASSIGNMENT 1
OPTICAL INDUSTRY
TYPES OF OPTICAL PRODUCTS
Eyewear consists of items and accessories worn on or over the eyes, for fashion or adornment, protection against the
environment, and to improve or enhance vision.
CONTACT LENSES
SPECTACLE LENSES AND

FRAMES SUNGLASSES
MARKET OVERVIEW
• The Indian eyewear industry is witnessing a renewed prominence across both the developing as well as developed
economies. The increasing proliferation of advanced eyewear models in the former will create a pathway for upgraded living
standards, whereas, in advanced nations, the market is characterized by product innovations, exports, and increased
productivity.
• Global demand of eyewear market will continue to be driven by spectacles, on grounds of the fact that spectacles covered
55 per cent of the overall revenue in 2016. The onset of the third millennium has witnessed a plethora of trends and styles,
eyeglasses being no exception.
• The global eyewear market has been experiencing a reinstatement of the yesteryears, which is evident from the changing
consumer inclination toward round glasses, cat-eyed frames and asymmetrically structured sunglasses. Also, the gradual
shift of eyewear as a tool of protection to fashion accessory has led to the industry constantly coming up with new styles
and trends in sunglasses.
• India’s eyewear segment, once a near stagnant market, has today been converted into one of the fastest growing retail
sectors in the country. In 2016, the Indian eyewear market was estimated to be around Rs 8,400 crore. Further, the sector
is projected to grow to Rs 12,600 crore in the coming years.
• While unorganized stores handle most of the prescription eyewear, the organized market is set to grow much faster at 15
per cent CAGR. Talking about the growing organized eyewear sector, the Indian market accounts for 1% of the world’s
• The organized eyewear market in India – although much smaller than the unorganized sector – is expected to draw Rs
1,700 crore of business over the next four years. Almost 80 per cent of this market is for spectacles, while the remaining
20 per cent are accounted by sunglasses. These figures shed light on the immense potential of the market for a brand like
John Jacobs which – through its organized stores – is educating the consumer and bringing in the much-needed
transparency that the eyewear industry lacks.
WORLD SHARE AND MARKET SHARE
• Indian eyewear market is growing at a CAGR of 30%. It is likely to reach around rs.43000 crore by the end of 2020. Global
eyewear market is growing at a CAGR of 20%. The organized eyewear market in India – although much smaller than the
unorganized sector – is expected to draw Rs 1,700 crore of business over the next four years.
• Almost 80 per cent of this market is for spectacles, while the remaining 20 per cent are accounted by sunglasses. Global demand
of eyewear market will continue to be driven by spectacles, on grounds of the fact that spectacles covered 55 per cent of the overall
revenue in 2016. The onset of the third millennium has witnessed a plethora of trends and styles, eyeglasses being no exception.
• The global eyewear market has been experiencing a reinstatement of the yesteryears, which is evident from the changing consumer
inclination toward round glasses, cat-eyed frames and asymmetrically structured sunglasses. Also, the gradual shift of eyewear as a
tool of protection to fashion accessory has led to the industry constantly coming up with new styles and trends in sunglasses.
• “Per capita consumption has increased 5X over last 5 years because people want to now buy multiple eyeglasses and multiple
sunglasses. Modern day changing lifestyles entails individuals to purchase sunglasses, lenses and frames according to the ongoing
fashion trends.”
• As per analysis, about 20 percent of world's population is aged 50 and above. As per WHO estimation, globally more
than 285 million individuals are visually impaired where 246 million have low vision and 39 million are blind. Also,
Shalini Gupta from Titan Eye plus maintained that more and more consumers have started to own two pairs of
spectacles leading to increased consumption per consumer.
• While this category is still developing and gaining strength with time, we are affirmative about its growth in the near
future with more players entering the segment, offering newer and trendier eyeglasses to the discerning consumers.
• Exposure to global trends, changing lifestyles and higher disposable incomes has enabled Indian urban consumers to
spend on premium and luxury sunglasses, but he is also value- conscious and strives to make sensible purchase decision.
• Ongoing fashion trends coupled with a shift in consumer lifestyle will support the industry growth. Consumers’
transition from health to fashion conscious has spurred demand for luxurious and branded products. Increasing
spending on luxury eyewear owing to rising disposable income will favour product demand over the forecast period.

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MARKETING MANAGEMENT

SPECTACLE LENSES AND

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