Eyewear Market size is set to grow by USD 76 billion from 2022-2027

eyewear market size is set to grow by usd 76 billion from 2022 2027

The eyewear market size is estimated to grow at a CAGR of 7.9% between 2022 and 2027. The size of the market is forecast to increase by USD 76 billion.

Vendors: 15+, Including Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Essilor Luxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan among others.

Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors.

Segments: distribution channel (offline and online), product (eyeglasses, sunglass, and contact lenses), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

Eyewear market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Essilor Luxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan.

The increasing prevalence of vision disorders is the key factor driving the eyewear market growth. The primary factors for the growth are time spent playing video games, watching television, working in front of computers at the workplace and at home, and changing eating habits. Furthermore, Cataracts are one of the leading causes of vision disorders worldwide. There are various problems such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts with aging people. Approximately 5,000 cataract operations per million people are performed every year globally. Hence, the high prevalence of eyesight or vision-related disorders is expected to drive the demand for eyewear during the forecast period.

Major Trends

The utility of eyewear as a fashion product is a major trend shaping the eyewear market . The development of eyeglasses and sunglasses in new styles, shapes, sizes, colors, and structural orientations has rapidly increased. The eyewear manufacturers are focusing on the new development of these products. Furthermore, prescription sunglasses have gained immense popularity among customers, so they are maintaining two pairs of glasses. Young and baby boomer population bases have caught on to the trend of wearing fashionable and colored contact lenses. The development of special contact lenses that make eyes look bigger and shinier has also attracted a lot of attention among customers. Hence, these factors are expected to drive the demand for sunglasses to grow during the forecast period.

Significant Challenges

Lack of product awareness in low-income regions is a significant challenge restricting the growth of the eyewear market. A large part of the population in rural areas lacks awareness of the benefits of using eyewear. This is particularly in low-income economies, such as parts of Africa and APAC. Furthermore, the lack of players and promotional activities gives rise to a lack of product knowledge among target consumers. Thus, low product visibility and product information about the latest technological products is limited among consumers, which is expected to negatively affect the growth of the eyewear market during the forecast period.

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Canada is first country to require health warning on every cigarette

canada is first country to require health warning on every cigarette

On May 31, 2023, World No Tobacco Day, the Canadian government announced final regulations to require a health warning to appear directly on every cigarette, a world first. The announcement has received extensive international attention, and has been praised by the Canadian Cancer Society and other health organizations.

"A health warning on every individual cigarette is innovative and world precedent setting," says Rob Cunningham, Senior Policy Analyst, Canadian Cancer Society. "The measure means that health messaging will be conveyed with every cigarette and every puff, will be there during every smoke break, and will reach youth who experiment by borrowing cigarettes from a friend. This measure will reduce smoking and the appeal of cigarettes, thus preventing cancer and other diseases."

It is expected that many countries will follow Canada's example and adopt this measure, just as there are now more than 130 countries/territories that have required picture warnings for cigarette packages, following the Canadian precedent implemented in 2001. In many countries cigarettes are often sold individually without packaging – in these countries, warnings directly on cigarettes have the potential for even greater impact.

For the Canadian warnings directly on cigarettes, there will be 2 sets of 6 warnings, with sets changed in rotation. As illustrated in the mock-ups provided by the Canadian Department of Health ("Health Canada"), the warnings will appear on the filter end of the cigarette, with black text on a white background, in upper case letters, in both English and French. The implementation deadline for the first set will be April 30, 2024, at the manufacturer level and July 31, 2024, at the retail level for cigarettes that are 83-85 mm in length (which is the standard cigarette length internationally, and which in Canada is called "King Size" length) and April 30, 2025, at the retail level for cigarettes that are 70-73 mm in length. In Canada, King Size cigarettes represent 69% of the cigarette market (2021).

The new Canadian regulations will also enhance the health messages required on the outside and inside of packages. A new round of 14 picture warnings on the package exterior will be required to appear on 75% of the package front and back by April 30, 2024, with a second new set of 14 picture warnings to appear 24 months later. Enhanced messages on the package interior will also be required at retail by April 30, 2024. Canada first required health messages inside cigarette packages in 2001, either on an insert for flip-top packages, or on the "slide" of slide and shell packages. Today Canada remains the only country that has required a health warning on the package interior, in addition to the package exterior, with "slide and shell" now the only permitted format for cigarette packaging in the country.

The global trend in requiring picture warnings, warnings with increased size, and plain packaging, is outlined in the seventh edition of a report by the Canadian Cancer Society, dated October 2021. For plain packaging, which removes branded colours and logos, and uses a standard background colour for all brands (eg drab brown), there are now at least 25 countries/territories that have final requirements, beginning with Australia in 2012 and including Canada in 2019.

The World Health Organization reports that tobacco kills more than 8 million people each year, that 80% of the world's tobacco users live in low- and middle-income countries, and that in 2020 22.3% of the world's population used tobacco, including 36.7% of all men and 7.8% of the world's women. Smoking causes lung cancer, at least 15 other types of cancer, heart disease, stroke, emphysema, and many other health effects, including harms from second-hand smoke. In Canada, based on 2021 data, there are still 3.8 million Canadians who smoke, representing 12% of the population aged 12+. The Canadian government has set an objective of under 5% of Canadians using tobacco by 2035.

The Canadian Cancer Society works tirelessly to save and improve lives. We fund the brightest minds in cancer research. We provide a compassionate support system for all those affected by cancer, across Canada and for all types of cancer. As the voice for people who care about cancer, we work with governments to shape a healthier society. No other organization does all that we do to make lives better today and transform the future of cancer forever. Help us make a difference. In Canada, call 1-888-939-3333 or visit cancer.ca today.

US News Unveils the 2023 Best Cars for Teens

us news unveils the 2023 best cars for teens

U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2023 Best Cars for Teens. These awards recognize cars that score well in factors including dependability, reliability, crash prevention, available features, and are highly recommended.

Hyundai won the most awards in the Best New Cars for Teens categories, with four. Across the eight new-car categories, three of the winners are hybrids, which should appeal to climate- and budget-conscious teens. In the five used-car categories, four of the winners are hybrid vehicles. With two award wins, Hyundai also earned more Best Used Cars for Teens awards than any other brand.

"Each vehicle that won a Best Cars for Teens award offers strong crash test ratings and helpful active safety features, so there's a better chance of being protected if a collision occurs," said Jim Sharifi, managing editor of U.S. News Best Cars. "At the same time, these awards highlight the cars and SUVs that have teen driver controls, which can help new drivers hone their skills behind the wheel and lower the chance that they will be involved in an accident."

All 2023 Best New Cars for Teens are available with forward collision warning and forward automatic emergency braking, as well as lane-departure warning and lane-keep assist. All winners also have teen driver controls or available smartphone apps that send alerts when the car goes over a set speed or is driven outside a set time period or geographic area. These features allow parents to set limits for teen drivers and have an ongoing conversation with their teens about responsible driving habits.

About U.S. News Best Cars

Since 2007, U.S. News Best Cars, the automotive channel of U.S. News & World Report, has published rankings of the majority of new vehicles sold in America. Each year, U.S. News also publishes the Best Cars awards, including Best Vehicle Brands, Best Cars for the Money and Best Cars for Families. U.S. News Best Cars supports car shoppers throughout the entire car buying journey, offering advice for researching cars and finding cars for sale. U.S. News Best Cars had more than 61 million visitors over the past year, with the majority actively shopping for a car. More than 70% of active shoppers reported that U.S. News influenced their car-purchasing decision, saying that they trust our advice to be unbiased and that they would recommend our site to others.

About U.S. News & World Report

U.S. News & World Report is the global leader in quality rankings that empower consumers, business leaders and policy officials to make better, more informed decisions about important issues affecting their lives and communities. A multifaceted digital media company with Education, Health, Money, Travel, Cars, News, Real Estate, Careers and 360 Reviews platforms, U.S. News provides rankings, independent reporting, data journalism, consumer advice and U.S. News Live events. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.

SCI Partner with Donate Life America

sci partner with donate life america

Service Corporation International (NYSE: SCI), North America's largest provider of funeral, cemetery and cremation services, and its brand, Dignity Memorial®, is once again partnering with Donate Life America (DLA) to save lives through organ, eye and tissue donation. The company is the first Donate Life Platinum Partner and will contribute a $250,000 donation at the start of National Donate Life Month, which begins April 1.

This is the third consecutive year that SCI has contributed $250,000 to DLA, for a total to date of $750,000. Funds will be used for programs and initiatives designed to increase awareness of organ, eye and tissue donation and to improve the process of registering as a donor.

In addition to DLA, for the past 15 years, Dignity Memorial has been a sponsor of the Donate Life Rose Parade® Float. The company has honored the lives of 64 remarkable organ, eye and tissue donors through "floragraphs," portraits made of floral and natural materials, which are placed on the Donate Life float entry produced by the OneLegacy Foundation in the annual Tournament of Roses Parade. For families who participate in this program, it is an indescribable experience, which often provides hope, healing and comfort in their grief journey.

"It's our mission to celebrate the significance of life and to honor the lives of organ, eye and tissue donors and the gifts they have given," said Jay Waring, SCI Senior Vice President and Chief Operating Officer. "We are honored to again partner with Donate Life America's vision to increase the number of donated organs, eyes and tissues available to save and heal lives through transplantation."

"National Donate Life Month is the annual observance intended to rally our communities and partners to raise awareness about donation and to encourage others to register as organ, eye and tissue donors. We also take this time to honor those that have saved lives through the gift of donation," said DLA President and CEO, David Fleming. "Dignity Memorial's work this April leading efforts to celebrate National Donate Life Month in their communities across the country is another powerful way they honor the gift of life that donation makes possible and we are grateful for their continued partnership and support."

Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of funeral, cemetery and cremation services, as well as final-arrangement planning in advance, serving more than 600,000 families each year. Our diversified portfolio of brands provides families and individuals a full range of choices to meet their needs, from simple cremations to full life celebrations and personalized remembrances. Our Dignity Memorial® brand is the name families turn to for professionalism, compassion, and attention to detail that is second to none. At December 31, 2022, we owned and operated 1,474 funeral service locations and 490 cemeteries (of which 303 are combination locations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico.

Donate Life America (DLA) is a 501(c)3 nonprofit organization leading its national partners and Donate Life State Teams to increase the number of donated organs, eyes and tissues available to save and heal lives. DLA manages and promotes Donate Life℠, the national brand for the cause of donation; motivates the public to register as organ, eye and tissue donors; provides education about living donation; manages the National Donate Life Registry at RegisterMe.org; and develops and executes effective multi-media campaigns to promote donation.