India’s eyewares market is expected to grow at least 20% to $1.8 billion by 2020, as eyewash makers and retailers continue to invest heavily in new products and introduce new models.
India’s eyeglass industry is expected at around $1 billion in 2020, according to the latest estimates by the India-based consultancy company, Vision Research.
The eyewashing sector is expected for an increase of 15% to 2.7% over the forecast period, according the research group.
Eyewash companies and retailers have been trying to attract shoppers to their products, especially in the wake of the Apple Watch, which is expected in the first half of 2020 to become a $1 trillion industry.
At the same time, some eyewas makers are struggling with their supply chains, said Vishal Kumar, a partner at Vision Research India.
“In India, the sector is highly fragmented and the industry is growing slowly,” Kumar said.
“If we continue to grow, we may see a slowdown in growth.”
Despite this, Vision research predicts that India will surpass the U.S. in the eyewearing industry by 2020.