Spectacle Frame Market

The article provides a comprehensive overview of the global market for frames and mountings for spectacles, goggles, or similar products. It projects an upward consumption trend over the next eight years, with a forecasted increase in market volume and value. Key insights include data on consumption patterns, market performance, production trends, import and export statistics, and country-specific analyses. The report highlights the major players in the market, such as China, India, the United States, and Hong Kong SAR, and details the growth rates, volumes, and values for different types of frames and mountings. Overall, the article offers valuable information for businesses and stakeholders looking to understand and navigate the evolving market landscape.

Market Forecast

Driven by increasing demand for frames and mountings for spectacles, goggles or the like worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 825M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $12B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frames And Mountings For Spectacles, Goggles Or The Like

In 2022, global consumption of frames and mountings for spectacles, goggles or the like totaled 734M units, growing by 5.4% against 2021 figures. The total consumption volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the peak volume in 2022 and is expected to retain growth in the near future.

The global spectacle frame market revenue was estimated at $9B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (124M units), India (106M units) and the United States (91M units), with a combined 44% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +14.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.6B), the United States ($1.1B) and Indonesia ($698M) were the countries with the highest levels of market value in 2022, together accounting for 37% of the global market. France, Italy, Mexico, Japan, Germany, South Korea, Bangladesh, Nigeria, India and the Philippines lagged somewhat behind, together accounting for a further 28%.

Among the main consuming countries, India, with a CAGR of +11.6%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of spectacle frame per capita consumption in 2022 were Italy (569 units per 1000 persons), France (353 units per 1000 persons) and Mexico (288 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +13.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Frames And Mountings For Spectacles, Goggles Or The Like

In 2022, after three years of growth, there was decline in production of frames and mountings for spectacles, goggles or the like, when its volume decreased by -1.1% to 410M units. In general, production continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2015 with an increase of 65% against the previous year. Global production peaked at 598M units in 2017; however, from 2018 to 2022, production failed to regain momentum.

In value terms, spectacle frame production fell to $7.7B in 2022 estimated in export price. Over the period under review, production recorded a perceptible decrease. The pace of growth was the most pronounced in 2015 when the production volume increased by 23% against the previous year. Global production peaked at $9.7B in 2017; however, from 2018 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of spectacle frame production was China (200M units), comprising approx. 49% of total volume. Moreover, spectacle frame production in China exceeded the figures recorded by the second-largest producer, Hong Kong SAR (29M units), sevenfold. Bangladesh (22M units) ranked third in terms of total production with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to -5.0%. The remaining producing countries recorded the following average annual rates of production growth: Hong Kong SAR (-1.9% per year) and Bangladesh (+4.1% per year).

Imports

World Imports of Frames And Mountings For Spectacles, Goggles Or The Like

In 2022, supplies from abroad of frames and mountings for spectacles, goggles or the like increased by 5.5% to 631M units, rising for the second consecutive year after two years of decline. Overall, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, spectacle frame imports stood at $6.6B in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 31%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (109M units) and India (105M units) represented the major importers of frames and mountings for spectacles, goggles or the likein the world, together mixing up 34% of total imports. Hong Kong SAR (66M units) held the next position in the ranking, followed by Italy (53M units) and Mexico (38M units). All these countries together held near 25% share of total imports. Germany (27M units), France (26M units), Japan (24M units), the Netherlands (19M units), Thailand (13M units), the UK (12M units) and Spain (12M units) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +17.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.3B), Hong Kong SAR ($687M) and Italy ($643M) constituted the countries with the highest levels of imports in 2022, together comprising 40% of global imports. France, Germany, Japan, the Netherlands, the UK, Spain, Thailand, India and Mexico lagged somewhat behind, together comprising a further 29%.

Among the main importing countries, India, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, plastic frames and mountings for spectacles and goggles (327M units), followed by non-plastic frames and mountings for spectacles and goggles (291M units) represented the major types of frames and mountings for spectacles, goggles or the like, together achieving 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by plastic frames and mountings for spectacles and goggles (with a CAGR of +5.5%).

In value terms, plastic frames and mountings for spectacles and goggles ($3.5B) and non-plastic frames and mountings for spectacles and goggles ($3.1B) constituted the products with the highest levels of imports in 2022.

In terms of the main imported products, plastic frames and mountings for spectacles and goggles, with a CAGR of +6.0%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

The average spectacle frame import price stood at $10 per unit in 2022, waning by -3.7% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 27% against the previous year. As a result, import price attained the peak level of $14 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was plastic frames and mountings for spectacles and goggles ($11 per unit), while the price for non-plastic frames and mountings for spectacles and goggles amounted to $11 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by spectacle plastic frame (+0.4%).

Import Prices By Country

The average spectacle frame import price stood at $10 per unit in 2022, dropping by -3.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 27% against the previous year. As a result, import price reached the peak level of $14 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($17 per unit), while India ($1.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+8.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frames And Mountings For Spectacles, Goggles Or The Like

In 2022, the amount of frames and mountings for spectacles, goggles or the like exported worldwide contracted to 307M units, reducing by -2.9% compared with 2021. In general, exports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by 133% against the previous year. The global exports peaked at 522M units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, spectacle frame exports rose slightly to $6.3B in 2022. The total export value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Hong Kong SAR (86M units) and China (79M units) represented the largest exporters of frames and mountings for spectacles, goggles or the like in 2022, reaching near 28% and 26% of total exports, respectively. Italy (40M units) took the next position in the ranking, distantly followed by the United States (18M units). All these countries together took near 19% share of total exports. The following exporters - the Netherlands (11M units), Germany (10M units), France (5M units), Thailand (4.8M units) and South Korea (4.7M units) - together made up 11% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +16.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest spectacle frame supplying countries worldwide were China ($1.8B), Italy ($1.4B) and Hong Kong SAR ($1B), together comprising 68% of global exports. The United States, Germany, the Netherlands, France, South Korea and Thailand lagged somewhat behind, together accounting for a further 15%.

Thailand, with a CAGR of +14.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Plastic frames and mountings for spectacles and goggles was the main exported product with an export of about 183M units, which recorded 60% of total exports. It was distantly followed by non-plastic frames and mountings for spectacles and goggles (122M units), achieving a 40% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by plastic frames and mountings for spectacles and goggles (with a CAGR of -0.9%).

In value terms, the largest types of exported frames and mountings for spectacles, goggles or the like were plastic frames and mountings for spectacles and goggles ($3.4B) and non-plastic frames and mountings for spectacles and goggles ($2.9B).

Plastic frames and mountings for spectacles and goggles, with a CAGR of +6.4%, saw the highest growth rate of the value of exports, among the main exported products over the period under review.

Export Prices By Type

The average spectacle frame export price stood at $20 per unit in 2022, rising by 6.4% against the previous year. In general, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by 119% against the previous year. As a result, the export price reached the peak level of $26 per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was non-plastic frames and mountings for spectacles and goggles ($24 per unit), while the average price for exports of plastic frames and mountings for spectacles and goggles stood at $19 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by spectacle non-plastic frame (+9.0%).

Export Prices By Country

The average spectacle frame export price stood at $20 per unit in 2022, with an increase of 6.4% against the previous year. Over the period under review, the export price continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2014 an increase of 119%. As a result, the export price attained the peak level of $26 per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($35 per unit), while Thailand ($12 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform