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In a country like India where there are more than 132.42 crore people living, there would be millions of people who have eye-related problems and who need to wear spectacles daily to conduct their daily activities. Then there are aging people who need to wear the reading glasses; wear spectacles after their cataract operations; vision impairment issues. All this indicates that there would always be demand for spectacles in the market. In this article, we will discuss Spectacle Frames Manufacturing Business and its Compliances in India.
The urban market in the recent years, of course, has seen people shifting to expensive, designer and stylized frames and eye-wear. The market is evolving too with many new types of machinery and innovative techniques being discovered to help create more spectacular and sophisticated eyewear for the consumers. Most of the branded eyewear spectacles in India today are unisex. Also, the fact that people in urban areas do not mind spending a good amount of money on branded frames helps the overall industry.
Spectacle Frames Manufacturing sells not only at showrooms now, but they also sell at online websites too. There are also some good brands that make amazing frames for the Indian market. This does not mean that local or new start-up companies cannot flourish in this business because there exists a big gap between demand and supply in the market today.
Indian market is growing at a rate of 30% CAGR whereas the global eyewear industry stands at 20% CAGR.
The reason behind the high rate of growth in the country is because of greater disposable income with Indian households, growing awareness amongst consumers, more and more people are having eye related problems and eyewear has now become more a fashion and lifestyle statement.
The Indian optical market was valued at Rs. 8400crore approximately in 2016 and it is estimated to touch Rs. 12600 crore very soon. Of this, about 80% of the value is for the Spectacle Frames Manufacturing market. The organized eyewear market is growing at 15% CAGR annually.
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