OPTICAL RETAILING IN INDIA

The current size of optical retailing in India is estimated at Rs 2,700 crore, and is projected to grow over Rs 6,000 crore over the next five years.

The split by categories is: spectacles (80 per cent), sunglasses (18 per cent) and contact lenses (3 per cent).

The market for these categories is estimated to be growing at a CAGR of 18-20 per cent.

The usage of contact lenses is still limited to a small number of users. However, an increase in affordability is expected to drive the category growth.

The organised segment contributes to a small portion of the overall market. The turnover of the organised segment is estimated to be approximately Rs 350 crore to Rs 400 crore.

Within the organised segment, the share of sunglasses category is around 40 per cent.

Though department stores are a recent phenomenon, they already account for a third of organised sunglasses market in India.

he optical retail market is poised for a healthy growth of 18-20 per cent annually, from the current Rs 2,700 crore.

It is expected to more than double in the next five years and attain a size of Rs 6,000 crore.

The optical market is highly unorganised (83 per cent), but with the products coming in the ambit of lifestyle purchases. With fundamental changes in modern retail, the organised share within this category is likely to gain impetus in the coming years.

The contribution of branded sales to the overall optical retail market for the sunglasses category is significantly high (70 per cent).

The spectacleS market remains highly unbranded — only 20 per cent of the market is branded. One-fourth of the sales for spectacles are through opticians/doctors — this emerges as an important channel for any player entering into the spectacles category.

The market is predominately unorganised and the majority of outlets are located mainly in neighbourhood markets. Most shops are just about 350-400 sq ft.