Eyewear Frames - Nigeria

Nigeria

In 2024, Nigeria's revenue in the Eyewear Frames market is expected to reach US$0.60bn, with an annual growth rate of 12.47% (CAGR 2024-2029).
It is worth noting that in the United States generates the most revenue in this market, with a forecasted revenue of US$10,160m in 2024.
In terms of per capita revenue, in Nigeria is expected to generate US$2.61 in 2024.
Looking ahead, the Eyewear Frames market is predicted to reach a volume of 13.1m pieces by 2029, with an estimated growth rate of 3.1% in 2025.
Furthermore, the average volume per person in the Eyewear Frames market in Nigeria is anticipated to amount to 0.1pieces in 2024.
These numbers demonstrate the potential for growth Nigeria's Eyewear Frames market in the coming years.
Nigeria's eyewear frames market is experiencing a surge in demand for locally-made, stylish frames with unique designs.

Key regions: Canada, Germany, United States, United Kingdom, Europe

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Analyst Opinion

Annual growth in the global eyewear market is expected to be robust over the next five years. Shifting consumer megatrends, transforming market structures and technological innovations are key drivers of this growth. Particularly, ageing is one of the most significant global demographic factors impacting eye care as the need for vision correction increases and becomes more complex as a person grows older. Additionally, increasing screen time especially among youngsters might cause more serious effects than previously thought, supporting the constant demand for preventive eye care.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on eyewear products, which include spectacle lenses, sunglasses, eyewear frames, and contact lenses that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Eyewear market, which is projected to grow steadily. The main drivers are GDP per capita, consumer spending per capita, and healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).