Plastic Eyewear Frames - Nigeria | Statista Market Forecast

In 2024, the revenue generated by the Plastic Eyewear Frames market in Nigeria is estimated to be US$311.60m.
The market is projected to grow annually at a rate of 12.66% (CAGR 2024-2029).
It is interesting to note that United States generates the most revenue in this market segment, with an estimated revenue of US$7bn in 2024.
In terms of per capita revenue, the estimated revenue generated per person in Nigeria in 2024 is US$1.36.
Looking ahead to 2029, it is expected that the volume of the Plastic Eyewear Frames market in Nigeria will reach 6.0m pieces.
This segment is also expected to demonstrate a volume growth of 3.3% in 2025.0.
The average volume per person in the Plastic Eyewear Frames market is projected to be 0.0pieces in 2024.
Nigerian consumers are increasingly opting for locally-produced plastic eyewear frames due to affordability and availability.

Definition:

The Plastic Eyewear Frames market only covers spectacle frames made from plastic. Frames for protective eyewear and safety glasses are not included.

Additional information:

The market comprises revenues, average revenue per capita, volume, average volume per capita, and price. Revenues are generated through both online and offline sales channels. Key players in the market are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Frames for spectacles and sunglasses

Frames for protective eyewar and safety glasses
Frame parts (e.g. screws, temples, nose pads)
Non-plastic frames

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.

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).