Eyeglasses & Contact Lens Stores in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: August 2023
NAICS 44613CARevenue
$2.4bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
6,874
Businesses
2,366
Wages
$XXX.Xm
Eyeglasses & Contact Lens Stores in Canada industry analysis
The Eyeglasses and Contact Lens Stores industry in Canada sells eyeglasses, contact lenses, sunglasses, safety eyewear and optical accessories. Over the five years to 2023, the industry has benefited from favourable population demographics. The burgeoning elderly population has boosted the number of optometrist visits to address age-related eyesight issues. Meanwhile, changing fashion trends have hastened many consumers' replacement cycles and have caused a shift toward high margin, designer eyewear. Further, the industry has been relatively insulated from external competitors, such as online retailers that lack brick-and-mortar establishments and deliver directly to the customers via mail. Dispensing prescription glasses is highly regulated, as prescription glasses and contact lenses are considered medical devices in all provinces except British Columbia. In many provinces and territories, only optometrists and opticians can dispense prescription eyewear to consumers. As a result, it has been arduous for online retailers to comply with Canadian regulations, which has enabled industry operators to satisfy most of demand for eyewear.These online retailers have heightened competition and have pressured the industry over the past five years, limiting revenue growth. Despite offering essential products and services, disruptions caused by the COVID-19 pandemic led to depressed industry sales in 2020. However, economic recovery has benefited retailers since then. Revenue is expected to marginally fall at a CAGR of 0.4% to $2.4 billion over the five years to 2023, including an increase of 5.7% in 2023 alone. Industry profit is anticipated to decrease during the period, only partially recovering to pre-pandemic levels.Over the five years to 2028, industry revenue is forecast to grow at a CAGR of 3.0% to $2.8 billion, driven by growing demand for prescription eyewear from a rapidly aging population. Competing retailers, particularly online optical retailers, will likely continue to experience significant regulatory hurdles. As a result, the industry will likely garner high sales volumes. Strong consumer demand for luxury eyewear, coupled with more consumers visiting optometrists and more individuals being wary of prescription changes and online retailers, are anticipated to support revenue growth over the next five years.
Trends and Insights
- Industry revenue has declined slightly over the past five years, despite a growing elderly population driving growth. The COVID-19 pandemic, online competition and regulatory changes have all posed challenges, though physical stores and targeted geographical markets provide some insulation.
- The eyewear market can be segmented by customers' age groups. Each has distinct tendencies, with younger segments preferring contact lenses and brand-name products, and the older segments generating significant revenue despite refractive surgeries lessening the need for eyewear.
- Optical retailers are primarily located in densely populated provinces, such as Ontario, Quebec, British Columbia and Alberta, supporting a diverse customer base and leading to greater foot traffic, increasing sales and industry growth opportunities.
- The industry experiences moderate competition, with retailers vying for customers based on price, convenience, product quality, selection and marketing.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $2.4bn in 2023.
Trends and Insights
Growth in the elderly population has been a key revenue driver
- Eyeglass and contact lens retailers have capitalized on the growing elderly population. Age-related eye indeed ailments acted as catalysts to the number of consumers requiring glasses and contact lenses.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Economic recovery from the COVID-19 pandemic and the growing elderly population
- The industry is projected to see a positive recovery in the post-pandemic era.
Biggest companies in the Eyeglasses & Contact Lens Stores in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Luxottica Group SpA | 1,215.5 | 173.0 | 14.2 | |
New Look Vision Group Inc. | 307.8 | 15.3 | 5.0 | |
Hakim Optical Lab Ltd. | 108.8 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Prescription eyeglasses, Contact lenses and Nonprescription eyewear. Prescription eyeglasses is the largest segment of the Eyeglasses & Contact Lens Stores in Canada.
Trends and Insights
Prescription eyeglasses comprise the largest industry market share
- Despite challenges posed by online retailers, this segment has maintained its revenue share over the past five years.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Optometrists in Canada
- E-Commerce & Online Auctions in Canada
Complementors
- Glasses & Contact Lens Manufacturing in Canada
International industries
- Eyeglasses & Contact Lens Stores in the US
- Online Eyeglasses & Contact Lens Sales in the US
- Optometry and Optical Dispensing in Australia
- Optometry and Optical Dispensing in New Zealand
- Online Glasses & Contact Lens Retailing in the UK
Table of Contents
About this industry
Industry definition
Operators in the Eyeglasses and Contact Lens Stores industry in Canada sell eyeglasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens processing services. This industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrists’ offices.
What's included in this industry?
Prescription eyeglass retailing Contact lens retailing Sunglass retailing Optical accessories retailing In-house lens processingLens grindingCompanies
Luxottica Group SpANew Look Vision Group Inc.Hakim Optical Lab Ltd.Purchase this report to view all 4 major companies in this industry.
Related Terms
OPTOMETRIST ELECTRONIC DATA INTERCHANGE (EDI)POINT-OF-SALE (POS)AUTOREFRACTORCATARACT SURGERYIndustry Code
NAICS 446130 - Eyeglasses & Contact Lens Stores in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Industry revenue has declined slightly over the past five years, despite a growing elderly population driving growth. The COVID-19 pandemic, online competition and regulatory...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The eyewear market can be segmented by customers' age groups. Each has distinct tendencies, with younger segments preferring contact lenses and brand-name products, and the o...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Optical retailers are primarily located in densely populated provinces, such as Ontario, Quebec, British Columbia and Alberta, supporting a diverse customer base and leading t...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The industry experiences moderate competition, with retailers vying for customers based on price, convenience, product quality, selection and marketing.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Luxottica Group SpA is a leading global producer of sunglasses and prescription frames, with key brands including Ray-Ban and Oakley. The company aims to increase retail domi...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Luxottica Group SpA's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of New Look Vision Group Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Hakim Optical Lab Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Luxottica Group SpA, and factors influencing its performance in the industry
- Description and key data for New Look Vision Group Inc., and factors influencing its performance in the industry
- Description and key data for Hakim Optical Lab Ltd., and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Industry stores are adapting to increased competition by integrating advanced technologies and hiring licensed optometrists. Technological advancements in optical machines an...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Industry profit has declined over the past five years as COVID-19 significantly impacted retail operations. However, economic recovery is boosting sales and profits as consum...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Eyeglasses & Contact Lens Stores industry in Canada in 2024?
The market size of the Eyeglasses & Contact Lens Stores industry in Canada is $2.4bn in 2024.
How many businesses are there in the Eyeglasses & Contact Lens Stores in Canada industry in 2023?
There are 2,366 businesses in the Eyeglasses & Contact Lens Stores industry in Canada, which has grown at a CAGR of 1.2 % between 2018 and 2023.
Has the Eyeglasses & Contact Lens Stores industry in Canada grown or declined over the past 5 years?
The market size of the Eyeglasses & Contact Lens Stores industry in Canada has been declining at a CAGR of 0.4 % between 2018 and 2023.
What is the forecast growth of the Eyeglasses & Contact Lens Stores industry in Canada over the next 5 years?
Over the next five years, the Eyeglasses & Contact Lens Stores industry in Canada is expected to grow.
What are the biggest companies in the Eyeglasses & Contact Lens Stores market in Canada?
The biggest companies operating in the Eyeglasses & Contact Lens Stores market in Canada are Luxottica Group SpA, New Look Vision Group Inc. and Hakim Optical Lab Ltd.
What does the Eyeglasses & Contact Lens Stores in Canada include?
Prescription eyeglass retailing and Contact lens retailing are part of the Eyeglasses & Contact Lens Stores industry.
Which companies have the highest market share in the Eyeglasses & Contact Lens Stores in Canada?
The company holding the most market share in Canada is Luxottica Group SpA.
How competitive is the Eyeglasses & Contact Lens Stores industry in Canada?
The level of competition is moderate and increasing in the Eyeglasses & Contact Lens Stores industry in Canada.
