Glasses & Contact Lens Manufacturing in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
NAICS 33911bCARevenue
$484.6m
Past 5-Year Growth
Profit
$XX.Xm
Employees
1,938
Businesses
104
Wages
$XXX.Xm
Glasses & Contact Lens Manufacturing in Canada industry analysis
The Glasses and Contact Lens Manufacturing industry in Canada produces eyeglass lenses, frames, and protective eyewear. Several of the industry's product segments are essential to the visually impaired, somewhat insulating the industry from economic downturns. While rising per capita disposable income has enabled consumers to increase expenditure on glasses and contacts, competitively priced imports satisfy a significant portion of consumer demand for industry products. Although COVID-19 hindered the overall economy, IBISWorld projects revenue to continue expanding as industry products are considered an essential health expenditure for many consumers. As a result, IBISWorld projects industry revenue will increase at an annualized rate of 3.7% to $484.6 million over the five years to 2023, falling 3.3% in 2023 alone.Moreover, the industry has experienced moderate revenue volatility, with the increasingly dominant position of imported industry products in the Canadian market damaging revenue stability. Conversely, factors such as the aging of the Canadian population and growth in public and private healthcare spending generate greater demand for ophthalmic goods. However, industry exports fell more than 20.0% in 2020 alone due to the pandemic. Moreover, industry imports account for over 70.0% of domestic demand over the past decade. Although imports pose a threat to domestic producers, new entrants and strategic distribution will support the industry. Moreover, some niche glasses and contact lens manufacturers have appealed to consumers by providing customizable eyewear with quick product turnaround. Consequently, IBISWorld expects industry profit to expand over the past five years.The industry will continue to benefit from the rising demand for optical products among the burgeoning elderly population. Moreover, the Canadian dollar is expected to depreciate over the five years to 2028, supporting domestic manufacturers to compete with foreign goods. In addition, new producers will continue entering the industry. Consequently, IBISWorld projects industry revenue will increase at an annualized rate of 5.3% to $628.2 million over the five years to 2028.
Trends and Insights
- Many opticians have expanded to include on-site lens laboratories, with many opticians also supplying their eyewear product portfolio by forming contracts with globally based-manufacturers. Overall, these trends have limited demand for glasses and contact lens manufacturers.
- Demand for eyecare professionals rises as more people obtain comprehensive insurance coverage, benefitting industry demand. Similarly, the aging Canadian population supports industry demand.
- The number of industry establishments per province highly correlates with provincial population levels. This is because glasses and contact lens manufacturers are typically located close to downstream wholesalers, which typically operate near densely populated areas where demand for ophthalmic goods is high.
- The emergence of more chain retailers and distributors will redirect traditional consumption to retail outlets instead of ODs. Mass merchandisers may have the leverage to negotiate low-cost supply contracts with industry manufacturers or purchase products directly from globally based manufacturers, contributing to this crucial transition.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 3.7 % over the past five years, to reach an estimated $484.6m in 2023.
Trends and Insights
The optical retailing landscape has changed over the past decade
- Many consumers have switched from independent optometrists (ODs) to e-tailers and other less specialized retailers such as big box retailers and grocery or convenience stores.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Favourable economic conditions will support industry performance over the next five years
- Increasing disposable income allows consumers to purchase industry-relevant products categorized as health expenses.
Biggest companies in the Glasses & Contact Lens Manufacturing in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Outlook Eyewear Canada Limited | 18.7 | N/A | N/A | |
Kits Eyecare Ltd. | 18.2 | N/A | N/A | |
CooperVision Inc. | 3.4 | 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 Contact lenses, Spectacle lenses made of glass and Spectacle lenses, excluding products made with glass. Contact lenses is the largest segment of the Glasses & Contact Lens Manufacturing in Canada.
Trends and Insights
Spectacles, goggles and corrective products's revenue share has declined due to the offshoring trend
- Spectacles, goggles and other corrective products, excluding sunglasses, make up the largest share of revenue for the industry
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Other Plastic Product Manufacturing in Canada
- Glass Product Manufacturing in Canada
Complementors
- Eyeglasses & Contact Lens Stores in Canada
- Optometrists in Canada
International industries
- Glasses & Contact Lens Manufacturing in the US
- Photographic and Optical Goods Manufacturing in Australia
- Medical & Dental Instrument Manufacturing in the UK
- Medical & Dental Instrument Manufacturing in Ireland
Table of Contents
About this industry
Industry definition
The Glasses and Contact Lens Manufacturing industry in Canada manufactures ophthalmic goods, including eyeglass frames, lenses and contact lenses. The industry also produces sunglasses and goggles and nonelectrical ophthalmic equipment including optometers, retinoscopes and ophthalmometers.
What's included in this industry?
Eyeglass frame (i.e. fronts and temples) manufacturingGlass and plastic eye manufacturingGoggle (e.g. industrial, safety, sun and underwater) manufacturingLens manufacturingLens coatingLens grindingLens mount manufacturingCorrective vision-type magnifier manufacturingSunglasses manufacturingCompanies
Outlook Eyewear Canada LimitedKits Eyecare Ltd.CooperVision Inc.Purchase this report to view all 4 major companies in this industry.
Related Terms
LASER EYE SURGERYLENS BLANKLENSOMETERMYOPIAORTHO-K LENSESPRESBYOPIAOPTOMETRISTOPHTHALMOLOGISTIndustry Code
NAICS 339110 - Glasses & Contact Lens Manufacturing 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
Many opticians have expanded to include on-site lens laboratories, with many opticians also supplying their eyewear product portfolio by forming contracts with globally based-...
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
Demand for eyecare professionals rises as more people obtain comprehensive insurance coverage, benefitting industry demand. Similarly, the aging Canadian population supports ...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
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
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
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
The number of industry establishments per province highly correlates with provincial population levels. This is because glasses and contact lens manufacturers are typically l...
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 emergence of more chain retailers and distributors will redirect traditional consumption to retail outlets instead of ODs. Mass merchandisers may have the leverage to neg...
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
There is no single company accounting for more than 5.0% of market share. As eyewear and contact lens can be produced more economically by foreign producers, the industry is ...
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 Outlook Eyewear Canada Limited's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Kits Eyecare Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of CooperVision Inc.'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 Outlook Eyewear Canada Limited, and factors influencing its performance in the industry
- Description and key data for Kits Eyecare Ltd., and factors influencing its performance in the industry
- Description and key data for CooperVision Inc., 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
All medical products in Canada, including eyeglasses and contact lenses, are subject to Health Canada's regulations. All medical products manufactured by industry producers a...
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
Cost structures vary among producers and is based on cost efficiency and automation. Patent infringement costs, product recall costs, company or division restructuring costs ...
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 Glasses & Contact Lens Manufacturing industry in Canada in 2024?
The market size of the Glasses & Contact Lens Manufacturing industry in Canada is $484.6m in 2024.
How many businesses are there in the Glasses & Contact Lens Manufacturing in Canada industry in 2023?
There are 104 businesses in the Glasses & Contact Lens Manufacturing industry in Canada, which has grown at a CAGR of 0.4 % between 2018 and 2023.
Has the Glasses & Contact Lens Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Glasses & Contact Lens Manufacturing industry in Canada has been growing at a CAGR of 3.7 % between 2018 and 2023.
What is the forecast growth of the Glasses & Contact Lens Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Glasses & Contact Lens Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the Glasses & Contact Lens Manufacturing market in Canada?
The biggest companies operating in the Glasses & Contact Lens Manufacturing market in Canada are Outlook Eyewear Canada Limited, Kits Eyecare Ltd. and CooperVision Inc.
What does the Glasses & Contact Lens Manufacturing in Canada include?
Eyeglass frame (i.e. fronts and temples) manufacturing and Glass and plastic eye manufacturing are part of the Glasses & Contact Lens Manufacturing industry.
Which companies have the highest market share in the Glasses & Contact Lens Manufacturing in Canada?
The company holding the most market share in Canada is Outlook Eyewear Canada Limited.
How competitive is the Glasses & Contact Lens Manufacturing industry in Canada?
The level of competition is high and increasing in the Glasses & Contact Lens Manufacturing industry in Canada.
