Latin America Eyewear Market Report and Forecast 2024-2032

Latin America Eyewear Market Outlook

The Latin America eyewear market size is expected to grow at a CAGR of 7.1% during the forecast period of 2024-2032, and the market is expected to reach a value of USD 22.02 billion by 2032. The market development is propelled by the growing demand for eye care services.

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Latin America Eyewear Market Trends

An eyewear is an accessory or protective device that is worn over the eyes. They are usually used for several reasons, including for fashion, adornment, protection against UV rays, and to improve vision. Some of the most common forms of eyewear include eyeglasses, sunglasses, contact lenses, or protective goggles. 

• The market is likely to expand exponentially owing to the growing ageing population. Elder people are more susceptible to vision impairment, presbyopia, ophthalmic disorders, or other complications related to eye health. Therefore, the eyewear market is expected to grow as the demand for solutions increases.

• The countries in Latin America are rapidly developing, which has increased the disposable income of people. Consumers are becoming more inclined to spend on new fashion trends and better eye health products. The factors, such as rising sales of UV protective lenses to protect eyes from damage are likely to enhance the market value.

• The surging utilisation of digital devices such as smartphones, computers, and televisions, has led to an increase in the number of vision impairment cases. The rising prevalence of eye disorders such as presbyopia, and other types of vision impairment, among the people of Latin America, is a major factor providing growth opportunities for the eyewear market.

Latin America Eyewear Market Analysis

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Based on product, the market can be segmented into spectacles, sunglasses, and contact lenses. In the product segment, spectacles can be further divided, by type, frames and lenses. Sunglasses can be further segmented into plano and prescription. Contact lenses also can be further divided into toric, multifocal, and sphere. Based on the distribution channels, it can be bifurcated into retail store, online store, and ophthalmic clinics. The countries for the Latin American eyewear market include Brazil, Mexico, Argentina, Colombia, Chile, and Peru, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin American eyewear market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Luxottica Group S.p.A.

• Johnson & Johnson Vision Care, Inc.

• Lema21 Eyewear

• Karün

• Chilis Eyegear

• Mita Eyewear

• Marchon Eyewear, Inc.

• Precise Eyecare

• Others

Spectacle Segment to Hold Major Market Share

The market for eyewear, based on product, can be bifurcated into spectacles, sunglasses, and contact lenses. Among these, spectacles are expected to hold a dominating position in the market. People are increasingly wearing glasses due to the increased time spent in front of a digital device. The rising number of cases related to vision impairment, myopia, and hypermetropia, among people is increasing the demand for vision correction devices and other eyewear.

In addition, the market value is likely to be propelled by the rising demand for sunglasses, owing to the presence of branded eyewear and increasing awareness and demand for protection against ultraviolet radiation and glare.

Distribution Channels in the Latin America Eyewear Market

Based on distribution channels, the market divisions include retail store, online store, and ophthalmic clinics. Among these distribution channels, the retail stores are expected to hold a major share of the market as they enhance customer experience by allowing the customers to try the products and let them engage with the retailers. Major players are also expanding their market presence by inaugurating new stores and increasing collaborations and acquisitions.

The online segment is expected to register a high growth rate during the forecast period, owing to the rising penetration of the latest network technologies and smart devices. Customers in more developed regions of Latin America and capital cities are increasingly inclining towards e-commerce platforms.

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Competitive Landscape of the Latin America Eyewear Market

Luxottica Group S.p.A. is one of the world’s largest companies in the eyewear industry. The company is headquartered in Milan, Italy, and it was founded in 1961. It is a leading company in the design, manufacture, and distribution, of various types of eyewear, including fashion, luxury, sports, and performance eyewear. The company has developed its portfolio to include more than 40 brands such as Ray-Ban, Oakley, and Prada, among many others.

Johnson & Johnson Vision Care, Inc. is a multinational company, headquartered in Florida, United States. The company is a part of the Johnson & Johnson Group, one of the world’s most broadly based healthcare companies. The company has been operating in the equipment manufacturing industry to develop innovative and effective eye care solutions. They have developed various treatment solutions and products for eye disorders, such as myopia, farsightedness, cataracts, and astigmatism. The company offers a wide range of eye health solutions with some major brands including Acuvue, Catalys, Veritas, and blink, among others.

Karün is a sustainable eyewear brand, based in Patagonia, South America. The company specializes in manufacturing eyewear frames with recycled materials. The company operates by cooperating with indigenous tribes, and local rural communities, and manufactures products that promote sustainability. The company provides their products to Chile, the USA, Canada, and Europe.

Other market players include Lema21 Eyewear, Chilis Eyegear, Mita Eyewear, Marchon Eyewear, Inc., and Precise Eyecare.

Key Highlights of the Report

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Latin America Eyewear Market Report Snapshots

Latin America Eyewear Market Size

Latin America Eyewear Market Trends

Latin America Eyewear Market Analysis

Latin America Eyewear Companies