The ‘Latin America Eyewear Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the Latin America eyewear market, assessing the market on the basis of its segments like products, distribution channels, and countries.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Latin America Eyewear Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 7.1%
• Forecast Market Size (2032): Nearly USD 16.74 billion
A major factor driving the Latin America eyewear market is the increasing usage of smartphones, computers, and other digital devices. This is leading to a rise in myopia, dry eye, and other vision impairment conditions. Students and working professionals spend extended time in front of screens, which is surging the demand for glasses that can reduce eye strain, decrease screen glare, provide protection against blue light and UV radiations, and lower the risk of developing eye-related issues.
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The rising demand for spectacles among all age groups is another crucial factor aiding the Latin America eyewear market growth. The growing prevalence of issues like myopia and hypermetropia positively impacts the market. Spectacles are the most affordable and convenient type of eyewear, which attributes to their large market share. Meanwhile, contact lenses are witnessing an increased demand among individuals who find wearing spectacles a hassle.
The growing demand for sunglasses is another factor that fuels the Latin America eyewear market growth. This region is known for its warm climate and high sun exposure, which drives the demand for sunglasses to protect the eyes from UV rays. Latin America is also a popular tourist destination and is home to several beaches, which further bolsters sales of sunglasses. Moreover, sunglasses are widely used as a trendy and fashionable accessory, hence adding to the market.
The increasing construction of retail stores and strategic acquisitions and collaborations between various eyewear companies drive the market growth. Changing consumer preferences, rising disposable incomes, a rise in fashion consciousness, rapid urbanisation, and an increase in the middle-class population have also fuelled the expansion of the Latin America eyewear market. Besides, the increasing number of online eyewear stores makes it easier for consumers to buy different types of products from the comfort of their homes. The development of digital clinics further eases the accessibility to eye checkups, further aiding the market demand.
Latin America Eyewear Industry Definition and Major Segments
An eyewear is a protective or corrective device worn over the eyes for protecting eyes against blue light and UV rays or to enhance vision. There are multiple types of eyewear such as eyeglasses, sunglasses, contact lenses, or protective goggles. Glasses are one of the most popular types of eyewear.
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On the basis of product, the market is classified into:
• Spectacles
o Frames
o Lenses
• Sunglasses
o Plano
o Prescription
• Contact Lenses
o Toric
o Multifocal
o Sphere
Based on distribution channels, the market is segmented into:
• Retail Store
• Online Store
• Ophthalmic Clinics
On the basis of country, the market is divided into:
• Brazil
• Mexico
• Argentina
• Columbia
• Chile
• Peru
• Others
Latin America Eyewear Market Trends
A key trend propelling the growth of the Latin America eyewear market is an increase in the geriatric population in the region. Older people witness a gradual decline in the vision quality and they are more prone to develop conditions like cataract, glaucoma, and macular degeneration, which requires the usage of prescription glasses or contact lenses. Presbyopia is a common condition that affects the geriatrics an it becomes difficult for them to focus on nearby objects or texts. This is driving the demand for reading glasses as they provide a practical solution to older people who want to maintain visual acuity.
An increase in disposable income is another crucial trend that fuels the Latin America eyewear market. This, coupled with the increasing focus to maintain optimal eye health, is driving the sales of high-quality and trendy eyewear. Furthermore, the growing trend of sustainability is expected to boost the development of eyewear that uses sustainable, bio-based, and ecofriendly materials.
The rising number of ophthalmic clinics is another crucial trend that influences the Latin America eyewear market growth. Such clinics enhance the accessibility to comprehensive eye examination as and boost the availability of a wide range of eyewear and contact lenses.
Brazil accounts for a significant share of the market due to rising demand for eyewear. Several initiatives taken by the Brazilian government to raise eye health awareness are also expected to positively influence the market. Moreover, the growing popularity of online platforms that offer home trials and virtual try-on tools of eyewear to consumers is adding to the market. Meanwhile, Mexico also holds a considerable market share owing to the growing focus on eye health, rising incidences of ocular disorders, and the surging preference for trendy eyewear among the young population.
Key Market Players
The major players in the Latin America eyewear market report are:
- Luxottica Group S.p.A.
- Johnson & Johnson Vision Care, Inc.
- Lema21 Eyewear
- Karün
- Chilis Eyegear
- Mita Eyewear
- Marchon Eyewear, Inc.
- Precise Eyecare
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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