Published August 10, 2023
The ‘Latin America Eyewear Market Share, Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Latin America eyewear market, assessing the market on the basis of its segments like product, distribution channels, and major country.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Latin America Eyewear Market Price, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.1%
• Forecast Market Size (2028): USD 16.74 billion
The rising prevalence of various eye conditions and increasing elderly population in the region is expected to boost the Latin America eyewear market size. In recent years, there has been a sharp increasing in the incidences of ocular illnesses in Latin America, including cataract, myopia, and glaucoma. This can be attributed to the increasing use of digital screens, specifically cell phones, computers, laptops, and televisions.
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More consumers are preferring contact lenses over spectacles since contact lenses are more comfortable to use and are specifically made to address refractive faults including farsightedness, near sightedness, and astigmatism, which is boosting the eyewear market revenue growth. The demand for contact lenses in the eyewear market of Latin America is further bolstered by comfortable and greater visual access, including unrestricted peripheral and central vision.
Latin American nations are developing quickly, which has increased the disposable income of consumers, resulting in higher consumer spending on new fashion trends and better eye care products. The Latin America eyewear market value is projected to increase as a result of factors like increased sales of UV protective glasses to safeguard eyes from sun. The popularity of endurance sports has also increased the demand for a variety of sports accessories, including sports sunglasses.
Latin America Eyewear Industry Definition and Major Segments
Eyewear refers to protective or corrective devices that are worn over the eyes. Typically, eyewear can be worn for a variety of purposes, such as fashion, ornamentation, UV protection, and to improve vision. Depending upon the need and application, the materials and designs of the eyewear can vary. For vision impairment, dedicated eyewear is usually advised, while general products can be suited for other applications.
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Based on product, the market is segmented into:
o Breakup by Spectacles Type
o Breakup by Sunglasses Type
• Contact Lenses
o Breakup by Contact Lenses Type
On the basis of distribution channels, the market is divided into:
• Retail Store
• Online Store
• Ophthalmic Clinics
By country, the market is categorised into:
Latin America Eyewear Market Trends
The shifting lifestyle preferences of younger generations and rising use of expensive accessories are the key trends accelerating the Latin America eyewear market growth. The increased consumer demand for aesthetically pleasing eyewear has encouraged eyeglass manufacturers to focus on making fashionable and cost-effective eyewear. Manufacturers are launching new designs and patterns in an effort to quickly adapt to current fashion trends and attract fashion enthusiasts. The eyewear market in Latin America is benefiting from the continual efforts of leading market participants to acquire new customers and retain existing ones.
The proliferation of social media and e-commerce websites has further fuelled the expansion of the Latin America eyewear market by increasing distribution and accessibility. Eyewear companies are heavily promoting their products on well-known social media sites like Instagram, Twitter, and Facebook, which provide them the chance to analyse audience preferences and provide curated products. These platforms help companies employ cutting-edge marketing strategies like affiliate marketing and influencer marketing to improve their profitability as well as their reach.
Meanwhile, retail outlets are anticipated to account for a significant share of the Latin America eyewear market as they enhance the consumer experience by allowing customers to try on the products and connect with the vendors. Major players are also establishing new outlets, boosting partnerships, and making acquisitions to increase their market position in Latin America.
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
- Chilis Eyegear
- Mita Eyewear
- Marchon Eyewear, Inc.
- Precise Eyecare
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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