Latin America Eyewear Market Report and Forecast 2024-2032

According to the report, the Latin America eyewear market is projected to grow at a CAGR of 7.1% between 2024 and 2032. Aided by the rising awareness of visual health and the surging prevalence of eye conditions, the market is expected to reach a value of USD 22.02 billion by 2032.

Eyewear comprises products used to aid or enhance visual acuity, including glasses, sunglasses, and contact lenses. They serve the dual purpose of improving vision and protecting the eyes from harmful UV rays. Beyond their utilitarian function, eyewear has grown into a fashion statement, with many consumers opting for various designs and styles that complement their aesthetic preferences.

According to the Latin America eyewear market analysis, the increasing prevalence of visual impairments, such as myopia, hyperopia, and astigmatism, has notably accelerated the demand for corrective eyewear in Latin America. Urbanisation, longer screen time, and lifestyle changes are leading factors contributing to the deteriorating eye health of the populace. Furthermore, with the rising awareness of the harmful effects of prolonged exposure to electronic screens, there's a growing preference for protective eyewear equipped with blue light filters.

Simultaneously, the fashion-forward nature of Latin American consumers is propelling the sunglasses segment. Sunglasses, once deemed merely as a sun-protective accessory, have now established their ground as an indispensable fashion item. Renowned international brands and designers have tapped into this market, bringing a plethora of choices in terms of designs, materials, and lens technologies.

Another segment witnessing growth is contact lenses. The younger population, especially, is inclined towards contact lenses for aesthetic reasons and the convenience they offer over traditional spectacles. Innovations in this segment, such as daily disposables, silicon hydrogel lenses, and coloured contact lenses, further influence the Latin America eyewear market outlook.

Additionally, the rising economic power of the Latin American middle class is contributing to a shift in consumer behaviour. This demographic now demonstrates a willingness to invest in premium eyewear products, perceiving them as a blend of necessity and luxury.

However, the eyewear market is not just riding on consumer trends. Technological advancements are playing an integral role in boosting the Latin America eyewear market growth. Progressive lens technology, for instance, offers a seamless transition for users with presbyopia. At the same time, advancements in lens coatings, like anti-reflective, anti-scratch, and water repellent, are enhancing the durability and user experience of the products.

Market Segmentation

The market can be divided based on product, distribution channels, and country.

Market Breakup by Product

• Spectacles

o Frames
o Lenses

• Sunglasses

o Plano
o Prescription

• Contact Lenses

o Toric
o Multifocal
o Sphere

Market Breakup by Distribution Channels

• Retail Store
• Online Store
• Ophthalmic Clinics

Market Breakup by Country

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Latin America eyewear market. Some of the major players explored in the report are as follows:

• Luxottica Group S.p.A.
• Johnson & Johnson Vision Care, Inc.
• Lema21 Eyewear
• Karün
• Chilis Eyegear
• Mita Eyewear
• Marchon Eyewear, Inc.
• Precise Eyecare
• Others