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Latin America Eyewear Market Share, Size, Growth, Analysis, Forecast: By Product: Spectacles, Sunglasses, Contact Lenses; By Distribution Channels: Retail Store, Online Store, Ophthalmic Clinics; Regional Analysis; Market Dynamics; SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2023-2028
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 2023-2028, and the market is expected to reach a value of USD 16.74 billion by 2028. 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, Columbia, 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
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Distribution Channels |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Latin America
7 Opportunities and Challenges in the Market
8 Latin America Eyewear Market Analysis
8.1 Key Industry Highlights
8.2 Latin America Eyewear Historical Market (2018-2022)
8.3 Latin America Eyewear Market Forecast (2023-2028)
8.4 Latin America Eyewear Market by Product
8.4.1 Spectacles
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.1.4 Breakup by Spectacles Type
8.4.1.4.1 Frames
8.4.1.4.2 Lenses
8.4.2 Sunglasses
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.2.4 Breakup by Sunglasses Type
8.4.2.4.1 Plano
8.4.2.4.2 Prescription
8.4.3 Contact Lenses
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.3.4 Breakup by Contact Lenses Type
8.4.3.4.1 Toric
8.4.3.4.2 Multifocal
8.4.3.4.3 Sphere
8.5 Latin America Eyewear Market by Distribution Channels
8.5.1 Retail Store
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Online Store
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Ophthalmic Clinics
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Latin America Eyewear Market by Country
8.6.1 Market Share
8.6.1.1 Brazil
8.6.1.2 Mexico
8.6.1.3 Argentina
8.6.1.4 Columbia
8.6.1.5 Chile
8.6.1.6 Peru
8.6.1.7 Others
9 Regional Analysis
9.1 Brazil
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Mexico
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Argentina
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.4 Columbia
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.5 Chile
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.6 Peru
9.6.1 Historical Trend (2018-2022)
9.6.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Trade Data Analysis (HS Code – 9004)
11.1 Major Importing Countries
11.1.1 By Value
11.1.2 By Volume
11.2 Major Exporting Countries
11.2.1 By Value
11.2.2 By Volume
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Luxottica Group S.p.A.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Johnson & Johnson Vision Care, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Lema21 Eyewear
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Karün
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Chilis Eyegear
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Mita Eyewear
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Marchon Eyewear, Inc.
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Precise Eyecare
12.2.8.1 Company Overview
12.2.8.2 Product Portfolio
12.2.8.3 Demographic Reach and Achievements
12.2.8.4 Certifications
12.2.9 Others
13 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Eyewear Market: Key Industry Highlights, 2018 and 2028
2. Latin America Eyewear Historical Market: Breakup by Product (USD Billion), 2018-2022
3. Latin America Eyewear Market Forecast: Breakup by Product (USD Billion), 2023-2028
4. Latin America Eyewear Historical Market: Breakup by Distribution Channels (USD Billion), 2018-2022
5. Latin America Eyewear Market Forecast: Breakup by Distribution Channels (USD Billion), 2023-2028
6. Latin America Eyewear Historical Market: Breakup by Country (USD Billion), 2018-2022
7. Latin America Eyewear Market Forecast: Breakup by Country (USD Billion), 2023-2028
8. Major Importing Countries by Value
9. Major Exporting Countries by Value
10. Major Importing Countries by Volume
11. Major Exporting Countries by Volume
12. Latin America Eyewear Market Structure.
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 7.1% during the forecast period of 2023-2028.
The market is expected to reach a value of USD 16.74 billion by 2028.
The market is driven by the growing demand for prescribed eyewear among the elderly population due to the rising prevalence of eye disorders and the major players increasing the number of collaborations and acquisitions to build their market presence.
The increased usage of digital devices has surged the demand for prescribed spectacles and the rising prevalence of vision impairment can provide the market with development opportunities.
The countries in the market include Brazil, Mexico, Argentina, Columbia, Chile, and Peru, among others.
The products available in the market include spectacles, sunglasses, and contact lenses.
The eyewear market utilizes retail store, online store, and ophthalmic clinics.
The key players in the market include Luxottica Group S.p.A., Johnson & Johnson Vision Care, Inc., Lema21 Eyewear, Karün, Chilis Eyegear, Mita Eyewear, Marchon Eyewear, Inc., and Precise Eyecare, among others.
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