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Latin America Eyewear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Spectacles {Frames and Lens}, Sunglasses {Plano and Prescription}, and Contact Lenses {Toric, Multifocal, and Sphere}), By Distribution Channel (Retail Store, Online Store, and Ophthalmic Clinics), and Regional Forecast, 2023-2030

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI104573



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The Latin America eyewear market size was USD 12.89 billion in 2022. The market is projected to grow from USD 13.71 billion in 2023 to USD 21.85 billion by 2030, exhibiting a CAGR of 6.9% during the forecast period.

Eyewear is an accessory designed for vision correction to protect eyes from debris, harmful radiations, and light. It includes spectacles, contact lenses, and sunglasses. They are widely used for vision correction or protection of eyes from UV lights and harmful particles. The increasing prevalence of ocular disorders, combined with recent technological advancements in this sector, has influenced several key players in this industry to develop cost-effective and efficient products for customers in the region. For instance, according to an article published in the Scientific Electronic Library Online (SciELO) in 2021, a survey by the Brazilian Geography and Statistics Institute has estimated that 3.6% or 7.2 million of the Brazilian population suffers from blindness or some form of visual impairment.

Furthermore, the changing lifestyle and modern fashion trends are set to influence the demand for attractive products. This is slated to propel the Latin America eyewear market growth during the forecast period.


Restricted Eyewear Product Demand Owing to Cancellation of Non-Essential Procedures Led to Negative Impact on the Market

The outbreak of the COVID-19 pandemic had an overall negative effect on the market. The lockdown measures imposed in several Latin American countries, including Brazil, Mexico, Argentina, and others, negatively impacted several industries including this market. Due to these measures, many medical organizations reported rescheduling or cancellation of non-essential ophthalmic procedures. They also recommended telehealth among healthcare professionals and patients to avoid physical contact and prevent coronavirus transmission.

  • According to an article published by Arq Bras Oftalmol in 2022, it was observed that in Brazil, the total number of patient visits to ophthalmic care decreased by 41.4% at the Hospital São Paulo Ophthalmic Emergency Room (ER), Brazil, during the pandemic.

Additionally, several market players registered a decline in their revenues in 2020 due to disturbances in supply chains, closure of retail stores, shopping malls, and ophthalmic clinics.  Postponement of elective and non-essential procedures, including eye check-ups. The market demonstrated strong growth in 2021 after the relaxation of COVID-19 restrictions. The market is expected to witness steady growth prospects over the forecast period (2023-2030).


Increasing Geriatric Population and Technological Advancements are the Vital Trends 

The increasing aging population is one of the major social transformations of the 21st century. Presently, population aging is observed in most Latin American countries and is one of the major risks for vision impairment or ophthalmic disorders. The aged population is more susceptible to numerous medical complications related to eye health. Hence, it would support the market growth. According to a 2022 article published by the Pan American Health Organization (PAHO), which is associated with the World Health Organization, the last census in 2017 reported 2,850,171 people over the age of 60 in Chile. It is estimated that by 2030 this figure is estimated to be 22.4% and in 2100 is projected to reach 36.6%.

The increasing disposable income is responsible for rising spending on eye health and new fashion trends. Customers are inclined toward products that provide better vision for night driving and are more comfortable for reading and computer use. Similarly, UV protective lenses prevent the eyes from damage caused by the sun's harmful UV A and UV B rays. The adoption of such advanced products is poised to drive the market growth over the coming years.

These are the key trends in the Latin American market.

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Rising Prevalence of Ocular Disorders in Latin America to Drive the Market Growth

In recent years, there has been a significant growth in ophthalmic disorders such as glaucoma, myopia, cataract, and others in Latin American countries. One of the major factors responsible for this is the rising usage of digital screens such as televisions, computers, and mobile, which has led to an increase in the number of vision impairment cases among the general population.

Generally, the usage of visual aids, namely, glasses and contact lenses, among people would grow significantly according to age. This is mostly due to the higher incidence of ocular disorders such as myopia, hyper myopia, and age-related macular degeneration among geriatric patients.

  • For instance, according to BMC Ophthalmology, in 2021, the prevalence of age-related macular degeneration (AMD) is demonstrated to increase with aging, varying from 1.5% -16.7% for ≥50, 15.1% for ≥60 years old, and 31.5% for ≥80 years old in Brazil.

The above factors and the changing lifestyle, increasing per capita spending, and changing consumer buying patterns in Latin America would favor the market growth. In addition, the introduction of technologically advanced spectacles and contact lenses key players is expected to escalate the demand for these products.   


Growing Adoption of LASIK and Other Surgeries May Hamper the Product Demand

 Despite the significant developments in technologies and designs, certain factors are limiting their adoption. One of them is the increasing adoption of LASIK and other surgical procedures for vision correction. The increasing number of ophthalmic surgical procedures is occurring due to the introduction of advanced technologies. Besides, the higher success rate of such surgeries compared to the products used to correct vision impairment would surge their popularity.

Furthermore, limited reimbursement policies and various side effects associated with the long term usage of these products may restrain the market growth in developed and emerging countries. As per an article published by the Scientific Electronic Library Online (SciELO) in 2021, analyzing the frequency of blindness and visual impairment in the central-west region of Brazil, approximately 1.1 million people worldwide experience vision loss primarily as they do not have access to eye care services. Over 90.0% of those people live in low- and middle-income countries (LMICs).

Such limitations for ophthalmic care are restricting the market growth.


By Product Type Analysis

Spectacles Segment Held a Dominant Market Share Owing to Growing Demand for Vision Correction

Based on product type, the market is segmented into spectacles, sunglasses, and contact lenses. The spectacles segment is further bifurcated into frames and lenses. The spectacles segment held the dominant Latin America eyewear market share in 2022. This was due to the rising prevalence of vision impairment, myopia, and hypermetropia among the general population, thereby leading to a higher demand for vision correction devices and products.

The contact lenses segment is divided into toric, multifocal, and sphere. The contact lenses segment is projected to register a significant growth rate over the forecast period. The expansion can be attributed to the rising shift of vision correction patients toward contact lenses due to their better aesthetic properties, ease of use, and functionality than traditional spectacles.

The sunglasses segment is further classified into plano and prescription sunglasses. The sunglasses are protective eyewear that prevents bright sunlight and high-energy visible light from damaging or discomforting the eyes. The rising adoption of sunglasses for enhancing physical appearance and eye protection is promoting the segmental growth.

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By Distribution Channel Analysis

Retail Store Dominated the Market Driven by Presence of Large Number of Stores in the Region

Based on distribution channel, the market is fragmented into retail stores, online stores, and ophthalmic clinics. The retail store segment held a dominant share in the market in 2022. The dominance is attributed to the rising investments, strategic collaborations, and acquisitions by key players in order to expand their businesses. In April 2023, Ben & Frank, a leading direct-to-consumer (DTC) brand, received an additional investment from the Latin America Fund of L Catterton. The investment helped to fuel Ben & Frank's continued growth and expansion across Latin America. Furthermore, the large number of retail stores across the region contribute to the segmental growth.

The online stores segment is expected to showcase a significant CAGR over the forecast period. This is owing to the increasing shift of customers in metropolitan and capital cities toward e-commerce platforms for purchasing products.


Based on geography, the market is divided into Brazil, Mexico, Argentina, Columbia, Chile, Peru, Ecuador, and the rest of Latin America.

Based on market size, Brazil dominated the market with a value of USD 5.09 billion in 2022. The growing demand of these products, the increasing initiatives by governments to enhance awareness, and the presence of key players in the country are expected to propel the market expansion. The increasing number of patients undergoing eye tests was responsible for the dominance of this country in 2022. Furthermore, Brazil and Mexico are countries were affected by age related macular degeneration.

Mexico is anticipated to be the second-largest leading country in terms of revenue. This growth is attributable to the presence of well-established healthcare infrastructure in the country for ophthalmic testing and examinations and the increasing cases of ocular disorders among the Mexican population.

Argentina and Columbia accounted for a substantial market share in 2022. This was due to the rising awareness about vision care and the increasing expenditure of individuals on premium and trendy products.


Diversified Product Portfolio and Strong Market Presence to Aid Alcon, EssilorLuxottica, CooperVision, Inc., and Other Companies to Gain Top Position

 In terms of the competitive landscape, the market is extremely competitive and reflects the presence of several players ranging from established to emerging. It includes major manufacturers such as Alcon, EssilorLuxottica, CooperVision, Inc., Johnson & Johnson Services, Inc., Bausch Health Incorporated, and Carl Zeiss. They possess a robust portfolio of products, including sunglasses and contact lenses, which accounted for a dominant share in the Latin America market in 2022.

These companies are gradually strengthening their market positions through various collaborations, acquisitions, and new product launches. For instance, in July 2021, EssilorLuxottica completed the acquisition of a 76.7% ownership interest in GrandVision from HAL Optical Investments. This added over 7,200 optical retail stores in over 40 countries, 37,000 employees, and an increase in annual revenue. Furthermore, it provided a strong presence in Europe and Latin America due to its 10,000 existing stores and several proprietary online platforms.

Other major players such as LentisPlus.Com, Safilo Group S.p.A, Ben & Frank, Leco.mx, Infinit.la, Weblens.com, and Willbloom.cl, are continuously focusing on developing advanced products and expanding their distribution channels across the region to establish their foothold in the domestic market.



  • April 2023: Ben & Frank, a leading Mexican eyewear brand, launched a new line of optical frames using Eastman Acetate Renew.

  • July 2022: Lentesplus acquired LIVO to accelerate its expansion to glasses and deploy its omnichannel strategy to the rest of LATAM.

  • July 2022: De Rigo and Gap collaboratively launched their first collection of Gap-branded eyewear. They underwent in partnership in 2021 to deliver a versatile and high-quality line of sunglasses and optical styles for adults and kids.

  • February 2022: CooperVision partnered with Plastic Bank to establish the first plastic-neutral contact lens. The deal involved 18 CooperVision subsidiaries in Europe and North America, with nine more in Asia, South America, and Europe slated to join in 2022.

  • December 2021: Lentesplus, an online contact lens retailer, acquired Newlentes, a Brazilian contact lens business, to enter the Brazilian market.


An Infographic Representation of Latin America Eyewear Market

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The Latin America eyewear market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, and distribution channel. Besides this, it offers insights into the market trends, highlights key industry developments, and gives an account of the COVID-19 impact. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth over recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.9% from 2023-2030


Value (USD Billion)


By Product Type, Distribution Channel, and Country

By Product Type

  • Spectacles

    • Frames

    • Lenses

  • Sunglasses

    • Plano

    • Prescription

  • Contact Lenses

    • Toric

    • Multifocal

    • Sphere

By Distribution Channel

  • Retail Stores

  • Online Stores

  • Ophthalmic Clinics

By Country

  • Brazil

  • Mexico

  • Argentina

  • Columbia

  • Chile

  • Peru

  • Ecuador

  • Rest of Latin America


Frequently Asked Questions

Fortune Business Insights says that the market size stood at USD 12.89 billion in 2022 and is projected to reach USD 21.85 billion by 2030.

In 2022, the market value stood at USD 12.89 billion.

The market will exhibit steady growth at a CAGR of 6.9% during the forecast period (2023-2030).

By product type, the spectacles segment will lead the market.

The increasing prevalence of ocular disorders and changing lifestyles in Latin America are the key factors driving the product demand.

Alcon, EssilorLuxottica, and Johnson & Johnson Services, Inc. are the top players in the market.

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