Latin America Eyewear Market to Record 6.9% CAGR from 2023 to 2030; Higher Risk Of Ophthalmic Or Vision Impairment Disorders Amongst Geriatric Population To Propel Market Growth

The Latin America eyewear market size stood at USD 12.89 billion in 2022. The market value is slated to rise from USD 13.71 billion in 2023 to USD 21.85 billion by 2030 at a CAGR of 6.9% during 2023-2030. Fortune Business Insights™ presents this information in its report titled “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”.

The market expansion is driven by the changing trends in fashion and lifestyle, which are set to boost the demand for attractive products. Eyewear constitutes sunglasses, contact lenses, and spectacles, which are protecting eyes from harmful particles and UV lights.

Postponement of Eye Check-ups Affected Industry Expansion during COVID-19 Pandemic

The COVID-19 pandemic led to a drop in the revenues of several industry players. This was due to the shutdown of shopping malls, retail stores, and ophthalmic clinics, the postponement of elective procedures, and disturbances in the supply chain. These factors constituted a negative impact on industry expansion.

L Catterton Invested in Ben & Frank to Boost its Expansion in Latin America

In October 2021, Ben & Frank secured a strategic investment from L Catterton’s Latin America fund. The deal was inked between the two companies for accelerating its expansion and growth in Latin America and Mexico. 

According to Ben & Frank, the investment signified its robust momentum and the innovative approach of the entire team. The company would debut new markets and open new stores under its expansion plans.

Market Value to Surge Owing to Rising Geriatric Population and Technological Advancements

The Latin America eyewear market growth is being propelled by the increasing geriatric population in the region. This age group exhibits a higher risk of ophthalmic or vision impairment disorders. This is set to impel the demand for eyewear, boosting industry expansion in the region.

In addition, the rising disposable income of the population in the region has led to an escalation in eye health expenditure, propelling the demand for advanced products. Customers are depicting a growing preference for products that are more comfortable for computer use and reading and offer better vision for night driving.

However, the industry expansion may be hindered by the numerous side effects associated with the long term deployment of these products.

Major Industry Players Launch New Products to Sustain Market Competition

Leading companies deploy an array of strategies and focus on the launch of numerous products for strengthening their positions in the market. These comprise partnerships, collaborations, and an increase in research activities. Besides, companies are keen to participate in trade conferences for enhancing their business prospects. These initiatives are being adopted by companies for expanding product reach and increasing their geographical footprints.

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https://www.fortunebusinessinsights.com/latin-america-eyewear-market-104573

List of Key Players Profiled:

• Alcon (Switzerland)
• EssilorLuxottica (France)
• CooperVision (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Bausch Health Incorporated (U.S.)
• Carl Zeiss Meditec AG (Germany)
• Safilo Group S.p.A (Italy)
• Ben & Frank (Mexico)
• INFINIT EYEWEAR TECNOLOGÍA DE SHOPIFY (Argentina)
• WILL BLOOM (Chile)  

Key Industry Development

December 2021 – Alcon announced the rollout of PRECISION1. The contact lenses were designed for addressing common reasons associated with the discontinued use of the product in the first three weeks. Some of these reasons included handling issues, poor comfort, and poor vision.

Further Report Findings

• Brazil held a dominant position in the Latin America eyewear market share in 2022. This was due to the escalating number of patients undergoing eye tests.
• Mexico holds the second-largest value in the market. This comes in light of the rising cases of ocular diseases in the country.
• Columbia and Argentina held a substantial share in the market in 2022. This was mainly on account of the growing awareness regarding vision care. Furthermore, these countries exhibit a rising expenditure on trendy and premium products, which favors industry expansion.
• On the basis of product type, the market is fragmented into contact lenses, spectacles, and sunglasses. The spectacles segment registered a major market share in 2022 and is poised to record notable growth over the estimated period. The surge is driven by the growing demand for vision correction products and devices.
• Based on distribution channel, the Latin America market for eyewear is subdivided into ophthalmic clinics, retail stores, and online stores. The retail store accounted for a key share in the market in 2022. The growth is driven by the increasing investments by pivotal players for business expansion.

Table of Segmentation