Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Global Latin America Eyewear Market Size was valued at USD 12.89 billion in 2022 and is projected to grow from USD 21.85 billion by 2030 exhibiting a CAGR of 6.9% during the forecast period. Leading Companies Forge Partnership Agreements to Increase Product Reach, Brazil Emerged as Prominent Revenue Hub Due to Favorable Government Initiatives
The market rise can be attributed to the increasing development of efficient and cost-effective products for customers owing to recent advancements in technology and the growing prevalence of ocular disorders.
This information is provided by Fortune Business Insights™ in its research report titled Latin America Eyewear Market, 2023-2030.
Key Industry Development-
- December 2021 – Alcon launched PRECISION1. The lens would be available in major markets throughout Asia and Latin America.
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Key Takeaways –
- Latin America Eyewear Market size in Brazil was USD 5.09 billion in 2022
- Growing Adoption of LASIK and Other Surgeries May Hamper the Product Demand
- The market growth in Latin America would be boosted by rising per capita spending and changing consumer buying patterns.
- The spectacles segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- Alcon (Switzerland)
- EssilorLuxottica (France)
- CooperVision (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Alcon (Switzerland)
- Carl Zeiss Meditec AG (Germany)
- Bausch Health Incorporated (U.S.)
- Safilo Group S.p.A (Italy)
- Ben & Frank (Mexico)
- INFINIT EYEWEAR TECNOLOGÍA DE SHOPIFY (Argentina)
- WILL BLOOM (Chile)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.9% |
| 2030 Value Projection | USD 21.85 Billion |
| Base Year | 2022 |
| Latin America Eyewear Market Size in 2022 | USD 12.89 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 147 |
| Segments covered | Product Type, Distribution Channel and Geography |
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Drivers & Restraints:
Growing Prevalence of Ocular Diseases in Latin America to Boost Industry Expansion
One of the major factors impelling the Latin America eyewear market growth is the soaring prevalence of ocular disorders in the region. The prevalence can be credited to the surging use of digital screens such as mobile, computers, and televisions.
However, the market expansion may be hindered by the increasing adoption of LASIK surgeries.
Segmentation:
By Product Type:
- Spectacles
- Frames
- Lenses
- Sunglasses
- Plano
- Prescription
- Contact Lenses
- Toric
- Multifocal
- Sphere
By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
Regional Insights:
Brazil Emerged as Prominent Revenue Hub Due to Favorable Government Initiatives
Brazil accounted for key country in the Latin America eyewear market share in 2022. The expansion can be attributed to the favorable government initiatives and the presence of major players. Increasing number of patients having their eye tests done in 2022 propelled the market growth in the country.
In terms of revenue, Mexico accounts for the second leading country. This is due to the presence of well-established healthcare infrastructure.
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Competitive Landscape:
Leading Companies Forge Partnership Agreements to Increase Product Reach
Major industry players focus on deploying various strategies for retaining their positions in the market. Several companies are forging collaborations and partnership agreements for increasing their geographical footprints. Other initiatives comprise mergers, partnerships, and the launch of new eyewear products.
FAQs
How big is the Latin America Eyewear Market?
Latin America Eyewear Market size was USD 12.89 billion in 2022. It is expected to reach USD 21.85 billion in 2030.
How fast is the Latin America Eyewear Market growing?
The Latin America Eyewear Market will exhibit a CAGR of 6.9% during the forecast period, 2023-2030.
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