Summary

Eyewear culture in South America is diverse and influenced by various factors such as fashion trends, climate, lifestyle, and cultural preferences. Eyewear serves both functional and aesthetic purposes, and is considered an important accessory that complements one's overall look. Eyewear in South America is often seen as a fashionable and stylish accessory. People in South America tend to follow global eyewear trends and opt for modern and trendy frames. Popular frame styles include aviators, oversized frames, cat-eye frames, and rimless frames. Many South Americans, especially in urban areas, prefer designer eyewear brands for their premium quality and fashionable designs. Also, prescription eyewear is widely used in South America, with many people needing corrective lenses for vision correction. Prescription glasses and contact lenses are popular choices for those with visual impairments, and people tend to choose frames that not only fit well but also reflect their personal style. Due to the tropical climate in many parts of South America, sunglasses are considered a necessity for protecting the eyes from harmful UV rays. Sunglasses are commonly worn for outdoor activities, such as beach trips, hiking, and sports. Polarized lenses and UV protection are important features that people look for in sunglasses to protect their eyes from glare and sun damage. In addition to that, South America has a rich cultural diversity, and eyewear preferences may vary across different countries and regions. For example, in countries like Brazil and Argentina, fashion-forward and trendy eyewear styles are popular, whereas in countries like Bolivia and Peru, traditional and indigenous eyewear styles may be more prevalent. For instance, the """"Llamakuna"""" sunglasses from Bolivia, which are made from local materials like alpaca and wood, reflect the indigenous culture and craftsmanship of the region. South America is also known for its passion for sports, such as soccer, volleyball, and cycling. Therefore, sports-specific eyewear, such as sports sunglasses and goggles, are popular among sports enthusiasts in South America. These types of eyewear are designed to provide protection and performance benefits, such as UV protection, anti-glare features, and durability, to enhance the sports experience.

According to the research report, “South America Eyewear Market Outlook, 2028” published by Bonafide Research, the market is anticipated to add USD 5 Billion from 2023 to 2028. The countries in South 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. Rising sales of UV protective lenses to protect eyes from harm, for example, are expected to boost market value. The increased use of digital gadgets such as cell phones, laptops, and televisions has resulted in an increase in the number of cases of vision impairment. The increasing frequency of eye problems such as presbyopia and other types of vision impairment among South Americans is a major driver driving growth potential in the eyewear market. In South America, there is a wide range of eyewear options available at different price points to cater to diverse socio-economic backgrounds. While designer eyewear brands are popular among those who can afford them, there are also affordable and accessible options, including locally-made eyewear and non-branded frames, which are readily available in local markets. The increasing aging population is one of the major social transformations of the twenty-first century. At present, population aging is observed in most of the South 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 for eyewear. Additionally, higher disposable income is to blame for increased spending on eye health and new fashion trends. Customers are gravitating towards goods that provide greater night vision and are more comfortable for reading and computer use.

Based on the report, the market is segmented into Brazil, Argentina and Colombia. Among them, Brazil is leading the market with more than 55% share in 2022. Brazil Eyewear Market Share is being driven by significant development in product innovation as well as the introduction of new facilities. Furthermore, the release of numerous apps, together with the accessibility of eye testing at home, is hastening the industry's development. Brazil's eyewear market share is increasing as the country's population grows. On the back of rising consumer consciousness about the image and style of eyewear products, as well as an increase in the middle-class population, which is leading to increased consumer spending on fashion statements, potential demand projections for eyewear products in Brazil will proliferate in the coming years. Furthermore, increased consumer concerns about quality eye correction solutions, combined with expanding brand consciousness, are projected to assist the expansion of Brazil eyewear market. Awareness about eye health and the importance of vision correction can also impact the eyewear market in South America. Increased awareness about the benefits of wearing prescription glasses or sunglasses for UV protection can drive demand for eyewear products. Additionally, advancements in technology and healthcare, along with increased access to vision care services, can contribute to the growth of the eyewear market.

In recent years, there has been significant growth in ophthalmic disorders such as glaucoma, myopia, cataract, and others in South American countries. One of the key reasons for this is the increased use of digital screens such as televisions, computers, and mobile phones, which has resulted in an increase in the number of cases of vision impairment among the general population. It has been noticed that the use of visual aids, such as glasses and contact lenses, increases dramatically with age. This is mostly because senior people have a higher prevalence of visual problems such as myopia, hypermyopia, and age-related macular degeneration. For instance, according to the World Health Organization (WHO), in 2019, more than 25 million people in South American and Caribbean countries were affected by agerelated macular degeneration. The above factors, along with the changing lifestyle, increasing per capita spending, and changing consumer buying patterns in South America, would augment growth. At the same time, the introduction of technologically advanced spectacles and contact lenses by key players is expected to upsurge the demand for the products. The economic conditions in South America play a significant role in shaping the eyewear market. Factors such as GDP growth, disposable income levels, employment rates, and currency fluctuations can affect consumer purchasing power and demand for eyewear products. In periods of economic growth and stability, consumers may have higher purchasing power, leading to increased demand for eyewear. Conversely, during economic downturns or recessions, consumers may prioritize essential needs over discretionary spending, leading to decreased demand for eyewear.

On the basis of the distribution channel, the market is fragmented into hypermarket/ supermarket, speciality stores (optical stores), franchises/ company outlets, online stores and others (hospitals & clinics). The speciality store segment held a dominant share of the market in 2022. The dominance is attributable to the strategic collaborations and acquisitions made by major players in the retail sector. For example, Luxottica Group, one of the market's key participants, purchased Brazil-based ticas Carol, a significant optical franchisee with around 950 locations across the country, in January 2017. On the other hand, the online retailers segment is predicted to grow at a rapid pace due to the rising transfer of clients in metropolitan and capital areas to ecommerce platforms for product purchases. Distribution channels, such as brick-and-mortar stores, online retailers, and optical shops, can impact the availability and accessibility of eyewear products in the market. The growth of e-commerce and online retailing has transformed the eyewear market in South America, providing consumers with more options and convenience in purchasing eyewear products. Regulatory factors, such as import/export regulations, trade policies, and government regulations related to eyewear products, can also impact the eyewear market in South America. These factors can affect the supply chain, pricing, and availability of eyewear products in the market. Based on the gender segmentations, the market is categorized into men, women, unisex and kids.

According to the report, the market is segmented into various product types including spectacles, sunglasses, contact lenses and others. Among them, spectacles segment is dominating the market in 2022. Many consumers in South America require vision correction due to conditions such as myopia, hyperopia, and astigmatism. Spectacles are a popular and effective solution for correcting these vision problems. With a large population in South America, the demand for spectacles as a means of vision correction is significant, leading to their dominance in the market. Spectacles are generally more affordable compared to other types of eyewear such as contact lenses or sunglasses. This makes them a more accessible option for consumers, particularly those who may have budget constraints or limited access to eye care services in some regions of South America. The affordability factor makes spectacles a preferred choice for many consumers in the region. In some cultures in South America, wearing spectacles is socially accepted and even considered a status symbol. Many consumers in the region view spectacles as a sign of wisdom, intelligence, and maturity, which further drives their demand. Additionally, spectacles are often worn by people of all ages, including children, adults, and seniors, making them a versatile and widely accepted option for vision correction in South America.

Recent Developments:
• In September 2020, Essilor introduced its new generation of spectacle lens solutions called Stellest™ lens to fight against myopia. It was designed with the help of the company’s ‘Highly Aspherical Lenslet Target’ or HALT technology.
• In February 2019, Essilor International acquired majority stakes in a prescription laboratory named Indulentes. It is based in Ecuador. This will help the former to strengthen its presence in the country.
• In January 2019, The Cooper Companies Inc. acquired Blanchard Contact Lenses, Inc., a well-known and rapidly growing scleral lens company. The company was acquired due to its strong distributing network and brand position in North America, Europe (including Scandinavia), Central America, and South America.
• In May 2017, EssilorLuxottica announced the acquisition of Grupo Tecnol Ltda, a major player in the eye product industry. This acquisition helped the company to increase its presence in Brazil.

Companies mentioned in the report:
EssilorLuxottica, Johnson & Johnson, Inc, Safilo Group S.P.A., Bausch Health Companies Inc., The Cooper Companies Inc., De Rigo Spa, Marchon Eyewear, Inc., Hoya Corporation, Rodenstock GmbH, Silhouette Group, Zeiss Group, Marcolin SPA

Considered in this report
• Geography: South America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South America Eyewear market with its value and forecast along with its segments
• Country-wise Eyewear market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• Brazil
• Argentina
• Colombia

By Product Type:
• Spectacles
• Sunglasses
• Contact Lenses
• Other Product Type (Eye Care)

By Distribution Channel:
• Hypermarket and Supermarket
• Speciality Stores ( Optical Stores )
• Franchises/ Company outlets
• Online stores
• Others (Hospitals & Clinics)

By Gender:
• Men
• Women
• Unisex
• Kids

By Price Range:
• Premium
• Medium
• Low

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Eyewear industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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