The market offers items including eyeglasses, sunglasses, and contact lenses. There are numerous domestic and foreign competitors in this highly fragmented market. These items give eyesight correction and UVA and UVB sun ray protection. Due to growing knowledge of ocular disorders and the incidence of vision abnormalities, people now prefer to wear glasses.
According to SPER market research, ‘Brazil Eyewear Market Size- By Product, By Distribution Channel, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Brazil Eyewear Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The increased consumer awareness of the image and fashion of eyewear products is expected to fuel market expansion over the next years, and this is expected to result in significant growth for Brazil's eyewear market over the projection period. The considerable increase in sunglasses sales is attributed to the country's ageing population as well as a number of recent product introductions that are enticing consumers to choose high-end eyewear options and are anticipated to fuel the expansion of the Brazilian eyewear industry in the years to come.
The growth of new facility offers and product innovation is a major factor in Brazil's market share for eyewear. The proliferation of applications and the ease of at-home eye testing are both contributing to the industry's rapid expansion. Along with the country's population expansion, Brazil's market share for eyewear is rising. Due to expanding consumer awareness of the image and style of eyewear products, an escalating middle-class population, and rising consumer expenditure on fashion statements, it is anticipated that the market for eyewear products in Brazil will rise in the ensuing years. Additionally, consumers' increasing brand knowledge and concerns over high-quality vision correction products will undoubtedly aid in the growth of the Brazilian eyewear industry.
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However, the Brazilian eyewear market is facing challenges despite its potential for growth. One significant barrier is the availability of more affordable eyewear frames from local suppliers and manufacturers, which can compete with high-end sunglasses. This competition may hinder the market's revenue growth in the near future. Additionally, Brazil's high import tariffs have led to increased prices for luxury sunglasses and contact lenses, limiting their adoption in the country and affecting the overall sales income of the eyewear market. Furthermore, the lower prevalence of contact lens usage in Brazil contributes to the challenges faced by the market. Despite the growth potential driven by factors like rising consumer awareness and an aging population, these obstacles may restrict the market's expansion in the coming years.
Additionally, various local eyewear distributors and manufacturers offer more affordable and budget-friendly eyewear frames. The constrained adoption of luxury sunglasses in Brazil is also expected to adversely impact the market's revenue in the coming years. Predominantly, high import tariffs leading to increased prices for premium sunglasses and contact lenses are the primary reasons behind the restricted acceptance of such products in emerging economies. These aforementioned challenges, combined with a lower prevalence of contact lens usage, are foreseen to curtail the market's growth potential in the near future.
Moreover, some of the market key players are Absurda, Coastal, Gap, Grupo Tecnol Ltda, Safilo, Others.
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Sara Lopes, Business Consultant — USA
SPER Market Research