Eyewear in Brazil

Eyewear in Brazil continues to grow but still offers further potential

The Brazilian eyewear market is currently the seventh biggest globally, but, being a complex and logistically fragmented retail environment in a region with strong social disparities, it offers great growth potential as it is still only the 18th country in the per capita consumption ranking. This report analyses the impact of demographic changes in Brazil as well as the economic policy and consumer dynamics that shaped this market in recent years, as well as data-based future prospects until 2024.

Eyewear recovery continues with a third consecutive year of growth after the economic crisis

Since 2017 eyewear has been performing positively in current value terms in Brazil, recovering some of the lost sales of the two previous years, when the GDP also registered negative growth. Even with the reversion to a positive growth path, the effects of the crisis are still being felt and a large number of people remain unemployed.

Luxottica increases concentration with the acquisition of Essilor and Óticas Carol

Even though there are a vast number of brands present on the market, the number of companies owning these brands is gradually becoming more concentrated among a few international manufacturers. Luxottica is the main player globally, which not only has the biggest portfolio but also some of the most important brands, and it also expanding its leadership in Brazil with the acquisition of important companies such as Essilor and Óticas Carol.

Optical shops channel continues to dominate eyewear distribution in Brazil

The regulatory environment in Brazil only allows optical shops to sell prescription lenses, which is the main reason behind the dominance of this channel. However, with the increasing relevance of the fashion element in the eyewear industry, emerging channels such as e-commerce and apparel and footwear specialist retailers are increasingly selling spectacle frames and sunglasses.

Modest forecast period performance will be limited by weak macroeconomic environment

The major potential offered by the Brazilian market is still being negatively impacted by the consequences of the recent economic slowdown. Important indicators, such as low consumer confidence and high unemployment rates, continue to have a direct impact on consumption of unnecessary items such as sunglasses or new stylish spectacle frames.

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