Colombia Eyewear Market Overview, 2028

Eyewear in Colombia has a significant cultural impact and is often viewed as a fashion accessory that complements one's personal style. In fact, many Colombians consider eyewear to be an essential fashion accessory, similar to shoes or handbags. The Colombian eyewear market offers a wide range of options for consumers, from budget-friendly styles to premium designer brands. Furthermore, Colombia's climate and lifestyle also play a role in the eyewear market. The country's sunny climate and outdoor lifestyle have created a high demand for sunglasses, which are considered an essential accessory for protection against UV rays. Moreover, Colombia has become a popular destination for medical tourism, including for eye surgeries and treatments. This has led to an increase in demand for eyewear products, including prescription eyeglasses and sunglasses. In addition, the popularity of sports, particularly outdoor sports such as cycling, hiking, and running, is on the rise in Colombia. This has led to an increase in demand for sports eyewear, including sunglasses with specialized lenses that protect against UV rays and glare. In addition, Anti-fog and anti-reflective coatings are becoming more popular in Colombia, especially for sports and outdoor activities. These coatings reduce glare and improve vision in challenging environments, such as humid or low-light conditions. According to the research report "Colombia Eyewear Market Overview, 2028," published by Bonafide Research, the Colombia Eyewear market is expected to grow at more than 7% CAGR from 2023 to 2028. Colombia has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has resulted in a rise in demand for luxury and high-end eyewear products. Furthermore, Colombia is experiencing rapid urbanisation, which has led to an increase in the number of people living and working in cities. This has resulted in a rise in demand for eyewear products, particularly among urban professionals who spend long hours in front of digital screens. Moreover, the rise of social media platforms like Instagram has made it easier for consumers to stay up-to-date with the latest eyewear styles and brands, and this is driving the demand for fashionable and trendy eyewear products. In addition, 3D printing is being used to produce customised eyewear frames that are tailored to the unique facial features and preferences of the wearer. This technology allows for greater design flexibility and speed, as well as reduced production costs. Furthermore, digital eye exams are becoming more common in Colombia, allowing individuals to get their vision tested remotely through a smartphone or computer. This technology can provide accurate and efficient vision testing, and it is especially useful for people who live in remote areas where access to eye care services may be limited.

Based on product type, this market can be segmented into spectacles, sunglasses, contact lenses, and others. Among them, Spectacles segment has highest market share in 2022.Spectacles are available in a variety of styles, colours, and shapes, allowing consumers to customize their eyewear to their personal taste and preferences. This makes them a popular choice among fashion-conscious consumers who want to make a statement with their eyewear. Furthermore, spectacles are generally comfortable to wear and do not require any special maintenance, making them a convenient option for daily use. In addition, contact lenses have the highest CAGR during the forecast period. Contact lenses can enhance the natural appearance of the eyes or even change the eye color, making them a popular choice among consumers who want to alter their appearance. They can also correct vision without affecting a person's facial features or style. Based on distribution channel, the market is divided into Hypermarket/supermarket, Optical store, Franchises, Online and others. Among them, optical store has highest market share in 2022. Optical stores employ trained professionals who can provide expert advice to customers on the best eyewear products to suit their needs. This helps customers make informed decisions about their purchases. For instance, Some popular optical store chains in Colombia are pticas Lux, Devlyn, La Curacao, Vision Centre, ptica Alemana, ptica López, Fotóptica, ptica Caron, Sunglass Hut, ptica El Corte Inglés, and more. Furthermore, the Colombian eyewear market based on distribution channel shows that online has the highest CAGR. With the increasing availability of the internet and the rise of e-commerce platforms, more Colombians are shopping online, including for eyewear products. For instance, some popular online platforms for eyewear in Colombia include Lentesplus, Optime, ptica Online, Vision Direct, GlassesShop, pticas, GMO, Vision Market, Devlyn, pticas Schilling, ptica Universitaria, and more. Many unisex eyewear companies have responded to this trend by creating products designed specifically for digital device use, such as computer glasses and blue light-blocking glasses. However, the Colombian kids' eyewear market is expected to grow at a rapid pace during the forecast period. With the increased use of digital devices among children, the incidence of vision problems such as myopia has increased. This has resulted in an increase in the demand for children's corrective eyewear. However, the medium-price segment dominates the Colombian eyewear market. The medium price range strikes a balance between affordability and quality. Consumers are willing to pay a little more for eyewear that is durable, comfortable, and provides good visual clarity, but they do not want to overspend. On the other hand, the premium price range in the Colombia eyewear market is expected to experience a high CAGR during the forecast period due to the fact that many consumers are looking for eyewear products that reflect their personal style and social status and are willing to pay a premium for luxury products that offer exclusivity and prestige.

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Manmayi Raval

Research Consultant

There are recent product launches for eyewear in Colombia, including in late 2021, Ray-Ban launched its Stories collection in Colombia, which features smart glasses that allow wearers to take photos and videos, listen to music, and make phone calls. Furthermore, in 2020, Oakley launched its Kato sunglasses collection in Colombia, which features a unique design inspired by the visor of a motorcycle helmet. Moreover, in 2020, Maui Jim launched its Blue Hawaii collection in Colombia, which features sunglasses with lenses that enhance colour, clarity, and detail. Furthermore, there are several organisations related to the eyewear industry in Colombia. Some of the prominent ones include Asocolóptica, Federópticos Colombia, Andina Link, SICOP, the Cámara de Comercio de Bogotá, and others. In Colombia, eyewear products are regulated by the National Institute of Food and Drug Surveillance (INVIMA) and the Ministry of Health and Social Protection. The government has set standards and regulations for the manufacturing, distribution, and sale of eyewear products to ensure their safety and efficacy. Furthermore, one of the most important regulations is the requirement for all eyewear products to comply with Colombian Technical Standard (NTC) 1736, which specifies the safety requirements for eyewear products in Colombia. This standard covers aspects such as optical quality, mechanical resistance, and labelling requirements. Additionally, eyewear products must be sold by licensed opticians and optometrists who have completed the required training and certification. The government also regulates the use of contact lenses and requires that they be prescribed by a licenced optometrist or ophthalmologist. Considered in this report • Geography: Colombia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Aspects covered in this report • Colombia Eyewear market with its value and forecast along with its segments • On-going trends and developments • Top profiled companies • Strategic recommendation 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, analyzing 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.