Latin America and the Caribbean: Sunglasses Market 2024

Sunglasses Market Size in Latin America and the Caribbean

In 2022, the Latin American sunglasses market increased by 7% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a slight contraction. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Sunglasses Production in Latin America and the Caribbean

In value terms, sunglasses production reached $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 32% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Sunglasses Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of sunglasses increased by 105% to X units, rising for the second year in a row after two years of decline. In general, exports continue to indicate a strong increase. The volume of export peaked at X units in 2014; afterwards, it flattened through to 2022.

In value terms, sunglasses exports skyrocketed to $X in 2022. Over the period under review, exports posted a temperate increase. The most prominent rate of growth was recorded in 2013 when exports increased by 116% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Brazil prevails in exports structure, finishing at X units, which was near 85% of total exports in 2022. It was distantly followed by Mexico (X units), generating a 6.9% share of total exports. Peru (X units), Panama (X units) and Chile (X units) followed a long way behind the leaders.

Brazil was also the fastest-growing in terms of the sunglasses exports, with a CAGR of +34.2% from 2012 to 2022. At the same time, Peru (+12.7%) displayed positive paces of growth. By contrast, Chile (-5.6%), Mexico (-8.3%) and Panama (-17.0%) illustrated a downward trend over the same period. Brazil (+75 p.p.) significantly strengthened its position in terms of the total exports, while Chile, Panama and Mexico saw its share reduced by -4.6%, -25.8% and -29% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest sunglasses supplier in Latin America and the Caribbean, comprising 76% of total exports. The second position in the ranking was taken by Mexico ($X), with an 8.2% share of total exports. It was followed by Chile, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at +29.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (-9.1% per year) and Chile (-1.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, shrinking by -21% against the previous year. Overall, the export price saw a pronounced setback. The pace of growth appeared the most rapid in 2015 when the export price increased by 124%. Over the period under review, the export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.9%), while the other leaders experienced a decline in the export price figures.

Sunglasses Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of sunglasses increased by 11% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, continue to indicate a mild decline. The pace of growth was the most pronounced in 2021 when imports increased by 29% against the previous year. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, sunglasses imports expanded significantly to $X in 2022. In general, imports, however, saw a mild slump. The pace of growth appeared the most rapid in 2021 when imports increased by 44% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Mexico represented the main importing country with an import of about X units, which resulted at 56% of total imports. Chile (X units) ranks second in terms of the total imports with a 16% share, followed by Brazil (8.3%) and Colombia (6.6%). The following importers - Peru (X units), Ecuador (X units) and Argentina (X units) - together made up 8% of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of sunglasses. At the same time, Chile (+2.3%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +2.3% from 2012-2022. By contrast, Argentina (-2.8%), Brazil (-3.7%), Ecuador (-4.3%), Colombia (-4.8%) and Peru (-7.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico and Chile increased by +12 and +5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported sunglasses in Latin America and the Caribbean, comprising 40% of total imports. The second position in the ranking was held by Brazil ($X), with an 18% share of total imports. It was followed by Chile, with a 12% share.

In Mexico, sunglasses imports expanded at an average annual rate of +3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (-6.6% per year) and Chile (-0.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, increasing by 4% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per unit), while Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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