The category experienced a strong contraction in 2020 as reduced face to face social interaction culminated in lowered usage of contact lenses, usage of which is more expensive to maintain than spectacles. Moreover, as no online purchases are allowed for vision correcting eyewear products in South Korea, people who had to work from home and self-quarantine found it difficult to access these products in the country.
Within contact lenses, there is expected to be a minor shift from frequent replacement lenses (FRP) to daily disposable lenses (DD) in 2021 due to hygiene concerns stimulated by the ongoing pandemic. Demand for frequent replaces lenses, which are designed to wear for two weeks to one month, is set to fall as it is difficult for consumers to maintain these lenses in good condition as their frequency of usage continues to decline due to ongoing social distancing measures.
Prior to COVID-19, unique cosmetic lenses targeting young consumers were seeing development, mainly within cosmetic contact lenses. Designs and colours were becoming increasingly bold.
Consumers’ focus is expected to shift to personal health over the forecast period. As a result, this means they are likely to pay more attention to purchasing products that suit their individual eye condition.
As the contact lenses and solutions category in South Korea matures, players will consider expanding to other categories or to new geographies. For instance, Interojo Inc launched coloured cosmetics focusing on eye make-up products.
It is popular among South Korean consumers to buy contact lenses from foreign e-commerce marketplaces due to the price benefit and ban on e-commerce sales in the country. In order to compete with these websites, local retailers in South Korea will more frequently engage in promotions, such as two-for-one offers.
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Understand the latest market trends and future growth opportunities for the Contact Lenses industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Contact Lenses research and analysis database.
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