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Learn moreJul 2016
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In 2016, the fashion trends in the country are benefitting spectacles with consumers attracted to spectacle frames that have a hipster or old-school design. This has encouraged a lot of consumers to pick-up spectacle frames rather than contact lenses to help their vision, as they can then remain fashionable at the same time. This shift resulted in weak current value growth of 1% in 2016 for contact lenses, while spectacles is growing by 7%.
Novartis AG continued to hold the largest value share in 2015 of 40%, with its sales reaching Ps982 million. The company leads both daily disposable and frequent replacement lenses due to its wide distribution and a well-established brand image. The company is successful in providing innovative products for Filipino consumers that can be found in a lot of retailers across the country and at affordable prices, unlike other brands in the market.
The slowdown in the use of conventional lenses and the stagnation of frequent replacement lenses is expected to continue restricting the performance of contact lenses over the forecast period. Contact lenses is expected to increase at a constant 2016 value CAGR of just 1% over the forecast period. This is partly because consumers are showing a preference for spectacles, with these eyewear products more fashionable due to current fashion trends, which are expected to remain for the next few years.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Contact Lenses industry in Philippines with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Contact Lenses industry in Philippines, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our contact lenses market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.