Asian beauty lens segment grew over 20 percent
Global demand for contact lens remains strong with a consistent upward growth in market value registered in the three regions of US, Europe and Asia. A recent GfK contact lens retail audit report for these regions revealed sustained single-digit expansion across the board in the 12 month period from July 2011 to June 2012.
According to findings, the Asian countries tracked—China, Malaysia, South Korea, Taiwan, Hong Kong and Singapore, achieved on the overall, the highest value growth among the three regions at 7.4 percent. Although US and Europe trailed at a slightly lower value growth rate of 4.8 and 3.2 percentage, these two regions managed to turn in slightly better results by around one percentage point from a year ago.
“Five out of the six Asian markets achieved sales growth in the range of 2.5 percent to as high as 14.9 percent in the twelve months period,” noted Ms. Jasmine Lim, Director for lifestyle products at GfK Asia. “The good results attained by the strong performing countries, specifically Korea, Singapore, and Malaysia have rendered the region one of the fastest growing for contact lens globally.”
Korea remains the biggest and fastest growth market with its sustained double-digit robust expansion of nearly 15 percent. Contact lens sales from the country take up the lion’s share or almost two-fifth (38%) of the region’s overall value pie. Taiwan trails as the country with the next largest contact lens consumers with sales value purchase inderal online canada contribution of 21.3 percent. Meanwhile, demand for contact lens rose by over 8 percent in Southeast Asia’s Singapore and Malaysian markets.
“The Koreans are the heaviest users of contact lenses, be it for corrective or aesthetic purposes,” observed Ms. Lim. “It is the only country in the region where every single segment of contact lens, namely daily, weekly/bi-weekly, monthly, conventional and in particular beauty lenses reflected increased demand in the last one year.”
Demand for beauty lenses, known also as cosmetic lenses have escalated significantly in Korea, Singapore, China and Malaysia, by between 18 to 37 percent. In particular, it was the Koreans and Singaporeans have upped their spending in this category substantially by 37 and 33 percent respectively.
Over the one-year tracking period, Asian consumers spent nearly USD 190 million on beauty lenses alone. Not surprising, the Koreans and Taiwanese are the greatest consumers of such lenses, contributing 43 and 25 percent of the total dollar share during this period.
“On the whole, contact lens users are still a careful lot, as evident by the preference for reputable international brands even though many local brands have entered the market in recent years with lower priced options,” commented Ms. Lim. “In order to flourish in the marketplace, major manufacturers have to be responsive to changing trends and be one of the first to come up with innovative products which not only offers good value but also provides the consumers with good quality assurance,” she concluded.