Republic of Korea: Contact Lense Market 2024

Contact Lense Market Size in Republic of Korea

In 2022, after two years of decline, there was growth in the South Korean contact lense market, when its value increased by 2.8% to $X. In general, consumption, however, recorded a abrupt decrease. Contact lense consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Contact Lense Production in Republic of Korea

In value terms, contact lense production contracted slightly to $X in 2022 estimated in export price. In general, production saw a prominent increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 52%. Contact lense production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Contact Lense Exports

Exports from Republic of Korea

Contact lense exports from South Korea skyrocketed to X units in 2022, increasing by 25% against 2021 figures. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 50%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, contact lense exports amounted to $X in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +30.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 29% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Japan (X units), China (X units) and Thailand (X units) were the main destinations of contact lense exports from South Korea, with a combined 52% share of total exports. Saudi Arabia, Indonesia, Germany, Hong Kong SAR, Russia, Malaysia, Kuwait, the United Arab Emirates, Taiwan (Chinese) and the United States lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +46.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Thailand ($X) were the largest markets for contact lense exported from South Korea worldwide, together accounting for 52% of total exports. Saudi Arabia, Indonesia, Germany, Hong Kong SAR, Russia, Malaysia, the United Arab Emirates, Kuwait, Taiwan (Chinese) and the United States lagged somewhat behind, together comprising a further 33%.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +28.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average contact lense export price stood at $X per unit in 2022, with a decrease of -19% against the previous year. Overall, the export price continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2014 a decrease of -10.8%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United Arab Emirates ($X per unit) and Malaysia ($X per unit), while the average price for exports to Kuwait ($X per unit) and Saudi Arabia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-10.9%), while the prices for the other major destinations experienced a decline.

Contact Lense Imports

Imports into Republic of Korea

In 2022, approx. X units of contact lenses were imported into South Korea; with an increase of 6.1% on the year before. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 70%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, contact lense imports expanded modestly to $X in 2022. In general, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.7% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 27%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X units), Ireland (X units) and Hungary (X units) were the main suppliers of contact lense imports to South Korea, with a combined 77% share of total imports. The UK, Germany, Singapore and Hong Kong SAR lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR (with a CAGR of +67.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest contact lense suppliers to South Korea were the United States ($X), Ireland ($X) and Hungary ($X), with a combined 77% share of total imports. The UK, Germany, Singapore and Hong Kong SAR lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Hong Kong SAR, with a CAGR of +55.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average contact lense import price stood at $X per unit in 2022, waning by -4.2% against the previous year. In general, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 an increase of 7.3%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Singapore ($X per unit) and the United States ($X per unit), while the price for Hungary ($X per unit) and the UK ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (-6.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :