Global Cosmetic Lens Market - 2023-2030

Market Overview

Cosmetic Lens Market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 5.67% during the forecast period (2023-2030).

Cosmetic lens is basically used to alter the colour of the eye and are prescribed in both vision correcting and non-vision correcting versions. Both the things are considered as medical devices and require a doctor's prescription and it is also done for personal reasons. The increasing popularity of stylish product with varied attractive colours, shades, and textures for enhancing eye appearance along with rising fashion trends coupled and higher adoption of cosmetic lenses are primarily driving the industry growth.

In addition, eye injuries or defects are so visible, they can affect how patients feel when they are out in public or interacting and the cosmetic lenses that mimic the look of a natural eye give patients the ability to feel more at home in their own skin. The cosmetic lens make great fashion statement owing to adding distinctive visual elements in the industry and the and the changing consumer preference towards enhancing eye colours for enhance facial look and style especially fashion industry are some factors that are instigating business expansion.

Market Dynamics: Rising beauty trends drives the market growth

Cosmetic lenses are preferred owing to the rising beauty trends as lenses have become an important fashion accessory these days and the beauty contact lens is rapidly gaining grounds among the young and trendy population especially those living in the urban areas. For instance, in 2020, according to the, GfK retail audit report, retail sales of beauty contact lenses continue on its rise, raking in a high of USD 19.9 million. The people are more exposed to the latest fashion trends around the world, including the latest optical accessories such as colored contact lenses. In addition, the increasing adoption and usage of cosmetic lenses globally have been growing the market. Along with high social media penetration coupled with high investment in search engine optimization and social media optimization by key market players are expected to boost the market growth in the coming years by introducing new products in the market.

Furthermore, the defects or the eye injuries are so visible, they can affect how patients feel when they are out in public or interacting and the cosmetic lenses that mimic the look of a natural eye give patients the ability to feel more at home in their own skin which attracts the consumer base and drives the market growth in coming years.

Market Segmentation: Online stores segment accounted for the highest share in global cosmetic lens market

In 2021, online stores segment dominated the market, accounting for YY% of global sales. Consumers can access a variety of products in one place through these channels owing to owing to enhanced internet penetration globally. In addition, strong e-commerce industry growth owing to huge consumer base majorly stimulating product demand. Furthermore, high convenience offered owing to home delivery options is also driving the online stores sale for cosmetic contact lens and adding to the growth of the market. Moreover, presence of e-commerce companies including Amazon, eBay, and Lenskart are offering multiple brands, color & shades that are offering product at low cost will further surge the business demand. Online stores offer products at lower prices because they have lower operating and selling costs. Thus, consumers prefer online stores to buy the lenses which are driving the segment.

Geographical Penetration: Asia-pacific is dominating region during the forecast period

In 2021, Asia-Pacific segment dominated the market, accounting for YY% of global sales. owing to the shifting consumer preferences towards beauty and fashion. High demand of cosmetic lens in countries such as Japan, South Korea, and China owing to the escalating adoption among large population fostering the market growth. Rapid sales through the distribution channels including online portals are also driving the market growth. In addition, technological advancement has brought next level of textures featuring tiny colored dots and lines in the product in this region. Major brands are offering multiple colors such as blue, hazel, green, violet, brown, grey, and amethyst to attract more consumers in countries such as China, India, and South Korea. Improved demand for enhanced eyewear products among large consumers globally fostering the industry growth. The brands are developing product availability and flexibility benefits owing to the usage of soft material which is enhancing the quality standards driving the industry growth in APAC.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. CooperVision, Johnson & Johnson Vision Care, CIBA Vision, Bausch & Lomb, GrandVision, InnoVision Co Ltd, Novartis, QualiMed, Viewell Inc. and Lagado Corp. among others are some of the key players in the market. High product demand for power cosmetic lenses by adoption of modern and latest technology catering large consumer base globally. The introduction of smart contact lenses has proved to be a technological breakthrough and has opened new verticals of end use applications. For instance, in December 2021, Onion Global Limited announced that Xinyang Wujie or Sunwah Ocean, the joint venture between Onion Global and Sunwah Chuanyu, will incubate and launch its first private label contact lens brand called "Eyelicious" partnering with EYEMERA, a Korean specialized contact lens manufacturer.

COVID-19 Impact: Negative impact on the global cosmetic lens market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages, agriculture, personal care and cosmetic industry is among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. The cosmetic lens market had a negative impact due to COVID-19 pandemic due to the shutdown of many companies that affected the manufacturing and trading of cosmetic lenses. In addition to this, customers purchasing behavioral changes inclined towards reliable and safe products. Furthermore, supply chain disruption had slow down impacting cosmetic lenses market and decreased sales. The rise in demand for e-commerce channel has led to alterations in business marketing strategies. However, there has been increase in the demand for cosmetic lenses owing increased awareness changing beauty trends which adds to the growth of the market.

The global cosmetic lens market report would provide an access to approximately 53 market data tables, 44 figures and 170 pages.