Korean beauty giants harness their skincare prestige to dominate the colored contact lens market. These vibrant lenses evolve into must-have fashion and beauty staples, fueled by social media buzz and K-pop idol endorsements. Global demand surges as Korean brands capture significant shares.
Robust Sales Growth in Key Players
Starvision, behind the popular O-Lens brand, reports sales of 194.1 billion won and operating profit of 65.4 billion won for the latest fiscal year. Figures reflect year-over-year gains of 26% in revenue and 21% in profit, according to regulatory filings.
Domestic leader Starvision manufactures lenses for major eyewear firms. Korean companies command roughly 20% of the local market through innovations in R&D, production, and distribution.
Overseas Expansion Accelerates
Starvision’s international operations gain momentum. A major Hong Kong distributor, AMMU, placed a 100 million won order last year, with plans to secure 200 million won through reliable channels. Colored lens specialist Olens reports 463 million won in sales, up 6.4%, and 78 million won in operating income, up 4%.
Olens supplies iCode products as private-label OEM for global markets including Japan, the US, and China. iCode, a key player, now prioritizes colored lenses after acquiring a Johnson & Johnson brand in 2022.
Interojo boosts sales by 5.4% to 313 million won. Its Hapacrystin line rebrands as ‘Jang Wonyoung Lenses’ for appeal in Japan and China. Despite ranking low in overall market share, it leads in online sales volume, capturing about two months’ worth of monthly purchases per entry.
Interojo shifts focus to exports and brand management to expand globally.
Industry Expert Insights
A KPMG executive states, “Hapacrystin positions itself as a fashion beauty item through diverse colors and designer lenses.” The analysis adds, “Domestic lenses excel in comfort over designer appeal, leveraging superior know-how and value-for-money to attract consumers at home and abroad.”
Market Projections
While giants like Pegavision and Saintshine aggressively target Korean shares, incumbents hold 85% via production dominance. The domestic contact lens market reached 362 million USD (about 533.5 billion won) last year, projected to exceed 400 million USD (around 589.6 billion won) by 2029.
The global market totals approximately 13 to 15 trillion won, offering ample growth opportunities for Korean innovators.
