South Korea's contact lens exports surge in 2021

South Korea's contact lens brands accelerated their penetration into the global market estimated at $10 billion in 2021, thanks to the market's rebound from a pandemic-caused slump and the growing demand for cosmetic lenses.

The country's contact lens manufacturing industry posted its largest-ever trade surplus of $71 million last year, with the sector leader Interrojo Co. logging its strongest revenue, according to the Korea Customs Service.

In 2021, exports of South Korean contact lenses leapt 28.6% on-year to $229.4 million, a turnaround from a 34.6% decline in 2020 shipments. By comparison, the country's imports of contacts increased 21.7% on-year to $158.5 million.

Interrojo, the country's largest contact lens company, reported a 32% on-year growth in sales to 116.8 billion won last year. It shipped its products to 54 countries, which contributed 65% of its 2021 sales.

The rollouts of advanced soft lenses such as silicone hydrogel contact lenses in December 2020 and aggressive marketing with K-pop stars helped Korean contacts manufacturers expand their market share in other parts of Asia.  

Silicone hydrogel contact lenses allow more oxygen to pass through the lens than regular soft or hydrogel contacts. ITZY, a K-pop girl group, appears in Interrojo's advertisements as a promotional model.

As people resumed outdoor activities with the pandemic showing little signs of easing, Korean contact lens manufacturers gained a boost from the growing demand for cosmetic lenses, riding on the growing popularity of the Korean Wave, or Hallyu.

Cosmetic lenses are typically used to alter the color of the eye, in addition to correcting vision.

Asia commands 70% of the world's contact lens market. China and Japan make up 32.4% and 20.7% of South Korea's exports, respectively. Indonesia and Thailand each take up 4.6%.

Analysts expect the aging population and the growing influence of K-content from music to movies and TV dramas will boost demand for Korean contact lenses.

Kosdaq-listed Interrojo expanded its production capacity last year after building its third plant, measuring 14,200 square meters, in Pyeongtaek in South Korea. The smart factory powered by artificial intelligence significantly improved its production efficiency.

At home, imported brands such as Acuvue, CooperVision and Bausch + Lomb control 80% of the country's 280 billion won ($230 million) market. Homegrown Interrojo takes another 10% of the market, with 30 other Korean brands competing for the remaining 10% share. 

Write to Gyeong-Jin Min at min@hankyung.com
Yeonhee Kim edited this article.