South Korea is known for its fashion-forward culture, and eyewear plays an important role in expressing personal style. Many people see glasses as a fashion accessory and choose frames that complement their outfits or reflect their personalities. Furthermore, myopia is becoming more prevalent in South Korea, particularly among young people. As a result, prescription glasses have become more popular and are seen as a necessity rather than just a fashion accessory. Moreover, South Korea is becoming increasingly popular as a destination for medical tourism, particularly for cosmetic procedures such as eyelid surgery. Many people who undergo these procedures also choose to wear glasses as a way to cover any post-surgery swelling or bruising. In addition, South Korean eyewear brands are incorporating traditional Korean designs and motifs into their frames as a way of preserving and promoting Korean culture. Furthermore, Hanbok is the traditional Korean clothing worn on special occasions such as weddings and festivals. Some eyewear brands are incorporating Hanbok-inspired patterns into their frames. These patterns can include the bright and vibrant colours often associated with hanbok, as well as the intricate embroidery and detailing. In addition, the prevalence of eye disorders is on the rise in South Korea, driven by factors such as the increasing use of digital devices and exposure to UV radiation. According to the Korea National Health and Nutrition Examination Survey, the prevalence of myopia in South Korea has increased by over 15% from 2007 to 2020. This trend is expected to drive demand for corrective eyewear products like prescription glasses and contact lenses. According to the research report "South Korea Eyewear Market Overview, 2028," published by Bonafide Research, the South Korea eyewear market is expected to add more than USD 170 Million by 2028. South Korea is becoming an increasingly popular destination for medical tourism, and this includes eye surgeries such as LASIK and cataract surgeries. This has led to an increase in demand for eyewear products, such as prescription glasses and sunglasses. Furthermore, the South Korean government is supporting the development of the eyewear industry in the country through initiatives such as the Eyewear Industry Promotion Act. This law provides support for eyewear manufacturers and suppliers, with the aim of promoting the development of the industry and creating jobs in the country. This government support is expected to help drive growth in the South Korean eyewear market in the coming years. Moreover, South Korean eyewear manufacturers are increasingly using lightweight materials, such as titanium and carbon fibre, to make frames that are comfortable and durable. These materials are also hypoallergenic and corrosion-resistant, making them a popular choice for people with sensitive skin or who live in humid environments. In addition, South Korean companies are developing smart eyewear products that incorporate advanced technologies such as augmented reality (AR), virtual reality (VR), and biometric sensors. These products are designed to enhance the user experience and provide new functionalities, such as hands-free navigation, health monitoring, and immersive entertainment. In South Korea, spectacles have the highest market share compared to other types of eyewear products. Spectacles are generally easy to use and require minimal maintenance compared to other types of eyewear products, such as contact lenses. Furthermore, spectacles tend to be more affordable, which makes them accessible to a wider range of consumers. However, contact lenses had the highest CAGR in the South Korea eyewear market during the forecast period. Contact lenses offer a level of convenience that is unmatched by other types of eyewear products. They allow wearers to have a full range of vision without having to worry about the restrictions that come with wearing glasses. Furthermore, there is a growing awareness among consumers in South Korea about the benefits of contact lenses. As more people become aware of the convenience and comfort of contact lenses, the demand for these products is expected to increase. According to reports, optical stores have the highest market share in the distribution channel of the eyewear market in South Korea. South Korea has a well-established network of optical stores that are spread across the country. These stores offer a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses, as well as related services such as eye exams, fittings, and repairs. Furthermore, many optical stores in South Korea work with health insurance providers to offer coverage for eyewear purchases. This can be an incentive for consumers to purchase from optical stores instead of online channels. For instance, some popular optical stores in South Korea include Yoon Eye Care, Star Vision, Eyekon, I Lens, Seoul Optic, Olive Young Global, Optic Village, Pofoko Optical, The Eye Doctors, The Optical Centre, and more. Furthermore, online channels are constantly evolving and improving their user interfaces, virtual try-on features, and home trial options, making it easier and more convenient for consumers to purchase eyewear products online. For instance, some popular online platforms for eyewear in South Korea include Glasses Market, Seoul Guide Medical, eyemix, Eyesonme, Zoff, JINS, Eyebuydirect, Glimpse, Vision Direct, Specsmakers, and more. Based on Price Range, the medium-price segment dominates the South Korea eyewear market. The medium price range strikes a balance between affordability and quality. Consumers are willing to pay a little more for eyewear that is durable, comfortable, and provides good visual clarity, but they do not want to overspend. On the other hand, the premium price range in the South Korea eyewear market is expected to experience a high CAGR during the forecast period due to the fact that many consumers are looking for eyewear products that reflect their personal style and social status and are willing to pay a premium for luxury products that offer exclusivity and prestige. In South Korea, some recent product launches for eyewear include In 2021, South Korean eyewear brand Gentle Monster collaborated with fashion designer Tchai Kim to launch a collection of sunglasses that featured bold, oversized frames and gradient lenses. The collection was inspired by vintage fashion and was designed to appeal to fashion-conscious consumers. Furthermore, in 2021, sports eyewear brand Oakley launched the Kato sunglasses in South Korea. The Kato features a wraparound design and is designed to provide a wide field of vision, making it a popular choice for sports and outdoor activities. Moreover, in 2021, Line Friends, a popular South Korean character brand, collaborated with Meritz, an eyewear company, to launch a collection of eyewear products featuring Line Friends characters. The collection included sunglasses and eyeglasses with frames that featured the characters Cony, Brown, and Sally. The eyewear museums and galleries in South Korea include The Seoul Museum of Art is a public art museum located in central Seoul. In addition to its regular art exhibitions, the museum has a permanent collection of eyewear and accessories, including glasses, sunglasses, and cases, dating from the 19th century to the present day. The collection includes pieces from around the world, with a particular focus on Korean eyewear. Furthermore, the Kukje Gallery is a contemporary art gallery located in the heart of Seoul's art district. In addition to its regular art exhibitions, the gallery has a dedicated eyewear section called "Kukje Eyewear". This section features a collection of vintage and contemporary eyewear from around the world, as well as collaborations with contemporary artists who design their own eyewear. Moreover, the Korea Optic Museum is a specialised museum located in the city of Daegu. The museum has a large collection of eyewear and optical instruments, including glasses, telescopes, and microscopes. The collection includes pieces from various countries and time periods, with a focus on Korean eyewear and optical technology. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Eyewear market with its value and forecast along with its segments • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Spectacles • Sunglasses • Contact Lenses • Other Product Type (Eye Care) By Distribution Channel: • Hypermarket and Supermarket • Speciality Stores ( Optical Stores ) • Franchises/ Company outlets • Online stores • Others (Hospitals & Clinics) By Gender: • Men • Women • Unisex • Kids By Price Range: • Premium • Medium • Low The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Eyewear industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample