The production value of Taiwan’s contact lens industry is expected to exceed NT$10 billion (US$300.37 million) this year for the first time, supported by robust international and domestic demand for cosmetic contact lens and functional contact lens, the Ministry of Economic Affairs said yesterday.
“This [contact lens business] is a fast growing industry in the nation,” Department of Statistics Deputy Director-General Yang Kuei-hsien (楊貴顯) said by telephone.
Citing that the production value of contact lens industry was only NT$5.1 billion in 2011, Yang said the value nearly doubled to NT$9.9 billion last year.
He said the output of contact lens totaled NT$6.4 billion between January and July this year, jumping 12.8 percent from a year earlier.
“It is very possible that the annual production value will grow 10 percent to NT$11 billion this year,” he added.
Yang said the contact lens industry has a relatively low threshold to entry and has high margins, encouraging many Taiwanese electronics and optical module manufacturers to invest in the area.
Strong demand for colored contact lenses and functional contact lenses also attracted the firms to the growing business, he said.
“Pegatron Corp (和碩), Largan Precision Industry Co (大立光) and BenQ Materials Corp (明基材料)’s investments in contact lens businesses have significantly boosted the industry’s production value over the past few years,” Yang said.
Pegatron established a subsidiary, Pegavision Corp (晶碩), in 2009 and has more than 40 direct stores across the nation, Yang said, adding that Largan has two direct stores in Taichung and is working with more than 400 retailers in the nation.
Taiwanese manufacturers also have an eye on international markets, Yang said, adding that the export value of contact lens shipments climbed 18.7 percent annually to US$155.97 million in the first eight months of this year.
Japan is the largest export destination by export value, accounting for 70 percent of the total export value, while China is the second-largest destination, accounting for 10 percent, the ministry’s data showed.
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