China"s cosmetic contact lens market is rapidly growing, with domestic players on the rise as consumers pay increasing attention to appearance.

Lu Yiyi, a 29-year-old white collar worker in Beijing, has a small drawer specifically used to store her cosmetic contact lenses. The dozens of boxes of lenses are carefully categorized by color, brand and diameter. Apart from US, European, Japanese and South Korean brands, domestic brands are gradually taking a share in Lu"s assortment.

"I have begun to turn to domestic cosmetic contact lens companies as I find such Chinese products are improving," she said.

Lu is among the millions of cosmetic contact lenses consumers in China. Data from Beijing-based investment company Cyanhill Capital showed that in 2020, China"s sales revenue of cosmetic contact lenses totaled 20 billion yuan ($3.1 billion), with a compound annual growth rate of 41 percent between 2016 and 2020. Compared with the 30 percent market penetration rate in some developed countries, China"s penetration rate for cosmetic contact lenses was merely 7.5 percent, demonstrating its huge growth potential.