In just 17 months of being available to the Korean market, vaping products continue to gain popularity – quickly.
The Korean population traditionally had one of the world’s highest smoking rates. Now, it’s trending to develop one of the world’s highest vaping rates.
Pulsenews.co.kr. reported in December one of nine Koreans currently indulge in heat-not-burn (HNB) cigarettes.
The e-cigarette ascension remains rapid as its market share topped 11 percent, a four-percent increase from the same period during 2017.
More than 288 million packs of combustible cigarettes were sold in Korea during November 2018. Of the cumulative sales, 35 million (11.3 percent) were vapor products, according to data collected by the Ministry of Economy and Finance.
Korea truly is a new market rising.
Five years ago, before vaping devices were introduced to the general public, the smoking rate in South Korea was 19.9 percent, but the statistic was not close to being balanced. The male smoking rate was 36.2 percent, while the female rate was 4.3 percent, according to the South Korea government.
Since e-cigarettes entered the scene, the landscape continues to change.
Tobacco products have long played a key role in the Korean Peninsula. When examining Korea’s total tax revenue, tobacco sales reportedly add up to nearly three percent.
The total tax revenue recently generated from manufacturing and sales of traditional cigarettes equaled 10.7 won, which is equivalent to approximately $9.5 billion. That figure is a 2.6 percent increase from the year prior and – are you ready for this? – 63.3 percent increase from the identical time frame during 2014, pulsenews.co.kr.
While JUUL Labs dominates the U.S. market, IQOS was the first option for the population of the divided country. North Korea had a population of about 25.6 million and South Korea had a population of about 51.2 million, according to worldpopulationreview.com.
IQOS arrived in June 2017 and its early popularity created immediate competition, like KT&G.
As vaping rates continue to increase, others will come – quickly.
Get all the latest vaping info — check out our News page!