After the first launch of heat-not-burn e-cigarettes in South Korea, the country became the second largest player in the world after Japan in less than two years, according to a report by Euromonitor International.
While the South Korean tobacco market is expected to show limited growth until 2023, Euromonitor said the country's heat-and-burn tobacco market is anticipated to grow by a whopping 21 per cent annually, reaching USD 4.4 billion. The country was able to post better-than-expected growth as South Koreans are familiar with handling new devices and enthusiastic about high-end technologies, it added.
The size of the South Korean market for heat-not-burn electronic cigarettes reached USD 1.67 billion last year, a significant increase from USD 453 million in 2017, the report said. The country's total tobacco market reached USD 15.6 billion last year.
"South Korea is an emerging market for closed vaping-type e-cigarettes. The market is expected to grow at a sharp pace as the products are being sold at convenience stores," Lee Oryoon, an analyst at Euromonitor, was quoted as saying.