After several years of development, Korea has become the world’s second largest market for heat not burn products, after Japan.
According to Euromonitor International’s latest data, the market value of heating not burning products in Korea reached US$1.67 billion in 2018, far exceeding US$453 million in 2017.
In 2018, the total size of the Korean tobacco market is 15.6 billion US dollars, and the growth is expected to be limited by 2023, but Euromonitor International said that the country’s heating not burning market is expected to grow by 21% annually and to reach 4.4 billion US dollars by 2023.
“In less than two years since Korea first introduced its heat not burn products, it has
become the second largest market in the world after Japan.”
Euromonitor International said in its report, adding that South Koreans are familiar with the use of new device and enthusiastic about high-end technology, so the country can achieve better-than-expected growth.
In response, Lee Oryoon, an analyst at Euromonitor International, a well-known international consultancy, said in an interview with reporters that in addition to the rapid growth of the market for heat not burn products, Korea’s electronic cigarette market has also witnessed substantial growth.
South Korea’s closed pod system market is expected to reach $228 million in 2023, a significant increase over this year’s projected $40 million.
Lee Oryoon, Euromonitor International analyst, said: “Korea is an emerging market for pod system electronic cigarettes. After convenience stores begin selling e-cigarettes, the market is expected to grow at an amazing rate. These products attract young consumers in particular.
