According to a report from the Korean Asia Times, British American Tobacco (BAT) is planning to introduce vapes in South Korea to meet market demand.
BAT to launch vape in South Korea
Representatives from BAT have stated that, despite not having a specific timeline, they have been actively preparing to launch vape products in the Korean market. They are currently engaged in internal assessments to ensure they are ready to enter the market at any time.
The spokesperson further explained that vape is highly popular abroad and it is expected that the market size will be even bigger in the future. Since BAT has products being sold overseas, they are currently deliberating on whether to introduce them into the Korean market.
In addition, sources indicate that BAT is preparing to launch other harm-reduction products to meet market demand.
The Asia Times asserts that while Philip Morris International (PMI) has not specifically discussed any plans to reintroduce vape products, they have recently launched vape products overseas, indicating a potential interest in the South Korean market. In March of this year, PMI introduced the disposable vape "VEEBA" in the United Kingdom.
Consumption of vapes increasing
It is noteworthy that cigarette consumption in the Korean tobacco market is gradually declining, while the consumption of vape is steadily increasing. This phenomenon has prompted the tobacco industry, which had previously not ventured into vaping, to start paying attention to vape products.
According to data from the Korean Disease Control and Prevention Agency, the smoking rate in South Korea has been steadily declining for over a decade, while the vaping rate has been gradually increasing.
According to data from 2020, the smoking rate among adults is 34.0%. Among them, the vaping rate is approximately 3.2%, accounting for around 10% of the total smoking rate. Compared to the year 2013, which was 8 years ago, the proportion of vaping has increased nearly fivefold. At that time, vaping only accounted for about 2% of the total smoking rate.
The smoking rate among adults has decreased by over half since 1998, and the decline trend has been continuous. In 2022, the smoking rate among adults reached a historic low of 31.3%. It is expected that the traditional cigarette market will continue to decline.
Reference:
【1】기지개 펴는 '액상' 담배 시장…BAT로스만스 "국내 출시 검토중"
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