PMI's market share in South Korea falls short of target

PMI by 2FIRSTS.ai

Feb.08

PMI's market share in South Korea falls short of target

Philip Morris International's market share in South Korea reaches 19.9% in Q4 2024, just shy of 20% target.

According to Biz.newdaily's report on February 7th, Philip Morris International (PMI) released its latest fourth-quarter financial report for 2024, showing that PMI's market share in the overall tobacco market in South Korea reached 19.9%, an increase of 0.4% from 2023. However, the expected goal of surpassing a 20% market share was not achieved.

The market share of PMI's heated tobacco products in South Korea has reached 8.1%, crossing the 8% threshold for the first time since the product entered the South Korean market in 2018. While there may be discrepancies between shipments and actual sales, the growth in shipments also reflects market trends. Despite the increase in shipments of PMI's heated tobacco products, the company's overall market share has not surpassed 20% due to a decline in shipments of traditional cigarettes.

In a recent product launch event on February 5th, the head of PMI Korea stated that currently, one out of every five smokers in Korea has switched to HNB products. The company will strive to help the remaining 80% of smokers transition to this alternative product in the future. (Related reading: Philip Morris International (PMI): Korea as a key market for smoke-free products, calls for more government support)

References:

[1] '6년 만의 쾌거' 한국필립모리스, 지난해 전자담배 스틱 점유율 8% 돌파

Also Read:

[1] Philip Morris Korea Defends Switch to Smokeless Products: Report

[2] PMI Reports Strong Financial Performance for 2024 with a 7.3% Revenue Increase

[3] Top Selling Flavors of Philip Morris International's IQOS Pods

#Asia #Market #South Korea #Heated tobacco products

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