Key points:
Data released by the South Korean Ministry of Strategy and Finance shows that tobacco sales in South Korea have decreased for two consecutive years. However, sales of new tobacco products such as heated tobacco have increased against the trend by 8.3%, with their market share rising to 18.4%.
According to a report by N.News on April 18th, data released by the South Korean Ministry of Planning and Finance on "Tobacco Market Trends" show that the total sales volume of tobacco in South Korea is expected to decrease by 2.2% to 3.53 billion packets in 2024, marking the second consecutive year of decline following a sales volume of 3.63 billion packets in 2022.
After considering the sales of tax-exempt cigarettes, the total tobacco sales in South Korea in 2024 amounted to 3.683 billion packs, a 1.7% decrease compared to the previous year. The increase in sales of tax-exempt cigarettes has somewhat alleviated the overall downward trend in the market.
In terms of product category, the sales volume of traditional cigarettes in 2024 was 2.873 billion packs, a year-on-year decrease of 4.3%, and has been showing a downward trend for four consecutive years. This category of products has been steadily shrinking since 2021.
Duty-free cigarette sales reached 151 million packs in 2024, representing a year-on-year increase of 11.9%, reflecting the return of consumer spending from overseas travel after the pandemic.
In contrast, new tobacco products such as heated tobacco products are showing a growing trend. In 2024, sales of these products reached 660 million boxes, representing an 8.3% increase compared to the previous year, and their market share in the overall tobacco market rose to 18.4%.
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