BAT Korea and PMI Seek Expansion in South Korean E-cigarette Market
According to a report from the South Korean news outlet EToday on November 25th, the South Korean branch of the tech conglomerate BAT (British American Tobacco) is set to launch its e-cigarette product "Vuse Go 800" across the country.
The South Korean government previously advised citizens to refrain from using liquid e-cigarettes and planned to reduce the market size of such products in 2020. However, in July of this year, the limited release of Vuse Go 800 in major cities such as Seoul and Gyeonggi Province received better market response than expected. As a result, BAT is actively considering nationwide sales of this product.
In addition, Philip Morris International (PMI) has recently filed trademark applications for IQOS VEEV NOW and VEEV One with the Korean Patent Office, further signaling the potential release of these products. Currently, the product has already been launched in approximately 10 European countries, including Canada, Croatia, the Czech Republic, and France.
A spokesperson for Philip Morris Korea declined to comment on the launch of IQOS VEEV, stating that it is difficult to discuss any plans for its release.
Industry insiders predict that KT&G, a South Korean company, will adopt a cautious approach due to its previous experience of launching and subsequently discontinuing liquid e-cigarette product "Lil Vapor" in May 2019.
Since 2020, the domestic liquid e-cigarette market in China has been experiencing a continuous decline in its market size. According to Euromonitor, the market size of the liquid e-cigarette industry in China, excluding synthetic nicotine products, was 110 billion Korean won (approximately 600 million yuan) in 2019. However, since 2020, it has remained at a level of 50 billion Korean won (approximately 270 million yuan).
Currently, the liquid e-cigarette market in South Korea is predominantly dominated by small and medium-sized companies. One representative example of this is Bubblemon, which has already made its way onto the shelves of convenience stores across South Korea.
According to an industry expert, "Liquids e-cigarettes have gained wide popularity worldwide due to their convenience in use and portability. Consequently, the market share of liquid e-cigarettes in the domestic tobacco industry is expected to increase.
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