Japan Tobacco Korea Corporation (JT) plans to unveil its latest heated tobacco product (HTP) device, "Ploom X Advanced", at a press conference on 28 October, according to a recent report by M.Dnews. The company expects to launch the product by the end of this year, marking its return to the South Korean HTP market after a three-year hiatus.
The latest product to be launched by JT in 2023 is 'Ploom'. According to the company's statistics, in the first half of this year, sales of "Ploom" in the Japanese market increased by approximately 36% year-on-year, exceeding the growth rate of local market demand.
JT Korea launched Ploom Tech in 2019 in an attempt to enter the Korean market, but it has not been successful. The market is currently dominated by Korean tobacco company KT&G and the Korean arm of Philip Morris International, with market shares of 45.8% and 20% respectively. British American Tobacco (BAT) has a 10.4% share of the HTP market in Korea.
According to the South Korean Ministry of Strategy and Finance, sales of traditional cigarettes totalled 3 billion packs last year, down 2.8% from the previous year. However, sales of HTP products increased by 12.6% to 610 million packs.
Industry experts predict that JT Korea will develop more detailed market strategies after its comeback in order to secure a place in the highly competitive market. An industry insider said, "With the re-entry of JT Korea, the HTP market in Korea will have more opportunities for development.
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