South Korea E-Cigarette Market Strategic Insights with Leading Business Players
Growing awareness about the ill-effects of tobacco smoke inhalation and technological advancements are leading to the growth of South Korea e-cigarette market globally. From $874.3 million in 2018, the market is predicted to expand to $3.5 billion by 2024 at a 24.3% CAGR during the forecast period (2019–2024).
Electronic cigarettes do not contain tobacco, rather come with a nicotine solution in a refill or vial, which, on being burnt, creates mist instead of smoke. The product segment of the South Korean e-cigarette market is categorized into t-vapor, vaporizer, vape mod, and cig-a-like.
While these will keep leading the market in the forecast period, t-vapors would experience the highest revenue CAGR (30.6%), with global brands competing intensely to capitalize on their growing popularity.
Among these, vaporizers dominated the market during the historical period (2014–2018) in terms of volume and value, as these offer a similar experience provided by traditional cigarettes.
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During the forecast period, online channels will experience the fastest growth as manufactures are increasingly using them to sell their products. As the health effects of such products are still unclear, the national government increased the taxes on e-cigarettes by 117.0% in 2015, making manufacturers look for alternative sales platforms.
The various distribution channels for e-cigarettes in the country include vape shops, tobacconists, hypermarkets/supermarkets, and online platforms. Among these, hypermarkets/supermarkets, vape shops, and tobacconists accounted for almost 65.0% value share in the South Korea e-cigarette market in 2018.