South Korea E-Cigarette Market Projected to Have a Stable Growth for the Next Few Years

South Korea E-Cigarette Market

The South Korea e-cigarette market is expected to reach $3.5 billion by 2024, registering a CAGR of 24.3% during the forecast period. This growth can be attributed to rising awareness against tobacco smoking, and technology advancement in e-cigarette devices.

Based on distribution channel, vape shops, tobacconists, and hypermarket/supermarket, together accounted for over 65% of the South Korea e-cigarette market, indicating brick-and-mortar retail outlets as a popular distribution channel for e-cigarettes in the country.

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Based on product, South Korea e-cigarette market is segmented into cig-a-like, vaporizer, vape mods, and T-Vapor out of which vaporizer held largest market share in 2018, owing to dense smoke experience it offers to the vapers. However, the market for T-Vapor is expected to exhibit a CAGR of 30.6% during the forecast period.

Growing awareness pertaining to the harmful effects of smoking is increasing day by day across the country. This trend of declining tobacco cigarette sales has prompted tobacco and e-cigarette manufacturers to focus on diversifying their e-cigarette portfolio.

Based on region, Gyeonggi witnessed largest sales in the South Korea e-cigarette market. In the past two decades, the region has witnessed large scale urbanization with infrastructural development of Seoul being the epicenter of this drive. This has led to an increase in disposable income among the populace, where the household income rose by around YoY growth rate of 8%, from $15,335.4 in 2017 to $16,567.2 in 2018.

Owing to the presence of numerous players, the competition in South Korea e-cigarette market is competitive in nature, with companies such as Korea Tobacco & Ginseng Corporation (KT&G), Philip Morris International Inc., and Japan Tobacco Inc., operating as key players.

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Korea Tobacco and Ginseng Corporation, Philip Morris International Inc., British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, JUUL Labs Inc. Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd, Shenzhen Kanger Technology Co., Ltd. are the key players operating in the South Korea e-cigarette market.

South Korea E-Cigarette Market Segmentation

Market Segmentation by Product

• Cig-a-like
o Disposable
o Rechargeable
• Vaporizer
o Open tank
o Closed system
• Vape Mod
• T-Vapor
o Heat-not-burn
o Infused

Market Segmentation by Gender

• Male
• Female

Market Segmentation by Age-Group

• 16-24
• 25-34
• 35-44
• 45-54
• 55-65
• 65+

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