Philip Morris to launch VEEV e-vapor product in South Korea
Philip Morris Korea will launch its VEEV e-vapor product in South Korea on Wednesday, expanding its smoke-free lineup in a market led by KT&G.
The VEEV e-vapor product will hit the Korean market on Wednesday, where KT&G Corp. is the market leader, the company said in a press release.
Philip Morris International Inc. (PMI), the U.S. parent of Philip Morris Korea, derived 42 percent of its US$11 billion in sales in the second quarter from smoke-free products.
"The company has said conventional cigarettes will eventually belong in a museum. It aims to replace combustible cigarettes with smoke-free products," Kim Tae-hyung, consumer experience director, said at a press conference. He said the company aims to achieve a two-thirds share of its sales from smoke-free products by 2030.
PMI has invested 22.5 trillion won (US$16 billion) in research and development related to "scientifically proven" smoke-free tobacco products since 2008.
The maker of Marlboro has three smoke-free product lines -- IQOS heat-not-burn (HNB) products, ZYN nicotine pouches and VEEV e-vapor products. ZYN nicotine pouches are not currently available in South Korea. HNB products heat tobacco without combustion, producing an aerosol rather than smoke.
KT&G currently leads South Korea's non-combustible tobacco segment with a 48 percent market share, followed by Philip Morris and British American Tobacco.