South Korea E-Cigarette Market Overview, 2028

South Korea E-Cigarette Market Overview, 2028

Some of the population is shifting to an e-cigarette or vape mod as an alternative to smoking. Furthermore, these products are being offered in non-nicotine as well as nicotine forms, due to which many in the population consider these devices to be a better alternative. The growing number of youths using these products has led to a rise in demand. For instance, the young population in the United States is the major consumer group for e-cigarettes. A few years back, South Korea was one of the world’s fastest-growing markets for e-cigarettes, attracting attention from major international makers such as Juul Labs. However, following a 2020 government urging the public to refrain from vaping, the industry was hit when major convenience store chain GS25 halted the sales of flavored vaping products by Juul Labs and South Korean company KT&G. Subsequently, the South Korean Army announced a ban on the use and possession of e-liquids on its bases, which naturally sent the wrong message to the public. This move was also significant because South Korea has a large military of approximately 600,000 soldiers, primarily men, and South Korean men are still among the heaviest smokers in the world.

According to the research report South Korea E-Cigarette Market Overview, 2028, published by Bonafide Research, the market is expected to add USD 1.10 Billion by 2028. The E-cigarette market size is dominated by modular type e-cigarettes as it offers greater customization and has overtaken rechargeable models as the most preferred type of device. Modular e-cigarettes can be refilled by the user, but it also allows the user to regulate the power from the batteries to the atomizer. The e-cigarette and vape market has grown significantly in recent years, as devices have gotten more efficient in terms of battery life and the variety of flavors offered. Furthermore, a wide range of flavors, including menthol. Tobacco, fruits and botanicals, and Sweets, are available on the market, attracting a significant number of clients. The manufactures offering of customization capabilities such as temperature control and nicotine dosages is projected to boost product demand. Moreover, players’ continual improvement in new product development is expected to accelerate market expansion.

The male category is dominating the e-cigarette market in South Korea, under the gender segment. This is credited to the fact that women are not allowed to consume tobacco products due to the religious values and conservatism of the country. However, with the rising urbanization rate and education level and the launch of targeted marketing campaigns by companies, the female category is predicted to register rapid expansion in the coming years.

The crackdown on the sales of cigarettes in the country by the government is predicted to continue in the coming years, thereby fueling the popularity of electronic variants. Moreover, consumers in the country have concerns regarding the quality of local and Chinese-made e-cigarettes. This perception is creating lucrative growth opportunities for global tobacco firms with established e-cigarette portfolios. E-juice flavors, such as chocolate, bubble gum, fusions of several fruits and flavoring substances, mint, and menthol are trending in the South Korean e-cigarette market. For example, nearly 3 million adults are presently smoking e-cigarettes in South Korea as compared to only 1.7 million between 2014 and 2018 due to the introduction of various appealing flavors.

Majority of children aged 18 and under light their first cigarette. Two new young smokers replace every adult smoker who dies prematurely. Although direct marketing to minors is now prohibited, the tobacco industry is still developing, packaging, and advertising its products in ways that appeal to the younger population. The companies seek product innovation according to health and wellness, consumer preference, etc. Some of the major companies selling e-cigarettes in the market are KangerTech, Innokin Technology, British American Tobacco, and Smok. Most of these companies sell their range of e-cigarettes via different online websites such as Revolution Vapor Ltda., and C.R. Vapor. Since it's legal to sell or use an e-cigarette in Ecuador, where they are considered 'electronic nicotine delivery systems, advertising of e-cigarettes in Ecuador is only allowed in venues accessed solely by adults, thereby providing some form of consumer knowledge regarding the brands or companies selling their range of e-cigarettes in the country.

Side effects caused by the use of e-cigarettes and vapor products are acting as a restraint on the e-cigarette market. E-cigarettes and vapor products contain harmful chemicals and toxins that have health risks. The chemicals and toxins may cause serious health problems, including cancer. Some other challenges that the e-cigarette market faces are stringent regulations, nicotine exposure in e-cigarettes, etc. Health issues, such as nausea, vomiting, abdominal pain, itchiness, dry eyes, coughing, and nosebleeds, caused by the use of e-cigarettes act as a restraint on the e-cigarette and vape market.

Covid-19
Due to the COVID-19 pandemic, the e-cigarette market witnessed a sharp decline. The pandemic forced people to pay attention to their health and quit habits like smoking in order to tackle this situation. Thus, it impeded the demand for e-cigarettes throughout the pandemic period. Further, retail stores and outlets also stopped offering their products in order to abide by the government rules, which hampered the growth of the e-cigarette market. On the country, the ease of lockdown restrictions has increased the sales of e-cigarettes like before.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea E-Cigarette market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Modular E-Cigarette
• Rechargeable E-Cigarette
• Next-Generation E-Cigarette
• Disposable E-Cigarette
• Others

By Flavour
• Tobacco
• Botanical
• Fruit
• Sweet
• Beverage
• Others

By Battery Mode
• Automatic E-cigarette
• Manual E-cigarette

By Distribution Channel
• Online
• Offline

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the e-cigarette industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.