Here, KT & G Corp, South Korea's leading cigarette maker, has announced that it will bring a new heated tobacco product to market as early as next week. Despite the increase in taxes on “Heat not burn” products, they are a huge hit in the country.
LIL, A NEW HEATED TOBACCO DEVICE THAT COMPETITIONS IQOS!
The product, called Lil more, will reach will be available for individuals dice next Wednesday, only one year after the launch of heated tobacco products in the South Korean market.
Wednesday, Phillip Morris will celebrate the anniversary of the launch of its iQOS in South Korea and the company plans to hold a media day to mark the day. KT & G said, however, the choice of the release day of its new product had nothing to do with the first anniversary of the launch of iQOS by Phillip Morris.
Currently, heated tobacco products account for about 10% of all tobacco sales in South Korea, and this proportion is expected to reach about 30% in 2020.
If the tobacco companies do not disclose their market share for heated tobacco, Phillip Morris's iQOS should keep the largest at 50% to 60%, Lil and Glo will take the rest.
The market has grown rapidly since the launch of iQOS. According to government and industry data, 163 million packets of heated tobacco were sold in the country between May 2017 and March 2018.
