(LEAD) Philip Morris to launch VEEV e-vapor product in S. Korea

Philip Morris Korea Inc. announced plans to launch its VEEV e-vapor product in South Korea next week, as part of its strategy to diversify its smoke-free offerings in Asia's fourth-largest economy. The VEEV e-vapor product will be available to consumers on August 22, with KT&G Corp. currently holding the majority market share in South Korea's non-combustible tobacco segment.

Philip Morris International Inc., the U.S. parent company of Philip Morris Korea, reported that 42% of its $11 billion in sales in the second quarter came from smoke-free products. The company has set a goal of achieving a two-thirds share of sales from smoke-free products by 2030, driven by investments totaling 22.5 trillion won ($16 billion) in research and development for scientifically proven smoke-free alternatives since 2008.

These initiatives include IQOS heat-not-burn (HNB) products, ZYN nicotine pouches, and the new VEEV e-vapor product, which will join the latter's lineup in South Korea.