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

Philip Morris Korea Inc. announced plans to introduce a new e-vapor product in South Korea next week, as it broadens its smoke-free offerings in the region's fourth largest economy. The VEEV e-vapor product will be available starting Wednesday, with KT&G Corp. currently holding the market leadership in South Korea. Philip Morris International Inc., the U.S. parent company of Philip Morris Korea, reported that 42% of its $11 billion in sales for the second quarter originated from smoke-free products.

The corporation has expressed its intention to eventually phase out traditional cigarettes, replacing them with smoke-free alternatives. Since 2008, PMI has committed $16 billion to research and development for scientifically validated smoke-free tobacco products. The Marlboro company has three smoke-free product lines: IQOS heat-not-burn (HNB) items, ZYN nicotine pouches, and the upcoming VEEV e-vapor products.

ZYN nicotine pouches are not yet available in South Korea. Currently, KT&G leads South Korea's non-combustible tobacco segment with a 48% market share, followed by Philip Morris and British American Tobacco.