HNB growing in Korea

South Korea was the world’s second-largest heat-not-burn (HNB) cigarette market after Japan last year, and its growth will gather pace, reports Yonhap News citing Euromonitor International data.

The value of South Korea’s HNB market reached $1.67 billion last year, up from $453 million in 2017, according to Euromonitor. The country’s overall tobacco market reached $15.6 billion last year.

While South Korea’s overall tobacco market is anticipated to post limited growth through 2023, the industry tracker said the heat-not-burn tobacco market in the country is expected to grow 21 percent annually to reach $4.4 billion.

“In less than two years after the first release of heat-not-burn e-cigarettes in South Korea, the country became the world’s second-largest player next to Japan,” Euromonitor International said in its report.