Korean vape market status

Since the birth of vapes, the vape market has experienced a rough road, from EGO vape pen to high-power vapes, and back to vape pen.e-liquid from a single imitation of cigarette flavors, gradually increasing the fruit, beverages, Candy and many other flavors. Vape companies have been growing and innovating over the years, as well as rising and disappearing. As China's neighboring South Korea, what is the current situation of their vape market?

In 2014, the demand for vapes in Korea showed explosive growth. The reason is that in recent years, the Korean and Korean governments have also adapted to the international trend, and have greatly increased the cigarette tax for the health of the citizens, while continuously expanding the no-smoking area. This series of measures has greatly boosted the demand growth of the electronic cigarette market. This is a good opportunity for vape manufacturers and traders in China.

Since 2014, the South Korean government announced the increase in cigarette prices, the import of electronic cigarettes has increased significantly. Vape imports and imports accounted for 75% of the total for the whole year. The import volume of electronic liquids in Korea was 8 tons in 2012 and increased to 17 tons in 2013. In 2014, it surged by 288.8% to 66 tons, and it exceeded 100 tons in 2018.

The import volume of electronic liquids was US$460,000 in 2012, and increased to US$997,000 in 2013. It reached US$4.433 million in 2014 and exceeded US$10 million in 2018.

According to industry analysts, because of the sharp increase in cigarette prices, many smokers have increased their purchase costs, so they have to find alternatives, and some even consider quitting smoking. Vape is the best alternative tool in the market. And smoking cessation aids, naturally become the first choice for smokers, which is the most direct reason to promote sales growth in the electronic cigarette market.

Electronic cigarette store

Through the Korean authoritative media, as of the end of 2017, more than 1,800 existing retail stores in Korea have increased to more than 2,000 today. Among them, there are 500 to 600 stores in Seoul's metropolitan area. This number has surpassed China's current stage. Among them, there are Vape Story, Daniel & Vaga, etc., and there are more than 2,000 vape products circulating in the market. This situation is caused by the policy of raising the price of tobacco in South Korea. To put it simply, to put aside the health aspect, the cost of smoking vapes is lower than the cost of smoking cigarettes, which undoubtedly gives the vape a great market competitiveness and living space.

vape 

Relative to the European and American markets, of course, the Korean market has yet to be developed. The users are mainly players. The vape pen and the heating are not burning. Just after the two years of IQOS, there is a tornado that does not burn. Not strong, but in general the entire market is still in the training stage.

Electronic liquid

Due to Korea's complicated electronic liquid import policy, its vape market is relatively closed. The price of electronic liquids in South Korea is much higher than that of China. The price/performance ratio is the advantage of China's electronic liquid companies. At present, about 80% of the mainstream products in the Korean market are foreign brands, of which Chinese brands account for about 60%, and big smoke and vape pen each account for half of the total.

In general, the acceptance of vapes in Korea is higher than that of China, but the volume is not huge in China. The population and the base of smokers determine this reality. However, China's domestic demand market is fierce, and it is very difficult to get huge profits from it.