[THE INVESTOR] Philip Morris Korea said on May 23 it has sold 1.9 million units of its tobacco heating device IQOS since its launch last year.
The Korean unit of global tobacco giant said 1 million Korean smokers are estimated to have switched to its heat-not-burn products from conventional cigarettes since IQOS first hit the domestic market in June 2017.
The market share of Heets, tobacco sticks exclusively for IQOS, was reported at 7.3 percent in the first quarter of this year, placing it in the top five tobacco brands in the country, the company said.
“I am pleased to see that our vision to replace cigarettes with science-based smoke-free products is becoming a reality in Korea at an unprecedented speed,” said Chong Il-woo, Philip Morris Korea’s managing director, during a press conference in Seoul.
As part of its efforts to cope with the surging demand, the company will begin selling Heets produced at its factory in Yangsan, 420 kilometers southeast of Seoul, within the year. It will be the first facility in Asia to manufacture heated tobacco units for IQOS.
By Song Seung-hyun and newswires (firstname.lastname@example.org)