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<\/p>\nIn 2024, the development of various multinational tobacco companies continued to diverge, the market structure continued to evolve, PMI continued to widen the gap with its competitors, and JTI surpassed BAT in terms of sales of combustible tobacco products, and the combined sales of combustible tobacco products and heated cigarettes... Today, let us take a look at the development of major multinational tobacco companies~<\/p>\n
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<\/p>\n a. Financial performance\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000In 2024, the volume and price of major products increased, and the company's operating performance was good.<\/span><\/p>\n b. Main products and brands<\/span><\/strong>\u00a0<\/strong><\/p>\n \u3000\u3000In 2024, the total sales volume of cigarettes and heated cigarettes reached\u00a0<\/span>15.131 million boxes<\/span>\u00a0, a year-on-year increase of 2.5% and a year-on-year increase of 0.4%.<\/span><\/p>\n \u3000\u3000Cigarettes:<\/span><\/span><\/strong>\u00a0Cigarette sales volume\u00a0<\/span><\/span>was 12.337 million boxes\u00a0<\/span><\/span>, up 0.6% year-on-year. This was the first time that its cigarette sales volume achieved positive growth after reaching a peak of 18.541 million boxes in 2012 and declining for 11 consecutive years. The growth mainly came from Russia and Turkey; the average price of cigarettes increased by 8.7% year-on-year. In 2024, sales of Marlboro brand cigarettes increased by 3.7% year-on-year to\u00a0<\/span><\/span>4.978 million boxes\u00a0<\/span><\/span>, accounting for 40.3% of the company's total cigarette sales; the five brands of Marlboro, Parliament, Chesterfield, L&M, and Philip Morris accounted for more than 80% of the company's total cigarette sales.<\/span><\/span><\/p>\n \u3000\u3000Heated cigarettes:<\/span><\/strong>\u00a0In 2024,\u00a0<\/span>2.794 million boxes<\/span>\u00a0of heated cigarettes were sold , a year-on-year increase of 11.5%, but the growth rate has declined for five consecutive years. Sales growth mainly came from the Japanese, Russian and German markets. IQOS products generated net revenue of\u00a0<\/span>$11 billion<\/span>\u00a0, surpassing cigarette brand Marlboro for the first time; it expanded into five new markets, expanding its market coverage to 76 countries and regions, and the number of IQOS users increased by 3.4 million to\u00a0<\/span>32.2 million<\/span>\u00a0.<\/span><\/p>\n \u3000\u3000Electronic cigarettes<\/span><\/strong>:\u00a0<\/span>VEEV brand e-cigarettes have added 14 new markets, expanding market coverage to 40 countries and regions. In 13 European markets including France, Germany, Greece, and Poland, it has ranked among the top three in local e-cigarette sales, with the number of users reaching\u00a0<\/span>1 million\u00a0<\/span>.<\/span>\u00a0<\/strong><\/p>\n \u3000\u3000Nicotine bags<\/span><\/strong>\uff1a<\/span><\/strong>\u00a0The sales volume of nicotine bags reached\u00a0<\/span><\/span>640 million cans\u00a0<\/span>, a year-on-year increase of 52.9%. ZYN brand nicotine pouches are sold in 37 countries and regions, with net revenue exceeding\u00a0<\/span><\/span>US$2.1 billion\u00a0<\/span>. Ranked by net revenue, ZYN has become the number one smokeless tobacco brand in the United States.<\/span><\/span><\/p>\n c. Business restructuring and adjustment<\/span><\/strong>\u00a0<\/strong><\/p>\n Optimize business layout.<\/span><\/p>\n \u3000\u3000Sell \u200b\u200bcore assets of the healthcare sector.<\/span><\/p>\n \u3000\u3000Strengthen control over the Egyptian market.<\/span><\/p>\n d. US market expansion\u00a0<\/span><\/strong><\/p>\n \u3000\u3000Approved by the U.S. Food and Drug Administration (FDA).<\/span><\/p>\n \u3000\u3000Independent promotion of IQOS.<\/span><\/p>\n \u3000\u3000Expand nicotine pouch production capacity.<\/span><\/p>\n \u3000\u3000Plans to sell the cigar business.<\/span><\/p>\n a. Financial performance<\/span><\/span><\/strong><\/p>\n \u3000\u3000In 2024, the company's operating performance continued to decline under pressure, with some indicators improving and generally in line with expectations.<\/span><\/p>\n <\/p>\n b. Main products and brands\u00a0<\/span><\/strong><\/p>\n \u3000\u3000In 2024, except for nicotine pouches, sales of other products will all decline.<\/span><\/p>\n \u3000\u3000Cigarettes:<\/span><\/strong>\u00a0A total of 10.1 million boxes\u00a0<\/span>of cigarettes will be sold in 2024\u00a0<\/span>, a year-on-year decrease of 8.9%. In 2025, the number may fall below 10 million boxes. The main reasons are the withdrawal from the Russian and Belarusian markets and the continued shrinkage of the US cigarette market. Last year, its cigarette sales in the United States fell below one million cartons for the first time, to 940,000 cartons. In 2020, its market covered approximately 180 countries and regions, and by 2024 it had withdrawn from nearly 50 markets.<\/span><\/p>\n \u3000\u3000E-cigarettes:<\/span><\/strong>\u00a0Vuse brand e-cigarettes are sold in 63 countries and regions, and sales have declined for the first time, with annual sales of\u00a0<\/span>616 million units<\/span>\u00a0, a year-on-year decrease of 5.9%, accounting for 40% of the world's annual legal e-cigarette sales, a year-on-year decrease of 1.2 percentage points. The company believes that the decline in sales was mainly due to adverse effects such as the proliferation of illegal disposable e-cigarettes in the United States and the flavor ban in Quebec, Canada. The United States is British American Tobacco's largest market for e-cigarettes. The company already has 22 e-cigarettes that have obtained FDA marketing authorization, accounting for 60% of the number of e-cigarettes approved by the FDA.<\/span><\/p>\n \u3000\u3000Heated cigarettes:<\/span><\/strong>\u00a0Sales volume of glo brand heated cigarettes reached\u00a0<\/span>418,000 boxes\u00a0<\/span>, down 11.6% year-on-year, the largest drop among all the company's products. The company estimates that its global market share is 16.7%, down 0.4 percentage points year-on-year. The company has improved and upgraded its heated tobacco products, narrowing the gap between glo and Philip Morris International's IQOS. In addition, VEO, the first tobacco-free heated cigarette brand, was launched and has entered 20 markets.<\/span><\/p>\n \u3000\u3000Nicotine pouches:<\/span><\/strong>\u00a0Velo brand nicotine pouches have added 10 new markets, expanding to 44 countries and regions. The sales volume of nicotine bags reached\u00a0<\/span>8.3 billion bags<\/span>\u00a0, a year-on-year increase of 55.0%, but the price structure decreased by 2.9% year-on-year. The company's nicotine pouches maintained a leading position in the markets of 21 European countries. In the United States, sales increased by 234% year-on-year to\u00a0<\/span>990 million pouches<\/span>\u00a0, thanks to the upgrade of the Velo brand image and the launch of Grizzly, a nicotine pouch brand with the same name as traditional snus. A new factory was built and put into operation in Italy to expand the production capacity of nicotine pouches, and a series of tobacco-free synthetic nicotine pouch patents owned by the American Beni Oral Nicotine Company were acquired for US$30 million. The company expects the global nicotine pouch market size to be comparable to that of e-cigarettes and heated cigarettes by 2030.<\/span><\/p>\n \u3000\u3000Traditional snus:\u00a0<\/span>Sales volume fell 8.2% year-on-year to\u00a0<\/span>122,000 boxes\u00a0<\/span>, with 90% of sales volume and sales revenue in the US market.<\/span><\/p>\n c. Continue to expand beyond nicotine\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000The company has never given up on looking for opportunities in areas beyond nicotine, and its venture capital firm BTV (Btomorrow Ventures) is a key pillar of investment in areas beyond nicotine. From the first investment in 2020 to the end of 2024, 28 investments have been completed. Most of the first \u00a3150 million investment fund has been invested, and the second \u00a3200 million new fund was launched in 2024. In 2024, BTV continued to support its portfolio companies and made multiple rounds of follow-up investments.<\/span><\/p>\n d. Optimize R&D innovation organization\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000Optimize the innovation ecosystem.\u00a0<\/span>In order to better adapt to future changes in consumer demand, the company has reorganized and upgraded its R&D ecosystem, including 1 global R&D headquarters and innovation ecosystem hub, 3 R&D centers, 3 innovation centers focusing on new product categories such as smoke-free products, 2 product centers, 2 strategic partners, more than 50 development partners, and several open innovation partners.<\/span><\/p>\n \u3000\u3000Establish a public platform for smoke-free scientific research data.\u00a0<\/span>The company has established a data platform called Omni, which summarizes its innovative ideas and research results in smoke-free tobacco products, collects smoke-free product data from 82 markets, launches 265 peer-reviewed papers and more than 8,200 authorized patents, and includes 614 related articles from research results outside the company. All the results collected by Omni are shared publicly for reference and use by scientific researchers, regulatory agencies, and the general public.<\/span><\/p>\n 3.JTI<\/p>\n 1. Financial performance\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000In 2024, the market competitiveness was strong, the performance exceeded market expectations, and both revenue and adjusted profit reached historical highs.<\/span><\/p>\n b. Product and brand development\u00a0<\/span><\/span><\/strong><\/p>\n Combustible tobacco products such as cigarettes, tobacco, and mini cigars, and harm reduction products such as heated cigarettes and capsule products are showing a good development momentum, with both volume and price increasing. The sales volume of combustible tobacco products and the total sales volume of combustible tobacco products and heated cigarettes have both exceeded that of BAT.<\/p>\n Harm reduction products:<\/span><\/span><\/strong>\u00a0The overall scale of harm reduction products is relatively small, but the market is expanding rapidly and sales volume is growing rapidly. The Ploom brand heated cigarette market has expanded to 24 countries and regions. Sales volume in 2024\u00a0<\/span><\/span>is 218,000 boxes\u00a0<\/span><\/span>, a year-on-year increase of 24.2%, mainly due to the 33.0% year-on-year sales growth of Ploom X in the Japanese market. Its harm reduction products are highly dependent on the Japanese market, with sales in Japan accounting for 82.6% of total sales.<\/span><\/span><\/p>\n c.Main market performance\u00a0<\/span><\/span><\/strong><\/p>\n d. Acquired the fourth largest tobacco company in the United States\u00a0<\/span><\/strong><\/p>\n \u3000\u3000In 2024, the company completed a rare corporate merger and acquisition in the cigarette field in recent years, acquiring Vector Group, the fourth largest cigarette manufacturer in the United States, for a total price of US$2.4 billion. Vector Group was founded in 1873 and has a 5.6% market share in the United States, focusing on the low-price market. In 2023, Vector Group sold\u00a0<\/span>176,000 cartons<\/span><\/span>\u00a0of cigarettes , had a net income\u00a0<\/span>of $1.42 billion<\/span><\/span>\u00a0, a profit\u00a0<\/span>of $330 million<\/span><\/span> , and total assets of $930 million. With this acquisition, the United States became one of JTI top ten markets, and JTI market share in the United States jumped from 2.3% to 8.0%, and it owns two of the top ten brands in the U.S. cigarette market.<\/span><\/p>\n 4.Imperial Brands<\/p>\n a. Financial performance\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000In fiscal year 2024 (ending September 30, 2024), the company will advance its consumer-centric transformation strategy and further improve its performance.<\/span><\/p>\n b. Product and market performance\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000In 2024, sales of combustible tobacco products will continue to decline and next-generation products will remain in a cautious expansion stage, but the company believes that all products and major markets show positive signs.<\/span><\/p>\n Next-generation products:<\/span><\/strong>\u00a0The company strictly adheres to a prudent market entry strategy and only enters countries and regions where there is already a local consumer base for next-generation products and the company has a strong local cigarette sales channel. Currently, the company's next-generation products have achieved large-scale operation in more than 20 markets in Europe. In eight markets including Greece and Italy, the net revenue from next-generation products accounts for more than 20% of the company's net revenue from local tobacco business. Zone brand nicotine bags drove its performance growth in the US market, new products such as the blu bar disposable e-cigarette that can be inhaled for 1,000 puffs and the blu bar kit with replaceable cartridges drove its performance growth in the European e-cigarette market, and Pulze brand heated cigarettes drove its performance growth in the AAACE market. The company has launched its new tobacco-free, tea-based iSenzia heated cigarette in Italy, Greece, the Czech Republic and Poland.<\/span><\/p>\n 5.Altria Group<\/p>\n a. Financial performance\u00a0<\/span><\/span><\/span><\/strong><\/p>\n b. US market landscape\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000Altria Group is a tobacco company focused on the US market. The company estimates that there are currently 55 million adult nicotine consumers in the United States, of which 50.9% use only combustible tobacco products, 32.7% use only smokeless products, and 14.5% use a mixture of both products.<\/span><\/p>\n \u3000\u3000It is estimated that the total market size of combustible tobacco products, e-cigarettes, and oral tobacco products in the United States is\u00a0<\/span>6.88 million boxes\u00a0<\/span>. Altria Group, BAT, Imperial Brands and JTI share this market.<\/span><\/p>\n \u3000\u3000The United States is the world's largest market for traditional snus and nicotine pouches. In recent years, sales of traditional snus have declined, while the nicotine pouch market has continued to expand rapidly. The market size of all oral products, including traditional snus and nicotine pouches, is\u00a0<\/span>2.07 billion cans\u00a0<\/span>.<\/span><\/p>\n c. Main products and brands\u00a0<\/span><\/span><\/strong><\/p>\n \u3000\u3000As many parties value the lucrative profits in the U.S. market and rush into it, Altria has clearly felt the competitive pressure and has accelerated its transformation to smoke-free. However, judging from the failure of its investment in JUUL, its withdrawal from the exclusive sales of IQOS in the U.S., and the slow progress in its cooperation with Japan Tobacco to expand heated cigarettes, the results have not been ideal.<\/span><\/p>\n \u3000\u3000Cigarettes:<\/span><\/strong>\u00a0In recent years, against the backdrop of the overall shrinkage of the U.S. cigarette market, the company's cigarette sales have continued to decline. In 2024, cigarette sales fell 10.2% year-on-year to\u00a0<\/span>1.372 million boxes<\/span>\u00a0, and the market share was 45.9%, a year-on-year decrease of 1 percentage point. Marlboro, which accounts for 91.3% of the company's total cigarette sales, sold\u00a0<\/span>1.252 million boxes<\/span>\u00a0, a year-on-year decrease of 9.0%. Its market share in the United States was 41.7%, a year-on-year decrease of 0.5 percentage points. Its market share in the US high-end cigarette market was 59.3%, a year-on-year increase of 0.4 percentage points. In addition, the company's sales of Basic, Benson & Hedges, L&M and other brand cigarettes fell 20.4% year-on-year.<\/span><\/p>\n \u3000\u3000Cigars:<\/span><\/strong>\u00a0Sales of the mass-market cigar brand Black & Mild (accounting for 99.8% of the company's cigar sales)\u00a0<\/span>were 1.75 billion<\/span>\u00a0, down 1.5% year-on-year.\u00a0<\/span><\/p>\n \u3000\u3000Oral products:<\/span><\/strong>![\"\"](\"https:\/\/www.abesmoke.com\/wp-content\/uploads\/2025\/05\/fa20d951dd37039add4f12d66d3fff08.jpeg\")
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