Smoke-free products now available in over 100 markets, with more than one proposition in 30+ markets, driving over 40% of sales and accelerating cigarette volume decline.
All three platforms—heat-not-burn, pouches, and e-vapor—are essential to meet diverse smoker needs and maximize conversion from cigarettes.
Smoke-free product growth is expected to be around 10-12%, outpacing the industry, with strong brand loyalty and high margins.
Positive cash conversion and total smoke-free volumes now offset cigarette declines for the fifth consecutive year.
Significant growth potential remains in large markets not yet open to smoke-free products, such as India, Vietnam, and Turkey.
ZYN experienced supply constraints in Q4, but capacity ramped up faster than expected, enabling full market supply and strong marketing support in Q3.
Q3 saw a surge in ZYN volumes and brand equity, with ZYN capturing over 50% of category growth despite a premium price.
Price gaps have normalized, and future growth is expected to be supported by FDA decisions on pending PMTAs, potentially adding new strengths and flavors.
The US pouch category is the fastest-growing in tracked channels, with robust outlook through 2026 and regulatory sentiment more favorable than in the past.
ZYN sources new users from oral tobacco, e-vapor, and cigarettes, with roughly one-third from each, supporting sustained growth.
IQOS continues double-digit growth for 11 consecutive years, holding share despite regulatory and tax headwinds in markets like Japan and Europe.
Regulatory changes, such as flavor bans and tax equalization, may cause short-term slowdowns but do not alter long-term growth trajectory.
Innovation remains a key driver, with new IQOS models and improved user experience targeting both new and conservative smokers.
The global rollout of IQOS benefits from established digital and retail ecosystems, leveraging learnings from over 100 markets.
US launch of IQOS ILUMA is expected to achieve 10% share within five years, starting with the latest technology and higher consumer awareness.
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Philip Morris first saw the light of day when Mr. Philip Morris, in 1847, opened a shop on London’s Bond Street, selling tobacco and ready-made cigarettes.
Philip Morris is the leader in manufacturing and selling cigarettes, tobacco, and nicotine-containing products. They are the makers of Marlboro, the world’s best-selling cigarette. Despite operating in an industry plagued by scandal, health concerns, regulations, and taxation, Philip Morris has continuously posted record-breaking profits and sales year after year.
As this industry is highly controversial, Philip Morris, early on, diversified their interests and expanded into international markets. By acquiring Miller Brewing in 1970, General Foods in 1985, and Kraft Inc. in 1988, Philip Morris became the world’s largest food corporation and beverage company in North America by revenue. Philip Morris is, on their behalf, owned by Altria.
Further reading: The Rise of ZYN: Redefining Nicotine Consumption
Today’s Philip Morris expects a bright future for heat-not-burn (HNB) tobacco products sold under its “I Quit Original Smoking” (IQOS) brand. In 2021, the number of adults who have stopped smoking and switched to IQOS reached 15.3 million across 71 markets.
"We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking." – James Bushnell, Vice President, Investor Relations & Financial Communications
Other companies within the business are British American Tabacco, Japan Tabacco Inc, and Imperial Brands.
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