What’s Happening in Tobacco? Q4 2018

January 2019

In the latest in an ongoing series of quarterly briefings looking at major (and some minor) developments in the world of tobacco, we assess the latest performance of the major multinationals, important cannabis and NPD/NGP updates, further M&A activities from Altria, the reviewed economic growth projections for the world’s key markets and what to look for in the next quarter.

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US FDA proposed new measures regarding flavours, menthol and e-cigarettes

In November 2018, the FDA in the US proposed new steps to protect the younger generation by preventing access to flavoured tobacco products and banning menthol in cigarettes, which could be implemented by the end of the review period (ie around 2021-2022). This will likely lead to significant disruption of the combustible cigarettes market in the country, as menthol accounted for 30.5% of all cigarette sales in 2017. The FDA also proposed banning flavoured cigars and cigarillos. These products have benefited from the 2009 flavoured cigarette ban. In addition, the FDA restricted the sale of flavours other than tobacco, menthol and mint, only to age-restricted, in-person locations. The rule, therefore, does not extend to vape stores, as some industry players feared, but addresses certain concerns connected with increased youth usage of vapour products.

22nd Century Group filed PMTA and MRTP applications for a cigarette product

In December 2018, 22nd Century Group submitted a Premarket Tobacco Application (PMTA) and a Modified Risk Tobacco Product (MRTP) application for the company’s Brand “A” low nicotine cigarette product under the proposed name VLN. If granted, VLN will be the first and likely only combustible product to achieve such an order. 

In Brief

Regulatory updates 1
Regulatory updates 2
Regulatory updates 3
Regulatory updates 4
Taxation updates 1
Taxation updates 2
Prevalence updates
Market and product updates 1
Market and product updates 2
Market and product updates 3
Market and product updates 4
M&A update: Altria makes USD12.8 billion investment in Juul Labs
Cannabis updates
New product developments 1
New product developments 2

In Depth

PMI: Q3 volumes down, heated tobacco disruption in East Asia
BAT: vapour yearly revenue target revised downwards
JTI: domestic business on recovery path
IMB: tobacco volume down and more emphasis on vapour

Latest Macroeconomic Data

The latest Euromonitor International macroeconomic forecasts

Q1 talking points

What to look for in Q1 2019
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