BAT Heat-not-burn Products Increased by 33.8% in European Market in 2022

Recently, British American Tobacco (BAT) released its 2022 annual report. In addition, the report disclosed the operating data of BAT's product Glo in 2022.

According to the report of Glo in the global market in 2022:

• Glo market share reached 19.4%, which increase by 1.4%;
• Glo's global revenue increased by 24.3% or 26.7%, with continued growth in the second half of 2022;
• The number of Glo consumers increased by 2 million to 8.8 million, which increased by 30% ;
• Sales of Glo pods increased by 25.6%, ahead of the industry growth of 15%;
• Glo's share of the tobacco market (FMC and THP combined) reached 7.4%, an increase of 0.6% from 2021.

In 2022, the sales of Glo in main markets:

• In Japan, Glo's tobacco market share (FMC and THP combined) reached 7.4%, up 0.6% from 2021, as consumers switched from cigarettes to THP.
• In Europe, Glo volumes rose 33.8%, with continued strong revenue growth of 57.3% or 53.3% in constant currency. Excluding Russia, the European market's total sale occupies more than 54% of THP total sales (43% excluding Russia) and 51% of BAT's global THP revenue (41% excluding Russia).

Reference: 【1】New Category Acceleration Drives Profitability Forward To 2024