On July 27th, global tobacco giant British American Tobacco released its financial report for the first half of 2022. The report showed that the company had a revenue of £12.87 billion in the first half of this year, up from £12.18 billion in the same period last year. Due to increased expenses and other factors, the company's pre-tax profit for the first half of the year decreased to £3.06 billion, down from £4.38 billion in the same period last year.
British American Tobacco (BAT) has reported a strong revenue growth in their new tobacco products for the first half of the year, reaching £1.283 billion, up 45.5% compared to the same period last year, accounting for 9% of the company's revenue. Based on this data, the compound growth rate of the company's new tobacco products from 2018 to 2022 is projected to reach 31%.
According to financial reports, Vuse, a vape brand, had a revenue of 590 million pounds in the first half of the year, a year-on-year increase of 47%. Its market share in the top five markets of the US, Canada, UK, France, and Germany was 34.7%, and its share of closed products in those markets was 49.8%. Vuse's revenue in the US increased by 60%, with a market share of 36.3%, making it the number one brand in that region.
Vuse is making steady progress in the US market, while its longtime rival Juul is experiencing setbacks. In May of this year, Vuse's VIBE and CIRO products passed PMTA authorization, following the SOLO series' approval in October 2021. On the other hand, the FDA rejected Juul's product for PMTA approval on June 23 and demanded the cessation of sales for one of its e-cigarette devices and four pods.
It is worth noting that the FDA has only approved 23 e-cigarette products through the PMTA application process so far. These products are produced by three brands - Vuse, Logic, and NJOY - all of which are customers of the Chinese e-cigarette manufacturer, Smoore. Smoore has demonstrated that its OEM products and ceramic atomizers meet the safety and harm reduction requirements emphasized by the FDA's audit.
British American Tobacco has announced that their disposable product, Vuse GO, has now become the third-best selling item in the UK market, and is quickly approaching second place. The company plans to expand distribution of this product throughout the European market in the latter half of the year. In May, British American Tobacco distributed Vuse products, including the disposable Vuse GO, to attendees at their shareholders' meeting. It is speculated within the industry that Vuse GO is being exclusively manufactured for British American Tobacco by their long-time partner, Imperial Brands.
British American Tobacco (BAT) has announced that they currently have 20.4 million users of their new tobacco products, with an estimated increase to 50 million non-combustible product users by 2030. Additionally, the company aims to generate £5 billion in revenue from their new tobacco products by 2025. To achieve this goal, BAT has invested over £1 billion this year in their new tobacco products.
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