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How are investors reassessing the global tobacco industry as nicotine markets evolve? In an interview with 2Firsts, Charlie Chen, Head of Research at CCB International Securities, forecasts annual growth of 30–50% for nicotine pouches, outpacing vaping and heated tobacco. He examines how regulatory enforcement, shifting market shares and new business models are influencing company valuations. The report also explores differences between multinational tobacco groups and Chinese companies, drawing on insights from the New Approaches Summit on profitability, investment strategies and industry consolidation.

Germany's parliament is scheduled to hold a first reading of amendments to the Tobacco Tax Act on September 24. The government plans annual tax increases from 2027 through 2030 covering cigarettes, heated tobacco, vaping liquids and other categories. It expects the reform to generate €756 million in additional revenue in 2027, rising to €3.589 billion in additional annual revenue by 2030. Ahead of the parliamentary debate, the German Association of the Tobacco Industry and Novel Products, or BVTE, launched the "Tabaksteuer mit Augenmaß" campaign backed by BAT, JTI, Philip Morris, Reemtsma and wholesale and retail groups.

Azerbaijan's sweeping e-cigarette ban has raised concerns over enforcement errors and the emergence of illicit sales, while neighboring Armenia is tightening technical rules and preparing higher excise taxes. Georgia, meanwhile, has resisted calls for broader vape restrictions and introduced preferential taxes for some domestically produced cigarettes. The divergent approaches across the South Caucasus highlight a regional policy dilemma: how to curb nicotine use and protect public health without encouraging black markets or creating unintended economic consequences for businesses and consumers.

FDA’s Center for Tobacco Products detailed new PMTA review data and process changes at the 2026 FDLI conference. Pending PMTAs fell from about 450,000 at the start of 2025 to 135,000 by September 2026. CTP also discussed its 180-day review goal, current sPMTA pilot, alternate-supplier planning, more than 50,300 pending SE reports, and lessons from the nicotine pouch pilot already being applied to ENDS review.

Japan Tobacco Inc. (JT) announced on November 12, 2026, that it had acquired the U.S. assets of nicotine pouch brand CLEW from Nevcore Innovations Inc., including trademarks, intellectual property, product formulations and a Premarket Tobacco Product Application (PMTA). CLEW, currently distributed through selected outlets in 13 U.S. states, will immediately join the JTI LIGGETT portfolio. The transaction follows JT's approximately $2.4 billion acquisition of U.S. cigarette maker Vector Group in 2024. JTI LIGGETT says its existing cigarette brands reach more than 160,000 U.S. retail stores. During the 2026 NACS Show in October, JTI LIGGETT booth staff told 2Firsts that the company had not yet launched nicotine pouches in the United States. Although Nevcore previously announced FDA acceptance of CLEW's PMTA, the brand is absent from the agency's current list of authorized nicotine pouch products. JT has not disclosed a retail expansion plan for CLEW.

Philip Morris International (PMI) introduced TEREA Bold Red and Bold Black heated tobacco sticks in Germany in October 2026, both carrying a brand-rated tobacco-flavor intensity of 10, the highest level in the country's TEREA portfolio. Bold Red features leather and warm woody notes, while Bold Black combines woody and subtle floral notes. Both are sold in 20-stick packs at €8, approximately 2.6% above standard TEREA products. Germany's TEREA range now includes 11 flavor variants, alongside a separate 26-stick XL format priced at €10. IQOS Germany announced the new products on October 12, followed by a phased retail rollout from late October and an IQOS Club campaign running through December.