Phillip Morris International (PMI) is reportedly in discussions with the Brazilian health authority, Anvisa, with the aim of obtaining licensing for its IQOS product in Brazil. Brazil is the largest market in Latin America and has a population of over 200 million, with approximately 12% of the population being smokers. This move by PMI shows the company's interest in expanding its market reach and gaining licensing in a potentially lucrative market.
According to the annual report for the PMI2022 fiscal year, 95% of PMI's smoke-free product sales come from Europe and East Asia. The emerging markets of the Middle East and Africa are experiencing rapid growth, with a growth rate of up to 100%. The report did not mention the market situation in the South American region.
BAT and KT&G hold significant market shares in the emerging tobacco markets in South America. Additionally, according to China National Tobacco Corporation's 2022 annual report data in Hong Kong, its business in Brazil has seen significant growth, with a 73% increase.
Head of Tobacco Companies' Emerging Market Distribution Map | Image Source: 2FIRSTS
Reference:
Philip Morris seeks approval for IQOS in Brazil, targeting Central and South American markets.
Comparison of financial reports from the four largest tobacco companies: Growth seen in all new tobacco businesses and emerging markets are competing to develop.
China Tobacco International (Hong Kong) Ltd. has announced its annual performance results for the year ending December 31, 2022.
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