Article by Parker Tang; Edited by Rui Tian - Philip Morris International (PMI) is entering the tobacco market in Brazil. According to Korean news source THE GURU on March 13th, PMI is in discussions with the Brazilian health authority Anvisa to obtain a license for its IQOS product. Brazil is the largest market in Latin America, with a population of over 200 million, of which approximately 12% are smokers.
According to PMI's annual report for the 2022 fiscal year, 95% of sales for its smoke-free products come from Europe and East Asia, with the Middle East and Africa being the fastest-growing emerging markets, with growth rates reaching 100%. The report did not mention the market situation in South America.
BAT and KT&G hold shares in the new tobacco market in South America. Furthermore, according to China National Tobacco Hong Kong's 2022 annual report data, its business in Brazil has also grown significantly, with an increase of 73%.
References:
[1] Philip Morris targets Central and South America by requesting IQOS approval in Brazil.
[2] Comparison of financial reports from four major tobacco companies: growth in new tobacco businesses, emerging markets developing rapidly. [3] Performance announcement for China National Tobacco International (Hong Kong) Limited for the year ending December 31, 2022.
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