Heated tobacco is grabbing headlines, but what else will it seize?

The long-term future of the heat-not-burn (HnB) market, and how it will co-exist with that for e-cigarettes, is not yet clear.

The experience of the Japanese market, where heated tobacco has gained a strong advantage, may not be repeated in other territories.

New science may affect regulation substantially.

The fate of Philip Morris International (PMI)’s modified-risk application for IQOS in the US could sway opinion over a much wider range of territories.

Our report examines some possible scenarios – both positive and negative – for ways that the heated tobacco market might develop, and its future relationship to the vapour market.


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