Philip Morris International Korea reported that new tobacco products accounted for 40% of net sales and 32.2 million IQOS users, with an estimated 72% of users switching entirely to the product. PMI plans to increase the proportion of new tobacco businesses to more than two-thirds by 2030, with a cumulative investment of about $14 billion since 2008.
Key points:
1. Net sales of new tobacco products such as IQOS account for 40% of PMI’s total sales, with 38.6 million users worldwide, including 32.2 million IQOS users.
2. PMI’s new tobacco product sales cover 95 countries, with the top five markets contributing 60% of sales without combustion, thanks to the development of IQOS and Terea.
3. PMI plans to increase the proportion of new tobacco businesses to more than two-thirds by 2030, with a cumulative investment of about $14 billion since 2008.
According to N.N.EWS reported on March 20, Philip Morris International (PMI) data released in the fourth quarter of 2024 shows that the net sales of new tobacco products such as IQOS have accounted for 40% of the company’s total sales. Among the major markets in which PMI operates., combustion-free operations in the top five markets contribute 60% of sales in this market.
The analysis believes that this growth is due to the rapid development of heated tobacco equipment such as IQOS and its dedicated cigarette bomb brand Terea. By the end of 2024, PMI’s sales of new tobacco products have expanded to 95 countries. The number of users of PMI’s new tobacco products worldwide increased by 5.3 million from the previous year to 38.6 million. Among them, the number of IQOS users reached 32.2 million. The percentage of users who are expected to switch completely from traditional cigarettes to IQOS is 72 percent.
Based on this growth trend, PMI aims to increase the proportion of net sales from the new tobacco business to more than two-thirds of total sales by 2030. Since 2008, PMI has continuously increased its investment in smoke-free product development, scientific research, and commercialization. By the end of 2024, the cumulative investment amount has reached about $14 billion.
