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.