As smoking rates decline worldwide, some of the world's largest tobacco companies have pledged to work toward a cigarette-free future. But there's still plenty of money to be made in other ways by satisfying people's cravings for nicotine, the addictive stimulant found in cigarettes. Globally, sales of “smokeless” nicotine products are increasingly encroaching on sales of cigarettes and other combustible products. Meanwhile, health officials are divided over whether a product that is less deadly than cigarettes but just as easily hooks users and can have harmful effects should be tolerated.
Two major tobacco companies, Philip Morris International (PMI) and British American Tobacco (BAT), have pledged to phase out cigarette sales. “The cigarettes belong to the museum.” Jacek OlczakPMI's chief executive said it had set a target of cutting profits by more than a third in 2023. Meanwhile, in December, BAT pledged a goal to achieve a “smoke-free world” and have half of its revenue come from non-combustible materials by 2035. BAT also wrote down the value of certain US tobacco brands. The increase was $31.5 billion, reflecting lower profits from smokers quitting, switching to cheaper brands, or switching to non-cigarette alternatives. Anti-smoking campaigners accuse companies of hypocrisy for promoting a smoke-free future while selling billions of cigarettes a year.
