Despite Little Exposure to Reduced Risk, JT's Footprint Gives Its Combustibles a Long Growth Runway

Japan Tobacco is the third-largest tobacco company by volume, globally excluding China, with a market share of about 10%, according to Euromonitor. Its competitive edge is greatest in its home market, where it holds a commanding 60% cigarette market share, though global competitors have started chipping away at its share position. However, the popularity of its leading brands, especially Mevius, extends to other Asia Pacific countries as well.