Japan Tobacco Is Gaining Ground in Heated Tobacco, but Combustibles Remain Its Key Valuation Driver

Japan Tobacco is the third-largest tobacco company by volume globally, excluding China, with a market share of about 17%, according to Euromonitor. Its competitive edge is greatest in its home market, where it holds a commanding 63% cigarette market share. Moreover, the popularity of its leading brands, especially Mevius, extends to other Asia-Pacific countries.