Most "Big Tobacco" companies are turning to vapes or heated products as cigarette use declines.
The tobacco industry has always been remarkably good at reinventing itself.
It survived decades of litigation, advertising bans, tax increases and ever-tightening regulation while remaining one of the world's most profitable consumer industries. Now it is facing another challenge: what comes after cigarettes?
The latest annual reports from the world's four largest listed tobacco companies – Philip Morris International (PMI), British American Tobacco (BAT), Altria and Imperial Brands – suggest there is no single answer.
Each company believes nicotine will remain a global business. But each is betting on a different route to get there, with BAT predicting that there will be 20 million less adult smokers by 2028.
