Burn of Disruption
After not innovating for almost a century, tobacco industry is feeling the burn of disruption. Fuelled by the conversion on market, technology and consumer trends, market of global vapor products (e-vapor and heat-not-burn (HnB) devices) is growing at an impressive CAGR of over 15%. Expected to cross $43 billion by 2023, market is led by challengers like JUULs and self-disruptors like PMI's IQOS.