Nicotine and cannabis are experiencing significant transformation. Growth is currently led by smokeless products, as regulatory frameworks become increasingly stringent worldwide. With global GDP growth slowing to 2.9% and inflation at 4.6% in 2026, companies are accelerating efforts to diversify portfolios, enter new categories, and adapt to evolving consumer preferences. This update presents the most actionable trends, regulatory changes, and strategic responses shaping the outlook for these industries.
Modern oral products are on track to surpass traditional snus in market share in Sweden and Norway, with 55% and 56% of oral category volume, respectively.
Smokeless products outpace combustibles
Global nicotine is undergoing substantial change, primarily due to the rise of reduced-risk products such as nicotine pouches and heated tobacco. In the US, sales of smokeless products have increased while cigarette and vapour sales have fallen. It is now common for...
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