CAGNY 2021 Investor Presentation
Tobacco Space Estimated Volume
Equivalized Volume in Billions
■Combustible
Oral Tobacco ■ E-Vapor
16.8
16.5
16.2
-16%
2015
2016
Note: Volume for Heated Tobacco products rounded to 0.0 billion for 2019 and 2020
2017
(1.0)%
CAGR
16.1
15.9
15.9
~22%
2018
2019
2020
Sources: AVI Strategy, Consumer & Marketplace Insights Estimates; IRI MOC; Capstone; ComScore; Merkle
For purposes of this theoretical analysis, the tobacco space may combine different product categories under a single descriptor. In this analysis, "Combustible" contains Cigarettes and Cigars, and "Oral Tobacco"
contains Moist Smokeless Tobacco (MST), Snus and Oral Tobacco-Derived Nicotine Products (OTDN)
EQ Estimation - For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1 can of MST/Snus/OTDN = 10 Cigars = 1 E-Vapor cartridge
29 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021
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