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Prices at the Pumps - March 28, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesLONDON - Philip Morris International is preparing to launch its flagship heated tobacco device IQOS in Austin, Texas, indicating it will be the first testing ground for its U.S. entry, job adverts on LinkedIn show.
PMI spent the vast majority of $10.7 billion of expenditure on smoking alternatives between 2008 and 2022 on IQOS' development. Whether or not IQOS takes off in the United States will be significant given the market's size. Euromonitor estimates total U.S. nicotine sales, excluding nicotine replacement therapies, were worth some $143.6 billion in 2022.
PMI paid Altria $2.7 billion for the rights to market IQOS in the United States in 2022. BAT has subsequently cast doubt on the category's potential in the country, where vaping and other alternatives are already well established.
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