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Research, Fundamental

APAC Tobacco: Limited Contributions from Reduced-Risk Products

Jian Xiong Lim, CFA, Equity Analyst

08 December 2023

Summary

Despite increased adoption of reduced-risk products (RRPs) since 2014, global tobacco usage declined over a 20-year period from 2000 to 2020, signaling limitations for RRPs as a new growth driver amid falling cigarette usage.

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