I decided to understand how the tobacco industry is structured and who actually owns this market. It turns out, this is a serious business — according to 2021 data, the largest tobacco companies generate tens of billions of dollars in profit annually.

The clear leader is Chinese state-owned CNTC — they produce over 40% of all cigarettes worldwide and earn about $30 billion a year. But since the company is government-owned, it has no public market capitalization.

Among private giants, Philip Morris International (PMI) has a market cap of (141 billion and $9.1 billion in profit), and Altria has a market cap of (88 billion and $8.3 billion in profit). Interestingly, global tobacco companies are actively shifting toward alternative products — PMI, for example, heavily invests in IQOS.

British American Tobacco (BAT) owns more than 200 brands in 180 countries with a market cap of $91.6 billion. Japanese JTI, Korean KT&G, and Indian ITC each dominate their respective regions. Even Swedish Match, focused on smokeless products, shows how tobacco companies are adapting to new trends.

The paradox is that despite increasing pressure on smoking and regulation, tobacco companies remain profitable and continue to hold large market shares. Financial figures from 2021 indicate that this segment has no plans to give up its position.