On February 16, British American Tobacco recently announced its 2021 financial report. The group achieved adjusted revenue of 25.68 billion pounds for the whole year, a year-on-year increase of 6.9%, surpassing Philip Morris International, Altria, and Japan Tobacco.

From the financial report, new types of tobacco products have become a strong driving force for the growth of British American Tobacco's performance. The related business achieved a revenue of 2.054 billion pounds in the whole year, a year-on-year increase of 50.9%. By the end of 2021, BAT has 18.3 million new tobacco users worldwide, of which 8.4 million are e-cigarette smokers.

British American Tobacco's e-cigarette brand Vuse's revenue increased by 59% year-on-year, and its total share in the five major markets of the United States, Canada, the United Kingdom, France and Germany was 33.5%, ranking first. In the United States, the world's largest e-cigarette market, Vuse has a market share of 35.9%, only 0.1% behind the first-place JUUL, and will soon become the largest e-cigarette brand in the United States.

Since 2020, Vuse's market share in the US has climbed from 23.4% to 35.9%, ranking first in 27 of the 50 US states. And its biggest competitor in the U.S. home market, Juul, has seen its market share decline, from 50.7% to 36% at the end of December 2021.

The driving force behind Vuse's growth in the US market is the Vuse Alto. Data shows that in 2021, more than 90% of Vuse's revenue in the US market will come from Vuse Alto. According to the market view, Vuse Alto's performance in the US market in the past two years is much higher than that of Juul, mainly due to its technological upgrade and product strength.

Vuse Alto and Juul represent two completely different development routes of atomization technology in the US market. In the process of changing the global electronic atomization industry to the era of ceramic cores, Vuse Alto is the first mainstream electronic cigarette brand to use FEELM ceramic cores. And Juul is still using the traditional cotton core technology route.

In September 2021, British American Tobacco announced that Vuse has become the world's largest e-cigarette brand. Since 2018, when it cooperated with FEELM, the atomization brand under Smol, the sales of Vuse Alto have grown rapidly. Smol is a global leader in atomization technology. With the world's first FEELM ceramic core technology, its market share continues to rise, reaching 18.9% in 2020.

In addition, Juul has also been controversial for its marketing promotion to teenagers, and its public image has been damaged. In 2021 alone, it has received huge fines from two US state governments.

British American Tobacco takes "Better Tomorrow" as its corporate vision, optimizes its business structure through harm reduction products such as e-cigarettes, and actively encourages smokers to switch to low-risk products. In order to prevent teenagers from being affected by nicotine, British American Tobacco is the first in the industry to introduce a third-party age verification mechanism, and offline cooperation with retail partners ensures that products are only sold to adults.

"The continuous growth of new categories is the cornerstone of British American Tobacco's long-term success plan. Based on the existing 1.1 billion cigarette smokers around the world, there is still a lot of room for new tobacco to transform them." Analyst Ross Hindle said that Vuse still has a strong presence in the U.S. market. There is very considerable room for growth. The company's novel tobacco revenue will reach £5 billion by 2025, with the business reaching 50 million consumers by 2030.

In October 2021, Vuse's Solo became the world's first PMTA-certified product. Solo is an early product of Vuse, and it has passed the FDA review, which means that other Vuse products have significant advantages in terms of safety, harm reduction and scientific evidence.

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