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TOBACCO BUSINESS INTERNATIONAL
SEPTEMBER/OCTOBER 2015
Industry overview
CATEGORY MANAGER
40%
35%
30%
25%
20%
15%
0%
What Impact Will the Reynolds/Lorillard Deal
Have on the Cigarette Market?
45%
50%
Favorable Impact
Unfavorable Impact
No Impact
31%
34%
46%
40%
23%
26%
10%
5%
14%
12%
10%
8%
6%
0%
E-Cigarette Volume Growth
E-Cig Growth Rate Continues to Decline
(Annual volume growth for the e-cigarette category)
16%
18%
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
15.3%
7.7%
4.6%
4%
2%
12%
8.2%
Despite a recent uptick driven by Vuse and MarkTen, e-cigarette volume is expected to continue
declining unless technology improves.
Q2
2015
Q1
2015
Source for both charts: Wells Fargo Securities, LLC