Business · Companies · 3 days ago
JTI plans €4.5 billion investment in heated tobacco and other products
Japan Tobacco International (JTI), the company behind Camel and Winston, plans to invest €4.5 billion in reduced-risk products by 2028.
Most of the investment will go to heated tobacco, sold under its Ploom brand.
JTI also sells nicotine pouches and vaping products in some markets, and is testing infused tobacco in Japan.
The company aims to break even in its reduced-risk products business by the end of 2028, and wants heated tobacco to reach 15% to 17% of the market, up from 11.5% now.
Japan is central to that plan: it accounted for 48.7% of global heated-tobacco product volume in the first half of the year.
Ploom has a near 17% share in Japan and is available in 30 markets, but its uptake varies widely between countries.
JTI expects other markets to follow Japan's growth over time, while Spain remains an early-stage market with room to expand.
Japan Tobacco International plans to invest €4.5 billion in reduced-risk products by 2028.
Most of the investment is expected to support heated tobacco products, including its Ploom brand.
JTI aims to break even in its reduced-risk products business by the end of 2028.
The company estimates its heated tobacco market share will rise to 15%–17%, from 11.5% currently.
Japan is a major market for heated tobacco, while JTI sees potential for growth in countries including Spain.
- Who
- Japan Tobacco International, the Japanese tobacco company that owns Camel and Winston.
- What
- It plans to invest €4.5 billion in reduced-risk products by 2028, with most going to heated tobacco.
- When
- The investment is planned through 2028.
- Where
- The plan covers JTI’s reduced-risk products business across its markets; Japan is a key market.
- Why
- JTI aims to grow its reduced-risk products business and reach break-even by the end of 2028.
This story does not have two clearly opposing sides.
JTI entered Japan’s heated tobacco category with Ploom Tech.
JTI introduced its Ploom Aura product in Japan.
JTI aims to break even in its reduced-risk products business.
- Planned investment
- €4.5 billion through 2028
- Investment in yen
- 800 billion yen
- Heated tobacco market share
- 11.5% currently; JTI estimates 15%–17%
- Ploom’s share of group sales
- 4%
- Ploom availability
- 30 markets
What people are saying
The company’s priority is to succeed in the heated products segment.
Japan, in particular, plays a fundamental role in driving the success of this business, so we must take advantage of the brand’s current momentum.
We will definitely grow.
The presence here is enormous, but in 10 or 20 years it will be so in other countries too.
Sources
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