MO · Earnings call · 2026Q3T · Full report

Oral Nicotine Pouch Growth

ALTRIA GROUP, INC. · 2026-10-29 · Importance 42 · Surprise 40

Management estimated that the oral tobacco category grew 5.5% over the past six months, with nicotine pouches increasing 5.8 share points in the third quarter to more than 60% of the category. On! shipment volume rose 13.3% to 47.8 million cans in the quarter and 7.7% year to date, while retail share was 8.3%, up 0.1 point year over year but down 0.3 sequentially. Management said growth is being driven by consumers moving from moist smokeless tobacco, as well as cigarette consumers seeking reduced-harm nicotine options; it cited convenience and the absence of spitting as factors supporting adoption. The company sees further opportunity as the category expands to additional demographics, while acknowledging that competition is elevated and that category growth percentages may moderate as the market gets larger.

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