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According to foreign media reports on April 15th. Japan Tobacco International (JTI) will invest 300 billion yen (approximately $2.25 billion) in the next three years to promote its heat not burn product Ploom X, of which 200 billion yen (approximately $1.5 billion) will be used in markets outside of Japan.
Masamichi Terabatake, President of JTI, stated in an interview that the majority of this investment will be used as the initial cost of entering new markets for promotion.
Terabatake also stated that due to a shortage of semiconductors and insufficient heating equipment for tobacco, JTI was unable to invest last year; This year, JTI’s procurement will return to normal, and compared to last year, JTI can ensure a supply volume that exceeds twice that of Japan.
JTI has not yet disclosed its investment in heated tobacco products from 2020 to 2022, but this investment seems to exceed its expenditure over the past three years.
Currently, JTI only sells Ploom X in Japan and the UK, and will launch it in Italy this month.
JTI plans to launch Ploom X in over 10 countries this year, covering at least 20 countries by the end of 2024.
According to previous reports, in October 2022, JTI and Altria established a joint venture company, hoping to pass the FDA’s PMTA application before 2025, so that the product can be marketed and sold in compliance in the United States.
It is reported that due to long-term investments, JTI’s heating tobacco department is currently in a loss making state, but JTI expects to turn a loss into a profit in 2028 due to overseas growth.
JTI will also invest research and development funds to seek the development of second and third generation Ploom X products.
Terabatake stated that as heated tobacco is still in its early stages, this improvement may continue for several generations.
JTI stated that global cigarette sales decreased by 1.5% last year. But progress has been made in heating tobacco: according to Euromonitor International, a research firm in the UK, the global market grew by 17% last year, reaching $33.4 billion.