Altria's Domination in US Cigarettes Doesn't Extend to Next-Generation Products

Wide-moat Altria offers pureplay tobacco exposure to the US, where cigarette volumes declined 6% per year from 2018 to 2023, faster than the global market’s 1% annual loss, according to Euromonitor. Moreover, excise taxes are constantly increasing and regulations tightening (e.g., the prospective ban of menthol cigarettes).