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In 10 to 20 years there could be no smokers left in many markets, according to analysts at Jefferies. Governments and tobacco companies are on the same side in this shift, as more countries adopt smokefree targets and companies push smokers over to reduced-risk products such as vaping and oral nicotine.

 
 

“With regulators and tobacco ambitions increasingly aligned, in many countries, no smokers within a generation could become a reality,” analyst Owen Bennett wrote in a note on Friday. “If smokefree is to happen, this is only achieved with the support of RRP.”