Nicotine volume was down 2.8% year-over-year for the two weeks ending on March 27, according to a report from Goldman Sachs Managing Director Bonnie Herzog. The negative volumes are expected to continue, the New York-based investment firm said.

“We expect volumes to turn more negative once we start to lap some of the more pronounced effects of COVID (i.e., pantry-loading) from last year,” Herzog said.