Cigarette volume declines moderate in Q3 2025

Nicotine pouches remain a bright spot on the backbar as cigarette volume declines moderate. "We are more optimistic on the U.S. tobacco/nicotine industry near-term given moderating cigarette volume declines in the third quarter and continued robust growth of the nicotine pouch category despite continued pressures on the tobacco consumer given the inflationary backdrop and broader economic uncertainty," said Bonnie Herzog, managing director at Goldman Sachs.