Why did Altria's smokeless products grow in 2024?

Altria's smokeless products grew in 2024 due to several key factors:

1. **Strategic Shift and Innovation**: Altria's strategic shift toward smoke-free products has been a key driver of growth. The company's innovation in the smoke-free segment, particularly with products like NJOY e-vapor and on! nicotine pouches, has been well-received in the market.
2. **Market Demand for Reduced-Risk Products**: Consumers' growing health consciousness and preference for reduced-risk products have led to increased demand for smoke-free alternatives. Altria's adaptation to this trend has positioned it well to capture this growing market.
3. **Pricing Power**: Altria's strong pricing power has allowed it to maintain profitability despite declining traditional cigarette volumes. Higher pricing has aided revenues in both the Smokeable Products and Oral Tobacco categories.
4. **Increased Retail Footprint**: Altria has expanded its smoke-free product retail footprint, with NJOY, for example, now available in more than 100,000 stores. This increased availability has contributed to market share growth.
5. **New Product Introductions**: The introduction of new products like on! PLUS in international markets has further boosted the company's smoke-free portfolio. Newer offerings in the nicotine pouch segment have also contributed to market share growth.

In summary, Altria's smokeless products grew in 2024 due to a combination of strategic innovation, market demand for reduced-risk products, effective pricing, expanded retail reach, and successful new product introductions.