Haypp Group CEO: The Latest in Nicotine Pouches

研报英文原文证据摘录

Haypp Group CEO: The Latest in Nicotine Pouches

le, in the US, a disproportionate number of people tend to use the 1

product very occasionally (e.g. once a week), which deflates average per capita daily use, US 0

average daily per capita pouch use has been increasing. .Source:2023Jefferies2024E estimates,2025 2026EBritish2027EAmerican2028E Tobacco2029E 2030Edata

What drives the purchasing decision? Haypp Group detects 3 key factors 1) Nicotine release

2) Flavour release 3) Mouth feel. Newer products generally offer a better nicotine release, while

some older pouch products leave a lot of nicotine in the pouch by the end of the use. Co

has highlighted Velo as a product with very good nicotine release patterns (8mg Velo Plus

in particular), while ZYN Ultra and 3rd generation ZYN pouches (already available in the UK,

typically for higher-strength versions) are offering ZYN a meaningful quality uplift over the first-

gen US product.

US volume growth could re-accelerate as innovation is introduced. While category growth

has been moderating, Haypp Group expects a gradual reacceleration as the new products

with improved quality currently being introduced to the US reach critical mass. The company

detects potential for the US Pouches category to grow volumes +mid to +high-teens as the

new products expand.

Distribution and M&A moat could continue underpinning category consolidation and pricing

growth. The company expects a two- to three-player setup to continue holding dominant share

in most markets (e.g. BAT and PM plus Altria/JT), thanks to the distribution moat and the well-

proven ability to continue purchasing independent companies with attractive innovation. This

should also underpin pricing discipline in the category longer-term, with limited likelihood of