Methodology
Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Publicly traded affiliates of PMI and BAT (i.e. majority stake ownership) are excluded. Publicly traded companies, in which PMI and BAT hold a minority stake, are included. Ranked by Market Capitalization (previous rank: December 2024)
| Rank | Previous | Change | Company | Country | Market Cap ($Bn) |
| 1 | 1 | — | Philip Morris International | USA | 264.9 |
| 2 | 3 | ↑1 | British American Tobacco | UK | 125.7 |
| 3 | 2 | ↓1 | Altria | USA | 107.8 |
| 4 | 4 | — | ITC | India | 59.4 |
| 5 | 5 | — | Japan Tobacco | Japan | 57.4 |
| 6 | 6 | — | Imperial Brands | UK | 32.9 |
| 7 | 7 | — | Smoore | Hong Kong | 16.9 |
| 8 | 8 | — | KT&G | South Korea | 11.4 |
| 9 | 9 | — | Godfrey Phillips | India | 5.9 |
| 10 | 11 | ↑1 | China Tobacco International | Hong Kong | 2.9 |
| 11 | 10 | ↓1 | RLX Technology | China | 2.7 |
| 12 | 12 | — | Eastern Co | Egypt | 2.4 |
| 13 | 16 | ↑3 | Turning Point Brands | USA | 1.7 |
| 14 | 14 | — | Universal Corp | USA | 1.3 |
| 15 | 15 | — | Scandinavian Tobacco | Denmark | 1.1 |
| 16 | 17 | ↑1 | Karelia | Greece | 1.0 |
| 17 | 13 | ↓4 | Gudang Garam | Indonesia | 1.0 |
| 18 | 18 | — | VST Industries | India | 0.54 |
| 19 | 20 | ↑1 | Haypp Group | Sweden | 0.45 |
| 20 | 19 | ↓1 | Inspire Technology | USA | 0.14 |
| 21 | 21 | — | PT Wismilak | Indonesia | 0.10 |
| 22 | 22 | — | Kaival Brands | USA | 0.01 |
| 23 | 23 | — | 22nd Century Group | USA | 0.00 |
Notes:
(1) Minority ownership: BAT owns 22.9% stake in ITC and 32.2% stake in VST Industries. PMI owns 25.1% stake in Godfrey Phillips
(2) Publicly traded BAT affiliates (Bentoel Group, Ceylon Tobacco Company, West Indian Tobacco, Pakistan Tobacco Company, BAT Kenya, BAT Malaysia, BAT Bangladesh) and PMI affiliates (Sampoerna, Philip Morris CR – Czechia) are not included in the ranking
(3) Smoore, China Tobacco International and RLX are Chinese companies. However, the first two are HKG-listed and RLX is NYSE-listed
(4) Vector Group is removed from the list after being acquired by Japan Tobacco (announced in August 2024, completed in October 2024)
