The iQOS heat-not-burn product being introduced selectively around the world by Philip Morris International (PMI) has the potential to take nearly 10 per cent of the global cigarette market by 2025, a leading industry analyst said.

In developed countries, iQOS could in a decade take a 30 per cent market share from combustible cigarettes, according to Wells Fargo Securities tobacco industry analyst Bonnie Herzog. “We believe iQOS represents the industry’s first legitimate step toward mainstreaming reduced-risk products,” Herzog said in a note to investors. “We believe it has the potential to change the trajectory of smoking,”