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StocksMedium•16 April 2026•

1 min read

Illicit Cigarette Trade in Americas Set to Hit 33% by 2025, KPMG Study Finds

Key Facts

1A KPMG study predicts one in three cigarettes across 11 countries in the Americas will be illicit by 2025.

2Philip Morris International emphasizes the need for effective policymaking to combat illegal trade hurting legitimate revenues.

A new study by KPMG, commissioned by Philip Morris International (PM), reveals a surging illicit tobacco trade across 11 countries in the Americas. The report predicts that nearly 33% of all cigarettes consumed in these markets will originate from illegal sources by 2025. Philip Morris International emphasized that inadequate policymaking and lax enforcement are allowing illegal markets to expand at the expense of legitimate business revenues. This trend directly cannibalizes the market share of legal tobacco giants and significantly undermines regional tax collections. Consequently, the company is calling for more effective regulatory frameworks to combat the illicit trade. Investors are closely monitoring the potential long-term impact on the profit margins of major tobacco firms operating in the region.