I wonder how few people realize how complicated the reality of the global tobacco corporations truly is. These are really gigantic companies that still dominate the market despite all the discussions about public health.

Take, for example, China National Tobacco Corporation (CNTC). Official data is unavailable, but it is said to generate around $30 billion in profit annually and produce over 40 percent of all cigarettes worldwide. That’s truly impressive in scale.

On the other hand, we have publicly traded companies like Philip Morris International and British American Tobacco. PMI had a market capitalization of about $142 billion with profits of $9 billion, while BAT hovered around $92 billion with profits of $8.7 billion. Interestingly, both companies are now investing in alternative products. PMI is doing this with IQOS, showing that even giants need to adapt to market changes.

Altria is another major player, especially in the U.S. market, where it controls the Marlboro brand. Their market cap was then $88 billion with profits of $8.3 billion. Japan Tobacco International from Japan is also a significant force, with a market cap of $50 billion and profits of $4.5 billion.

What surprises me, however, is how diverse these tobacco companies are. ITC Limited from India is involved not only in tobacco but also in food and hospitality. KT&G from South Korea and Swedish Match, which specializes in smokeless products, show that the industry is exploring new directions for growth.

At the lower end of the list, we have smaller players but still solidly profitable companies. Eastern Company from Egypt and Imperial Brands from the UK are also serious entities, albeit on a smaller scale.

What does this teach us? That despite increasing health and regulatory pressures, the tobacco sector still generates enormous revenues. These tobacco corporations are deeply embedded in the economies of many countries and won’t disappear quickly. It’s worth watching how they will evolve in the coming years, especially regarding the shift toward alternative products.