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The main growth driver for the company continues to be its "smoke-free business." Compared to its "big tobacco" peers, Philip Morris International, or PMI, has been more aggressive in pivoting away from traditional cigarettes

But again it is difficult to work out quite how much of that is down to the 2007 legislation

Regardless, Europe is a crucial global e-cigarette market, with rapid growth since last year surpassing other regions worldwide

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International tobacco giants such as BAT and PMI are expanding their presence through local partnerships and acquisitions, driving industry growth