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Euromonitor International recently identified Egypt as a top growth tobacco market (by volume) in the next 40 years, and forecasts it to become the fifth biggest tobacco market in the world.12 Furthermore, industry analyst Goldman Sachs has suggested that low debt levels, strong cash generation, below average valuations and a lack of organic growth among the TTCs, have created the right conditions for the Big Four to become the Big Three, with Imperial Tobacco considered the most likely takeover target.13 However, with few acquisition options remaining in the cigarette sector, the TTCs' focus will probably continue to be on growing existing markets, as well as venturing into new commercial endeavours, exemplified by the last decade's increased emphasis on smokeless tobacco and more recently, pure nicotine products (figure 1)

Department of Health and Human Services, 2000

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An opened pouch typically stays fresh for 2-4 weeks with the top rolled down and secured