Publicly Traded
(out of 15)
(out of 5)

Company Overview

Swedish Match is an international tobacco manufacturer focused on Europe and North America. Its reduced- risk portfolio consists of snus and non-tobacco nicotine pouches and it registers the highest share of reduced- risk versus high-risk product sales among all manufacturers covered by the index. The company also sells high-risk products, including chewing tobacco, moist snuff, and cigars/cigarillos, which are offered in the US only. Unlike other companies, it does not sell cigarettes. In 2019, the company’s ‘smokefree’ categories generated 83.1% of total revenue, however these include chewing tobacco and moist snuff which are classified as high-risk product by the index. The company’s capital allocation is almost entirely invested in reduced-risk products. Between 2017 and 2019, the company acquired two reduced-risk companies and a chewing tobacco producer in Scandinavia.

Stance on Harm Reduction

Swedish Match articulates it commitment by stating: “Swedish Match’s vision is a world without cigarettes. The company is committed to displacing cigarettes by continuing to develop and commercialize alternative and dramatically safer sources of nicotine – which will improve public health.” This position was adopted in 2014 and follows the 1999 divestment of its cigarettes business, although it remains active in the high-risk product categories of cigars, cigarillos, and chewing tobacco. Its aim is to further increase the proportion of sales it generates from smoke-free products, and the company publishes its performance of this figure in its annual report.

Notable Performance


Strategy and Management

Swedish Match has a commitment to harm reduction and to phase out high-risk products, setting a goal for a world without cigarettes. The company also reports on the year-on-year percentage of its sales and expenditure that high-risk products account for.

Product Sales

Swedish Match is the only tobacco company that has almost half of its sales generated from reduced-risk products.

Capital Allocation

Swedish Match’s investments are almost entirely dedicated to reduced-risk products.

Product Offer

Swedish Match’s product portfolio includes less harmful reduced-risk categories such as snus and non-tobacco nicotine pouches, which are offered in all the countries of operation.


Swedish Match’s marketing policy and monitoring procedures are outlined in its overall code of conduct.

Lobbying and Advocacy

Swedish Match is transparent in disclosing on its main policy positions and commits to proactively engaging with policymakers on harm reduction.

Net Value Sales

In 2019
High-Risk Products
Reduced-Risk Products

Products Offered

In 2019
High-Risk Products
Reduced-Risk Products

Capital and R&D Investment

Over 2017-2019
High-Risk Products
Reduced-Risk Products

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