October updates from PMI and Imperial Brands put VEEV shipment growth, blu performance and regional competition in focus

Two October company updates offer a timely view of competition in the vaping sector. Philip Morris International reported further growth in VEEV shipments in its third-quarter results, while Imperial Brands highlighted the performance of its blu range in a full-year trading update. The announcements provide brand-specific information, although they use different measures and reporting periods. [1][2]

VEEV growth reaches beyond one region

In results published on 21 October, PMI reported that quarterly VEEV shipments increased by 61.6% year on year. Its results table put e-vapor shipments for the first nine months of 2026 up by 68.1%. These figures describe PMI’s shipments, not an estimate of growth across the entire vaping market. [1]

PMI singled out Romania, Greece, France and Spain among European markets contributing to VEEV’s performance. Outside Europe, it pointed to Indonesia, Egypt, Malaysia, Global Travel Retail and South Korea, where the brand launched in August. The release did not provide a comparable growth percentage for each named market. [1]

The geographical spread is useful context for following the brand. However, a company identifying a market as a contributor is different from publishing independently measured retail share.

Imperial places blu within a wider portfolio

Imperial’s 8 October update said its blu kit range continued to perform well. The group expected double-digit net revenue growth for its next-generation products business, measured at constant currency, and anticipated share gains across its three categories. It did not disclose a separate blu growth rate in that update. [2]

The announcement also discussed Pulze 3.0 and iD in heated tobacco, alongside developments in modern oral products. Imperial said the acquisitions of Black Buffalo in the United States and Helwit in Sweden had expanded its oral portfolio. These acquisitions concern a different category from vaping and should not be counted as new blu product launches. [2]

The headline figures answer different questions

VEEV’s percentage is a shipment-volume comparison for a particular period. Imperial’s double-digit expectation covers revenue across a broader business. Presenting the two numbers as a direct brand ranking would obscure both differences.

The distinction also affects how market news should be interpreted. Shipments can diverge from sales to end users as distribution and inventory change. Revenue can move because of price and product mix as well as volume. A company’s broader category performance cannot automatically be assigned to every brand within it.

What to watch in the next reporting cycle

Imperial has scheduled its annual results for 17 November 2026. That release will be the next checkpoint for whether the group provides more detail on the performance discussed in October. [2]

For the vaping sector, the most useful follow-up evidence would be consistent figures for individual countries, clearer separation of shipments and retail sales, and brand-level disclosures. Our reading of the October updates is that both groups are discussing vaping within wider nicotine portfolios. The announcements support a company-news story about growth and competition; they do not establish a comprehensive ranking of the global vape market.

Sources

[1] Philip Morris International. 2026 Third-Quarter and First Nine-Months Results — 2026-10-21

[2] Imperial Brands. Pre-close trading update FY26 — 2026-10-08