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      "text": "T10 Industry Value vs FMC Volume\nFMC** VOLUME -6.3 % CAGR\nINDUSTRY VALUE +3.4 % CAGR\n2021: 654bn, £8bn, £43bn\n2022: 613bn, £10bn, £43bn\n2023 Est: 570bn, £12bn, £43bn",
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      "text": "FACT\nTotal nicotine revenue is growing year-on-year with New Categories driving value accretion",
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      "text": "*Revenue **Factory Made Cigarettes\nSource: BAT Outlook\nUSA, UK, Germany, Canada, Japan, Switzerland, Italy, Denmark, Poland, South Korea, France, Sweden",
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      "text": "Belief #10 Industry value is declining with cigarette sales",
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