TABLE OF CONTENTS
Chapter 1 EXECUTIVE SUMMARY 2
Summary Market Level - Tobacco 2
Summary category level - Cigarettes 3
Summary category level - Cigars and cigarillos 4
Summary category level - Loose tobacco 5
Chapter 2 INTRODUCTION 6
What is this report about? 6
How to use this report 6
Market Definition 7
Chapter 3 MARKET OVERVIEW 20
Value Analysis, 2003?08 20
Value Analysis, 2008?13 21
Value Analysis, US$ 2003?08 23
Value Analysis, US$ 2008?13 23
Volume Analysis, 2003?08 25
Volume Analysis, 2008?13 26
Company and Brand Share Analysis 28
Distribution Analysis 31
Expenditure & consumption per capita 33
Chapter 4 LEADING COMPANY PROFILES 36
Philip Morris International Inc. 36
Japan Tobacco, Inc. 38
Chapter 5 CATEGORY ANALYSIS - CIGARETTES 40
Value Analysis, 2003?08 40
Value Analysis, 2008?13 41
Value Analysis, US$ 2003?08 43
Value Analysis, US$ 2008?13 43
Volume Analysis, 2003?08 45
Volume Analysis, 2008?13 46
Company and Brand Share Analysis 48
Distribution Analysis 51
Expenditure & consumption per capita 53
Chapter 6 CATEGORY ANALYSIS - CIGARS AND CIGARILLOS 56
Value Analysis, 2003?08 56
Value Analysis, 2008?13 57
Value Analysis, US$ 2003?08 59
Value Analysis, US$ 2008?13 59
Volume Analysis, 2003?08 61
Volume Analysis, 2008?13 62
Company and Brand Share Analysis 64
Distribution Analysis 67
Expenditure & consumption per capita 69
Chapter 7 CATEGORY ANALYSIS - LOOSE TOBACCO 72
Value Analysis, 2003?08 72
Value Analysis, 2008?13 73
Value Analysis, US$ 2003?08 75
Value Analysis, US$ 2008?13 75
Volume Analysis, 2003?08 77
Volume Analysis, 2008?13 78
Company and Brand Share Analysis 80
Distribution Analysis 83
Expenditure & consumption per capita 85
Chapter 8 COUNTRY COMPARISON 88
Value 88
Volume 93
Market Share 98
Chapter 9 NEW PRODUCT DEVELOPMENT 99
Product launches over time 99
Recent product launches 100
Chapter 10 PORTUGAL SOCIOECONOMIC PROFILE 101
Country Overview 101
Key Facts 102
Political Overview 104
Economic Overview 105
Chapter 11 PORTUGAL MACROECONOMIC PROFILE 106
Macroeconomic Indicators 106
Chapter 12 RESEARCH METHODOLOGY 111
Methodology overview 111
Secondary research 112
Market modeling 113
Primary research 114
Data finalization 115
Ongoing research 115
Chapter 13 APPENDIX 116
Future readings 116
How to contact experts in your industry 116
Disclaimer 116

LIST OF FIGURES
Figure 1: Portugal tobacco value and value forecast, 2003?13 (€ m, nominal prices) 22
Figure 2: Portugal tobacco category growth comparison, by value, 2003?13 24
Figure 3: Portugal tobacco volume and volume forecast, 2003?13 (Kg/Pieces m) 27
Figure 4: Portugal tobacco distribution channels, by value, 2007?08 (%) 32
Figure 5: Portugal cigarettes value and value forecast, 2003?13 (€ m, nominal prices) 42
Figure 6: Portugal cigarettes category growth comparison, by value, 2003?13 44
Figure 7: Portugal cigarettes volume and volume forecast, 2003?13 (Pieces m) 47
Figure 8: Portugal cigarettes category growth comparison, by volume, 2003?13 47
Figure 9: Portugal cigarettes distribution channels, by value, 2007?08 (%) 52
Figure 10: Portugal cigars and cigarillos value and value forecast, 2003?13 (€ m, nominal prices) 58
Figure 11: Portugal cigars and cigarillos category growth comparison, by value, 2003?13 60
Figure 12: Portugal cigars and cigarillos volume and volume forecast, 2003?13 (Pieces m) 63
Figure 13: Portugal cigars and cigarillos category growth comparison, by volume, 2003?13 63
Figure 14: Portugal cigars and cigarillos company share, by value, 2007?08 (%) 65
Figure 15: Portugal cigars and cigarillos distribution channels, by value, 2007?08 (%) 68
Figure 16: Portugal loose tobacco value and value forecast, 2003?13 (€ m, nominal prices) 74
Figure 17: Portugal loose tobacco category growth comparison, by value, 2003?13 76
Figure 18: Portugal loose tobacco volume and volume forecast, 2003?13 (Kg m) 79
Figure 19: Portugal loose tobacco category growth comparison, by volume, 2003?13 79
Figure 20: Portugal loose tobacco company share, by value, 2007?08 (%) 81
Figure 21: Portugal loose tobacco distribution channels, by value, 2007?08 (%) 84
Figure 22: Global tobacco market split (value terms, 2008) – Top 5 countries 89
Figure 23: Global tobacco market value, 2003–08 (Top 5 countries) 92
Figure 24: Global tobacco market split (volume terms, 2008) – Top 5 countries 94
Figure 25: Global tobacco market volume, 2003–08 (Top 5 countries) 97
Figure 26: Map of Portugal 103
Figure 27: Annual data review process 112

LIST OF TABLES
Table 1: Tobacco category definitions 8
Table 2: Tobacco distribution channels 9
Table 3: Portugal tobacco value, 2003?08 (€ m, nominal prices) 20
Table 4: Portugal tobacco value forecast, 2008?13 (€ m, nominal prices) 21
Table 5: Portugal tobacco value, 2003?08 (US$ m nominal prices) 23
Table 6: Portugal tobacco value forecast, 2008?13 (US$ m nominal prices) 23
Table 7: Portugal tobacco volume, 2003?08 (Kg/Pieces m) 25
Table 8: Portugal tobacco volume forecast, 2008?13 (Kg/Pieces m) 26
Table 9: Portugal tobacco brand share, by value, 2007?08 (%) 28
Table 10: Portugal tobacco value, by brand 2007?08 (€ m nominal prices) 29
Table 11: Portugal tobacco company share by value, 2007?08 (%) 30
Table 12: Portugal tobacco value, by company, 2007?08 (€ m nominal prices) 30
Table 13: Portugal tobacco distribution channels, by value, 2007?08 (%) 31
Table 14: Portugal tobacco value, by distribution channel, 2007?08 (€ m nominal prices) 31
Table 15: Portugal tobacco expenditure per capita, 2003?08 (€, nominal prices) 33
Table 16: Portugal tobacco forecast expenditure per capita, 2008?13 (€, nominal prices) 33
Table 17: Portugal tobacco expenditure per capita, 2003?08 (US$ nominal prices) 34
Table 18: Portugal tobacco forecast expenditure per capita, 2008?13 (US$ nominal prices) 34
Table 19: Portugal tobacco consumption per capita, 2003?08 (Kg/Pieces) 35
Table 20: Portugal tobacco forecast consumption per capita, 2008?13 (Kg/Pieces) 35
Table 21: Philip Morris International Inc. Key Facts 36
Table 22: Japan Tobacco, Inc. Key Facts 38
Table 23: Portugal cigarettes value, 2003?08 (€ m, nominal prices) 40
Table 24: Portugal cigarettes value forecast, 2008?13 (€ m, nominal prices) 41
Table 25: Portugal cigarettes value, 2003?08 (US$ m nominal prices) 43
Table 26: Portugal cigarettes value forecast, 2008?13 (US$ m nominal prices) 43
Table 27: Portugal cigarettes volume, 2003?08 (Pieces m) 45
Table 28: Portugal cigarettes volume forecast, 2008?13 (Pieces m) 46
Table 29: Portugal cigarettes brand share, by value, 2007?08 (%) 48
Table 30: Portugal cigarettes value, by brand 2007?08 (€ m nominal prices) 49
Table 31: Portugal cigarettes company share by value, 2007?08 (%) 50
Table 32: Portugal cigarettes value, by company, 2007?08 (€ m nominal prices) 50
Table 33: Portugal cigarettes distribution channels, by value, 2007?08 (%) 51
Table 34: Portugal cigarettes value, by distribution channel, 2007?08 (€ m nominal prices) 51
Table 35: Portugal cigarettes expenditure per capita, 2003?08 (€, nominal prices) 53
Table 36: Portugal cigarettes forecast expenditure per capita, 2008?13 (€, nominal prices) 53
Table 37: Portugal cigarettes expenditure per capita, 2003?08 (US$ nominal prices) 54
Table 38: Portugal cigarettes forecast expenditure per capita, 2008?13 (US$ nominal prices) 54
Table 39: Portugal cigarettes consumption per capita, 2003?08 (Pieces) 55
Table 40: Portugal cigarettes forecast consumption per capita, 2008?13 (Pieces) 55
Table 41: Portugal cigars and cigarillos value, 2003?08 (€ m, nominal prices) 56
Table 42: Portugal cigars and cigarillos value forecast, 2008?13 (€ m, nominal prices) 57
Table 43: Portugal cigars and cigarillos value, 2003?08 (US$ m nominal prices) 59
Table 44: Portugal cigars and cigarillos value forecast, 2008?13 (US$ m nominal prices) 59
Table 45: Portugal cigars and cigarillos volume, 2003?08 (Pieces m) 61
Table 46: Portugal cigars and cigarillos volume forecast, 2008?13 (Pieces m) 62
Table 47: Portugal cigars and cigarillos brand share, by value, 2007?08 (%) 64
Table 48: Portugal cigars and cigarillos value, by brand 2007?08 (€ m nominal prices) 64
Table 49: Portugal cigars and cigarillos company share by value, 2007?08 (%) 66
Table 50: Portugal cigars and cigarillos value, by company, 2007?08 (€ m nominal prices) 66
Table 51: Portugal cigars and cigarillos distribution channels, by value, 2007?08 (%) 67
Table 52: Portugal cigars and cigarillos value, by distribution channel, 2007?08 (€ m nominal prices) 67
Table 53: Portugal cigars and cigarillos expenditure per capita, 2003?08 (€, nominal prices) 69
Table 54: Portugal cigars and cigarillos forecast expenditure per capita, 2008?13 (€, nominal prices) 69
Table 55: Portugal cigars and cigarillos expenditure per capita, 2003?08 (US$ nominal prices) 70
Table 56: Portugal cigars and cigarillos forecast expenditure per capita, 2008?13 (US$ nominal prices) 70
Table 57: Portugal cigars and cigarillos consumption per capita, 2003?08 (Pieces) 71
Table 58: Portugal cigars and cigarillos forecast consumption per capita, 2008?13 (Pieces) 71
Table 59: Portugal loose tobacco value, 2003?08 (€ m, nominal prices) 72
Table 60: Portugal loose tobacco value forecast, 2008?13 (€ m, nominal prices) 73
Table 61: Portugal loose tobacco value, 2003?08 (US$ m nominal prices) 75
Table 62: Portugal loose tobacco value forecast, 2008?13 (US$ m nominal prices) 75
Table 63: Portugal loose tobacco volume, 2003?08 (Kg m) 77
Table 64: Portugal loose tobacco volume forecast, 2008?13 (Kg m) 78
Table 65: Portugal loose tobacco brand share, by value, 2007?08 (%) 80
Table 66: Portugal loose tobacco value, by brand 2007?08 (€ m nominal prices) 80
Table 67: Portugal loose tobacco company share by value, 2007?08 (%) 82
Table 68: Portugal loose tobacco value, by company, 2007?08 (€ m nominal prices) 82
Table 69: Portugal loose tobacco distribution channels, by value, 2007?08 (%) 83
Table 70: Portugal loose tobacco value, by distribution channel, 2007?08 (€ m nominal prices) 83
Table 71: Portugal loose tobacco expenditure per capita, 2003?08 (€, nominal prices) 85
Table 72: Portugal loose tobacco forecast expenditure per capita, 2008?13 (€, nominal prices) 85
Table 73: Portugal loose tobacco expenditure per capita, 2003?08 (US$ nominal prices) 86
Table 74: Portugal loose tobacco forecast expenditure per capita, 2008?13 (US$ nominal prices) 86
Table 75: Portugal loose tobacco consumption per capita, 2003?08 (Kg) 87
Table 76: Portugal loose tobacco forecast consumption per capita, 2008?13 (Kg) 87
Table 77: Global tobacco market value, 2008 88
Table 78: Global tobacco market split (value terms (US$ m), 2008) – Top 5 countries 91
Table 79: Global tobacco market volume, 2008 93
Table 80: Global tobacco market split (volume terms, 2008) – Top 5 countries 96
Table 81: Leading players - Top 5 countries 98
Table 82: Portugal tobacco new product launches reports, by company 2008 99
Table 83: Portugal tobacco new product launches SKUs, by company 2008 99
Table 84: Portugal tobacco new product launches (reports), by Ingredients 2008 100
Table 85: Portugal tobacco new product launches (reports) - Recent 5 launches (2008) 100
Table 86: Portugal Key Facts 102
Table 87: Portugal population, by age group, 2003?08 (millions) 106
Table 88: Portugal population forecast, by age group, 2008?13 (millions) 107
Table 89: Portugal population, by gender, 2003?08 (millions) 107
Table 90: Portugal population forecast, by gender, 2008?13 (millions) 108
Table 91: Portugal nominal GDP, 2003?08 (€ bn, nominal prices) 108
Table 92: Portugal nominal GDP forecast, 2008?13 (€ bn, nominal prices) 108
Table 93: Portugal real GDP, 2003?08 (€ bn, 2000 prices) 109
Table 94: Portugal real GDP forecast, 2008?13 (€ bn, 2000 prices) 109
Table 95: Portugal real GDP, 2003?08 (US$ bn, 2000 prices) 109
Table 96: Portugal real GDP forecast, 2008?13 (US$ bn, 2000 prices) 110
Table 97: Portugal consumer price index, 2003?08 (2000=100) 110
Table 98: Portugal consumer price index, 2008?13 (2000=100) 110