Investment case


Haypp Group is a leading e-commerce player for nicotine pouches and snus. The Company believes that it will be able to maintain its strong market position through the following strengths and competitive advantages.

CEO’s perspective on current position and future outlook


First-mover in a market undergoing structural shift to reduced-risk nicotine products with strong momentum for online sales.

Haypp is the undisputed global online market leader – with an outstanding value proposition and a loyal customer base.

Unique offering to suppliers through Haypp Group’s bespoke tech platform – enabling unmatched marketing capabilities and customer insights.

Extensive experience of navigating and influencing the complex regulatory waters.

Track-record of strong growth resulting in economies of scale

Management team with extensive experience within e-commerce and tobacco.

The market

The market for nicotine pouches and snus is currently experiencing a pronounced shift away from combustible tobacco products such as cigarettes to smokeless products such as snus and tobacco-free nicotine pouches as well as a shift from offline- to online sales. The underlying reasons for a shift away from traditional smoking tobacco products are driven by an increasing demand for products which are considered as safer alternatives to cigarettes in combination with legislation that favours smokeless tobacco. This shift has resulted in all global tobacco manufacturers introducing reduced-risk product strategies where nicotine pouches are a highlighted strategic area of focus.

The snus market has historically seen an inflow of consumers that quit smoking but want to continue their consumption of nicotine. This trend has partly been driven by health concerns arising from smoking. Nicotine pouches are today experiencing a similar shift with consumers substituting cigarettes for the benefit of nicotine pouches.

Global market size for nicotine pouches and snus (SEK billion)


Source: The Market Study


Haypp Group anticipates that the nicotine pouch and snus category will continue to grow for the foreseeable future and as such the company will continue to focus on this category. Particular focus will be placed on markets where consumer demand is proven and regulation is favourable.

The company will continue to grow its active customer base by investing in organic customer acquisition and retention. To further support suppliers, the company will continue to develop the marketing and insights offerings, reinforcing the long-term relationships with its suppliers. Finally, Haypp Group will remain open to acquisitions to further strengthen the position in existing markets or as a means to enter new markets.