The global tobacco industry, which generated aggregate revenues in excess of US$770 billion in 2012, is a tale of two markets. In developed markets, industry volumes are in decline because of tax increases, tightening regulations, demographic changes, and a propensity to trade down to lower-cost products due to limited disposable income growth. In contrast, in emerging markets in Asia, the Middle East, and Africa, aggregate consumption is on the rise because of population growth and economic development. In this comprehensive examination of the industry, the author provides an overview of key consumption drivers, new product development initiatives, and the regulatory and legal landscape, as well as practical guidance for effective analysis of publicly traded tobacco companies.