The formal market is smaller than most people expect. Two multinationals run the show at the top but there are others operating below them. When you look at all the registered tobacco companies in Pakistan, you have Pakistan Tobacco Company and Philip Morris Pakistan as the dominant players, followed by smaller local producers like Premier Tobacco Industries and Souvenir Tobacco. There is also a significant illicit segment that operates outside the tax net, which the government has been trying to crack down on for years. So the overall picture includes a handful of legitimate formal producers, a few mid-tier local ones, and a large informal grey market running alongside them.