Knowledge base · October 10, 2026 · Updated October 21, 2026 · Stefan Bensmo

Who Owns VELO, on!, ZYN and the Other Nicotine Pouch Brands? A 2026 Ownership Map

Short answer: VELO is owned by British American Tobacco and sold in the US by its subsidiary R.J. Reynolds. ZYN belongs to Philip Morris International, on! to Altria, and Zone, Black Buffalo, Helwit and Skruf to Imperial Brands. Below is the full map as of October 2026 — Big Tobacco, the mid-sized players and the independents.

The ownership map

Who owns VELO — and who makes it?

VELO is a British American Tobacco brand. In the US it is marketed by R.J. Reynolds, which BAT has fully owned since 2017. The brand’s history explains why it shows up under different names: BAT launched its tobacco-free pouches in late 2018 as Lyft in the UK and Sweden and as VELO in the US, and in November 2019 announced that its modern oral products would all move under the VELO name. In the Nordic stores, the switch from Lyft to VELO was phased in over the following years. BAT reports a 29.8% US modern oral volume share for VELO in the first half of 2026 — BAT’s own figure.

Who owns Zone nicotine pouches?

Zone is owned by Imperial Brands and marketed in the US by its subsidiary ITG Brands. Imperial acquired TJP Labs’ nicotine pouch range in June 2023 for £65 million upfront plus a deferred performance payment. The US portfolio was subsequently relaunched under the Zone brand in 2024. Zone should therefore be treated as an Imperial Brands product when mapping competitors, ownership or distribution power.

Market share: why the numbers don’t add up

Each owner reports its own share, on its own basis. Altria reports that on! held 14.4% of the US nicotine pouch category in Q2 2026, based on Circana data. The same release gives on! an 8.6% share of the broader US oral tobacco category. BAT reports 29.8% volume share for VELO in H1 2026. PMI said ZYN held about two-thirds of US category value in 2025. These are different measures — volume vs. value, different category denominators, different periods and different data providers — so they should not be added together into one pie chart. Anyone who shows you a neat split totaling 100% has combined numbers that weren’t made to be combined.

Our on! data analysis separates shipments, pouch-category share and total oral-category share for 2025 and Q2 2026.

The pattern: Big Tobacco buys traction

Look at the dates, not just the names. Imperial Brands bought TJP Labs’ US range in 2023, Black Buffalo in May 2026 and Helwit’s owner in September 2026 — two acquisitions in four months. Altria bought on! in stages between 2019 and 2021, and was reported in late 2025 as co-buyer of LOOP’s maker. PMI paid around $16 billion for Swedish Match. In parallel, independents like Lucy and Sesh+ are funded by venture capital rather than tobacco money, and Turning Point Brands has built a mid-sized position with FRE and the ALP joint venture. See also private capital outside Big Tobacco and independent brands challenging Big Tobacco.

Our read The acquisition pace in 2026 says the buyers are paying for proven distribution and market position, not for recipes. For a challenger brand, that opens an exit route — but only for those who can show real traction in a defined market. The independents that stay independent are the ones with their own capital and a clear niche.

What it means for you

• If an exit is part of your plan, build what acquirers have been buying. Market share in a defined market, documented distribution and regulatory status — not just a strong brand.
• Know who stands behind your competitors. A small-looking brand can have a Big Tobacco owner with very different resources for pricing, distribution and authorization.
• Treat reported market shares with caution. Compare like with like — volume against volume, value against value, the same data provider and period.

We help boards and management teams build a strategy that holds up whether the goal is growth or exit — see board and management support.