The global cigar and cigarillos market size is expected to reach USD 21.02
billion by 2025, according to a new report by Grand View Research, Inc. It is
anticipated to register a CAGR of 3.1% during the forecast period.
Implementation of heavy taxes and increasing price of conventional cigarettes
drive the product demand. Increasing number of consumers prefer cigars as they
have better reputation and lower price, which is projected to positively
influence growth.
The mass segment held major market share of
global market owing to the growing popularity of cigars and cigarillos among
the young consumers. Moreover, growing number of female consumers in the
developed countries is expected to fuel the demand for mass products over the
forecast period. However, the premium segment is expected to expand at the
highest CAGR over the next seven years. Presence of luxury hotels and bars with
cigar lounges, in developed countries, such U.S., U.K., and China have made
comeback, thus, the consumption has increased drastically.
The flavored product segment is expected to
expand at a CAGR of 3.2% over the forecast period. Many new consumers prefer
flavored cigars as the taste is perceived to be better than the natural tobacco
flavored products. Moreover, many consumers are migrating from other tobacco
products including conventional cigarette to cigar and cigarillos. In addition,
many companies have launched various flavored product to attract consumers,
fueling the demand.
North America was the largest consumer in
the cigar and cigarillos market in 2018. Growing demand for premium products in
U.S. has helped the region gain major share. U.S. was the largest consumer in
the world, accounting for more than 55% share of overall market. Followed by
U.S., Germany and China are the largest markets. Growing number of young
billionaires coupled with rising number of cigar lounges are the key factors
driving the growth in China.
Access Research Report of Cigar &
Cigarillos Market @ https://www.grandviewresearch.com/industry-analysis/cigar-cigarillos-market
Further
key findings from the report suggest:
· In terms of revenue, the premium product
segment is projected to ascend at a CAGR of 3.3% over the forecast years
· The mass product segment led the global
market with an overall revenue share of over 82.3% in 2018
· Flavored segment was valued at USD 4.93
billion in 2018, is projected to exhibit a high CAGR in the next few years
· North America led the global cigar and
cigarillos market in 2018, with 57.0% of revenue share and is projected to
continue leading over the forecast period
· Growing number of young consumers including
men and women is further expected to propel the growth
· The market is highly competitive in nature.
Major companies include Altria Group, Inc.; Habanos S.A.; Scandinavian Tobacco
Group A/S; Gurkha Cigars; Swisher International, Inc.; Agio Cigars; Swedish
Match AB; OETTINGER DAVIDOFF AG; Drew Estate; and Trendsettah USA, Inc.
· Various manufacturers are concentrating on
new product launches, capacity expansions, and technological innovations to
cater to the existing and future demand patterns from upcoming product
segments.
Grand View Research has segmented the
global cigar and cigarillos market on the basis of product, flavor, and region:
Cigar & Cigarillos Product Outlook
(Revenue, USD Million, 2015 - 2025)
·
Mass Cigar
·
Premium Cigar
Cigar & Cigarillos Flavor Outlook
(Revenue, USD Million, 2015 - 2025)
·
Tobacco/No Flavor
·
Flavored
Cigar & Cigarillos Regional Outlook
(Revenue, USD Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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