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.
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Cigar & Cigarillos Market Report Highlights
- 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.
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Cigar & Cigarillos Market Segmentation
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
- U.S.
- Europe
- Germany
- U.K.
- Spain
- France
- Asia
Pacific
- China
- Australia
- 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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