Cigars and cigarillos are tobacco products wrapped in tobacco leaves rather than paper. They are known for their distinct flavors and aromas. Cigars and cigarillos are considered a status symbol and are commonly used for socializing, relaxation and on special occasions.
The global Cigars and Cigarillos Market is estimated to be valued at US$ 18.83 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cigars and cigarillos market is the growing popularity of premium hand-rolled cigars. The premium hand-rolled cigar segment is experiencing high growth on the back of rising consumer preference for premium and super-premium cigars among high-income groups. Premium cigars are associated with elite status, luxury and connoisseurship. Factors such as innovative flavors, unique blending and aging processes are fueling the demand for premium hand-rolled cigars globally. The emergence of boutique cigar producers and famous brand ambassadors are also aiding the growth of this segment.
Market key trends:
The cigars and cigarillos market has been witnessing growth in the online retail segment. The increasing popularity of online stores offering a wide range of cigar products at competitive prices with attractive promotional offers has boosted the online sales of cigars and cigarillos. Moreover, many key players in the market are also focusing on expanding their online presence which is encouraging consumers to purchase cigars through e-commerce platforms.
SWOT Analysis
Strength: The cigars and cigarillos market comprises several well-established global players with strong brand recognition and loyal consumer base.
Weakness: Stringent regulations on tobacco products advertising and promotion in many countries can restrain the market growth.
Opportunity: Emerging markets of Asia Pacific and Latin America are expected to present lucrative opportunities for manufacturers due to rising discretionary incomes and changing lifestyles.
Threats: Rising health awareness about the harmful effects of smoking and increasing anti-tobacco campaigns are the major threats to the cigars and cigarillos market.
Key Takeaways
The Global Cigars And Cigarillos Market Size was valued at US$ 18.83 Bn in 2023 and is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing product premiumization and launch of innovative flavored cigars.
Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to the presence of major cigar manufacturers in the US and Canada and the growing culture of cigar lounges and bars in the region. Mexico and Brazil are also emerging as high growth cigar markets in Latin America supported by rising expendable incomes.
Key players operating in the cigars and cigarillos market are British American Tobacco, Imperial Brands, Plc., Altadis S.A., Habanos S.A., Drew Estate LLC, Swisher International, Inc., Oettinger Davidoff AG., Swedish Match AB, and Trendsettah USA, Inc.
For more Insights, Read –
https://www.insightprobing.com/cigars-and-cigarillos-market-market-size-and-share-analysis/
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