17-July-2019: 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.
In
depth research report on 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
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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