New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global cigar and cigarillo market was valued at US$ 20.48 Bn at the end of 2021 and is predicted to expand at a CAGR of 4.3% between 2022 and 2032, according to the latest industry report by Persistence Market Research.
The market for cigars and cigarillos has shown steady growth in the premiumization concept over the past few decades. The market offers significant opportunities to manufacturers due to the high number of tobacco consumers and substantial growth in the adoption of cigars and cigarillos. Cigars and cigarillos are considered a sign of luxury among the smoking population. People smoke cigars and cigarillos to commemorate a special day or special occasion. Hence, the rising trend of this premium product among people to celebrate or display the status symbol is generating high demand for cigars and cigarillos.
To cater to the premium segment in a special way, manufacturers are investing in packaging and quality. They are mainly focusing on handmade cigars with high quality tobacco to enhance the enjoyment of smokers. Besides, market players are also focusing on the packaging of the product to attract more users and provide a premium feel to smokers.
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Furthermore, the growth in disposable income has transformed the buying and spending patterns of consumers, especially in urban areas. High tax rates levied on cigarettes are also aiding the growth of the cigar and cigarillo market by encouraging more smokers to move to these products.
Key Takeaways from Market Study
- The global cigar and cigarillo market is projected to expand 1.5X over the next ten years.
- Increased customer preference for things that complement their opulent lifestyles and rising premiumization of cigars have boosted the worldwide cigar business.
- According to Persistence Market Research, Europe is the largest market for cigars and cigarillos, followed by North America, since buyers in these regions have a higher spending index and demand more premium and luxury items.
- Asia is one of the rising markets for cigars and cigarillos and is anticipated to grow rapidly due to the opportunities for the production of tobacco at an economical rate.
- Online retailing is anticipated to a lucrative sales channel and expand at a CAGR of more than 6% through 2032.
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“Premium feel, taste, quality, and smokers’ perception are driving the market for cigars and cigarillos,” says an analyst of Persistence Market Research.
Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the cigar and cigarillo market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Scandinavian Tobacco Group A/s., Imperial Brands, Habanos S.A., Drew Estate LLC., Swisher International, Inc., Oettinger Davidoff AG, Swedish Match AB, Agio Cigars, Gurkha Cigars, El Artista Cigars, Arnold André GmbH & Co. KG, Dosal Tobacco Corporation, and Oettinger Davidoff AG.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the cigar and cigarillo market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product type, flavor, price range, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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