The global cigar and cigarillos market is projected to reach USD 21.02 billion by 2025, according to a new report by Million Insights. The market is expected to grow with a CAGR of 3.1% over the forecast period, 2019 to 2025. The rising number of luxury hotels offering premium cigar products coupled with the introduction of cost-effective products is expected to drive market growth. Cigars are considered to have a better reputation than cigarettes and available in different flavors.
The mass segment held the largest market share owing to its rising popularity among younger generations. Additionally, a rise in the number of female consumers in developed countries is supplementing the demand for mass products. However, the premium segment is expected to register the highest CAGR during forecast years. The growing popularity of hand-rolled premium cigar and the introduction of innovative flavors are driving the demand for this segment. The premium segment is widely consumed in matured markets such as the United States, United Kingdom and China.
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The flavored product segment is projected to grow with a CAGR of 3.2% during the forecast period. The popularity of flavored cigars is surging, as their tastes are better than the natural tobacco flavor. In addition, consumers are changing their smoking preferences and a large number of them are shifting towards cigar and cigarillos from conventional cigarettes and other tobacco products. Moreover, considering the increasing demand for flavored products, many companies are focusing on the introduction of innovative flavors to attract consumers.
North America held the largest market share in the global cigar & cigarillos market in 2018. The rising demand for premium products in the United States is driving sales in this region. The United States alone accounted for 55% market share in the global market. The country is followed by Germany and China in terms of demand. The growing number of financially independent young population in China and the rise in the number of cigar lounges are primarily driving the growth of this market in the country.
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Further key findings from the report suggest:
• The premium product segmented is expected to grow with the highest CAGR of over 3% during the forecast period.
• The mass product segment held the largest market share with over 80% in 2018.
• The total worth of the flavored segment was USD 4.93 billion in 2018, and it is projected to grow with a considerably higher CAGR.
• North America held the largest market share in 2018, and it is projected to remain so during the forecast period. The region held 57.0% of the market share in 2018. The rising number of young consumers is further projected to drive the region in terms of demand.
• Major players in the cigars and cigarillos market include Habanos S.A, OETTINGER DAVIDOFF AG, Altria Group, Scandinavian Tobacco Group A/S and Trendsettah USA, Inc. among others. Players are focusing on the introduction of new flavor based cigars to attract young customers.
Million Insights 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
Cigar & Cigarillos Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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