Cigar & Cigarillos Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report Till 2025
“The global cigar and cigarillos market size was accounted for USD 16.99 billion, in 2018. The market is expected to grow with a CAGR of 3.1% during the forecast period, 2019 to 2025.”
The global Cigar & Cigarillos Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: 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 w ith 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. Key Players:
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
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Growth Drivers: Changing smoking preferences led to the introduction of new flavor based cigars. Flavors such as chocolate, tea, vanilla and wine are getting traction among young consumers. Few flavors such as swisher sweet and white owl are among the most popular flavors dominating the market. However, flavored products such as Java, Acid and Tatiana have immensely contributed to the growth of flavored products in the recent past. Considering the growing popularity of flavor-based cigars, leading companies are spending a significant amount on the R&D activities to introduce innovative flavors in the market. Product Outlook:
Mass Cigar Premium Cigar
Flavor Outlook:
Tobacco/No Flavor Flavored
Regional Outlook: North America was the largest market, in 2018, owing to rising demand for premium cigars from luxury hotels and bars. As reported by the Cigar Association of America, nearly 330 million cigar sticks were shipped to the United States, in 2017. Nicaragua was the largest exporter of premium cigars followed by the Dominican Republic. The unique taste of Nicaragua’s tobacco is popular among United States consumers. However, stringent regulatory guidelines by the United States Food and Drug Administration (FDA) regarding new product launch and high taxes levied on cigar products are expected to hinder the market growth. Europe is expected to grow with a CAGR of 1.9% during the forecast period. The growing number of women consumers is projected to lead the European market growth. However, increased taxation of tobacco products and social stigma associated with tobacco consumption are likely to impede the market growth in the region. Asia Pacific is expected to grow with a CAGR of 8.9% during the forecast year, 2019 to 2025. China was the leading region in terms of market share and the country accounted for 48.5% of the market share, in the region. The demand for Cuban cigar is getting traction in the Asia Pacific. The cigar is considered a luxury product in China and often drinks, and meals accompany it. Moreover, the rise in young population purchasing capacity in emerging countries such as China and India is positively affecting the cigar and cigarillos market growth. COVID-19 Impact Insights The demand for cigar & cigarillos has witnessed a noticeable decline owing to the lockdowns imposed by government across different parts of the globe following the outbreak of COVID-19. Cigar & cigarillos are non-essential products and stores selling these products were forced to close to arrest the growth of the pandemic. This has led to hoarding and black marketing of cigar and cigarillos during the pandemic. However, with the reopening of stores selling these products, their demand is anticipated to witness significant traction. Companies operating in the market are focusing on the introduction of cigar in new flavours to attract consumers. Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
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