SAN FRANCISCO, May 29, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 100 page research report with TOC on "Cigar & Cigarillos Market Size, Share & Trends Analysis Report By Product (Mass Cigar, Premium Cigar), By Flavor (Tobacco/No Flavor, Flavored), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/cigar-cigarillos-market
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.
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
- Cigar & Cigarillos Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Find more research reports on Consumer Goods Industry, by Grand View Research:
- Carbonated Soft Drinks Market – Increasing consumer disposable income, growing population, and increasing access to products due to the expansion of distribution channels are likely to augment the demand over the forecast period.
- Tobacco Market – The global tobacco market size was valued at USD 604.35 billion in 2015 and is poised to register a CAGR of 2.8% from 2016 to 2021.
- Functional Drinks Market – increasing health awareness in many countries is encouraging consumers to shift from sugary soft beverages to healthier alternatives in the functional drinks segment, which is expected to boost the demand for the product.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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