Luxury Cigars Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
Luxury Cigars Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The luxury cigars market has experienced strong growth in recent years, expected to increase from $16.35 billion in 2023 to $17.77 billion in 2024, at a CAGR of 8.7%. Growth in this market is driven by factors such as cigars’ collectability and investment value, celebrity and influencer endorsements, trade regulations, global market expansion, and the ritualistic smoking culture.
How Big Is the Global Luxury Cigars Market Expected to Grow, and What Is Its Annual Growth Rate?
The luxury cigars market is projected to experience strong growth, reaching $26.01 billion by 2028 at a CAGR of 10.0%. The growth is attributed to globalization, emerging markets, economic trends, consumer spending, sustainability, eco-friendly practices, effective marketing strategies, and digital presence. Major trends include health-conscious luxury smokers, a focus on collectability and investment, online communities and education, the rise of cigar lounges, and the celebration of heritage and tradition.
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What Is Driving the Growth of the Luxury Cigars Market?
The luxury cigars market is expected to grow due to the increasing tobacco consumption among millennials. This trend is driven by nicotine's ability to provide a pleasurable experience and alleviate negative thoughts, leading to greater demand for luxury cigars among younger, affluent adults.
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Which Leading Companies Are Driving The Growth Of The Luxury Cigars Market Share?
Major companies operating in the market report are China National Tobacco Corporation, Imperial Brands plc, General Cigar Co Inc., Regius Cigars Ltd., Scandinavian Tobacco Group A/S, Gran Habano Cigars Inc., Habanos S.A., Davidoff & Cie. Ltd., Swisher International Inc., Royal Agio Cigars B.V., Altadis U.S.A. Inc., Drew Estate, J.C. Newman Cigar Company, The Villiger Group AG, Dunhill Tobacco Company, Oliva Cigar Company, Viaje Cigars Inc., Ashton Cigar Company, Tatuaje Cigars.
What Are The Key Trends Driving The Growth Of The Luxury Cigars Market Size?
Leading companies in the luxury cigar industry are concentrating on creating premium lines, including limited-edition cigars, tailored for the holiday season to strengthen their competitive position. These limited-edition luxury cigars are exclusive, high-quality tobacco products made in limited quantities for a specific timeframe.
How Is the Global Luxury Cigars Market Segmented?
1) By Type: Machine-made Cigars, Handmade Cigars
2) By Shape: Parejo Cigars, Figurado Cigars
3) By Flavor: Tobacco/No Flavor, Flavored
4) By Application: Male Smokers, Female Smokers
5) By Distribution Channel: Online, Offline
North America: The Leading Region in the Luxury Cigars Market
North America was the largest region in the luxury cigars market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Luxury Cigars Market?
A luxury cigar is a hand-rolled tobacco product made from fermented and dried leaves, usually measuring 7 inches in length and weighing between 5 to 20 grams. These cigars are crafted entirely from all-natural tobacco leaves and are meticulously hand-built and wrapped.
The Luxury Cigars Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Luxury Cigars Market Report: Trends, Opportunities, Strategies, and More
The Luxury Cigars Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into luxury cigars market size, luxury cigars market drivers and trends, luxury cigars global market major players, luxury cigars competitors' revenues, luxury cigars global market positioning, and luxury cigars market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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