Cigar & Cigarillos Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Cigar & Cigarillos Market Worth $21.02 Billion by 2025 | CAGR 3.1%�
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. 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.
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