Luxury Cigar Market Revenue & Gross Margin, Opportunities, Challenges and Risks Analysis Report 2023-2032
Research Reports
Sep 30, 2023
Luxury Cigar Market Overview
The market size for luxury cigars was estimated at USD 11.6 billion in 2022. The luxury cigars market is anticipated to increase from USD 12.5 billion in 2023 to USD 22.2 billion by 2032, with a compound annual growth rate (CAGR) of 7.50% for the forecast period (2023-2032). The primary market factors boosting market growth include a rise in the number of luxury hotels with premium cigar lounges and a jump in millennial tobacco consumption.
Luxury cigar sales are on the rise, especially among millennials and affluent smokers. In the United States, cigar sales generated USD 28.48 per person in 2019 and USD 30 in 2020, according to a USDA research. Demand for luxury cigars, which are primarily smoked at high-end lounges, has surged as a result of the creation of numerous high-end cigar lounges across the world in recent years. The rise in tobacco use is thus one of the major factors affecting the demand for premium cigars.
The expected growth of the luxury cigar business will be fueled by millennials’ increasing tobacco use. The rise in tobacco use among younger wealthy adults, which in turn increases the market for expensive cigars, is due to the chemical nicotine, which helps people feel good while diverting their attention from negative thoughts. For instance, according to the Federal Trade Commission 2021, a US agency, wholesalers and retail chains collectively sold 203.7 billion cigarettes in 2020, up from 202.9 billion in 2019.
Therefore, the growing tobacco consumption among millennials is what is driving the market for luxury cigars. Technology advancements have emerged as a dominant trend that is gaining traction in the market for premium cigars. Major companies in the luxury cigar sector are focusing on developing innovative technology solutions in order to strengthen their positions. boosting the luxury cigar market’s revenue in the process.
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Key Companies
Leading industry players are making significant investments in R&D to broaden their product offerings, which will spur further expansion of the luxury cigar market.
Key Companies in the Luxury Cigar market include
Fuente Marketing Ltd.
General Cigar
Regius Cigars Ltd
Gurkha Cigar Group
Gran Habano Cigars
Mayan Import
The Villiger Group
Altadis
Rocky Patel Premium Cigars
Swisher
Segmentation
Based on type, the luxury cigar market is segmented into hand-rolled and machine-rolled cigars. In 2022, the hand rolled segment’s revenue share was the highest.
Based on the distribution channel, the luxury cigar market is segmented into online and offline sales. In 2022, the offline segment dominated the market for luxury cigars.
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Regional Analysis
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region.
In 2022, this market was dominated by the North American luxury cigar market (45.80%). Customers are willing to pay a lot of money on unique premium cigars in North American countries like the U.S. and Canada. The presence of reputable luxury cigar manufacturers in North America, such as Rocky Patel Davidoff of Geneva and Altadis USA, is another factor that is projected to support demand. Additionally, in the North American region, the U.S. luxury cigar market had the biggest market share, while the Canada luxury cigar market had the quickest rate of expansion.
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