New York,us, July 28, 2023 (GLOBE NEWSWIRE) -- Luxury Cigar Market Overview:
Market Research Future (MRFR) 's report highlights “Luxury Cigar Market Information By Type, Distribution Channel, And Region - Forecast till 2032"; the market will achieve USD 22.2 Billion in 2032 at a 7.50% CAGR.
Market Scope:
Tobacco leaves are fermented, dried, and rolled into a cylindrical cigar form to create a premium cigar, which is then smoked in style. The tobacco content of these cigars ranges from 5 to 20 grams and their length is 7 inches. It is made and wrapped by hand, using only natural tobacco leaves.
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Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 22.2 Billion |
| CAGR | 7.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | A rise in luxury hotel establishments that comprise premium cigar lounges and the increasing consumption of tobacco among millennials |
Competitive Dynamics:
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
- Among others.
Market USP:
Market Drivers
The primary market drivers boosting market growth are the growing number of high-end hotels offering premium cigar lounges and the rising prevalence of tobacco usage among young adults. A rise in the number of five-star hotels offering premium cigar lounges is expected to have a stimulatory effect on the growth of the market throughout the forecast period. The increased smoking rates among millennials are also expected to boost the growth of the tobacco industry. Luxury cigars are becoming increasingly popular, especially among younger consumers and affluent smokers. Luxury cigars have become increasingly popular as a result of the proliferation of upscale cigar bars around the world in recent years.
Moreover, yearly cigarette usage has climbed dramatically over the world. As a result, rising tobacco consumption is a driving factor in the market for high-end cigars. The growing tobacco business is expected to be fueled by the increasing popularity of luxury cigars among millennials. The increased demand for expensive cigars can be directly attributed to the growing popularity of smoking among young, affluent adults. This popularity is largely attributable to the chemical nicotine, which helps people feel good while diverting their attention from negative thoughts.
Tobacco consumption among millennials is on the rise, and as a result, so is the demand for high-end cigars. The use of cutting-edge technology in premium cigars is a rising trend in the industry. Luxury cigar market leaders are investing much in R&D of cutting-edge technologies to further solidify their position.
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Market Restraints
As with any expanding business, the worldwide Luxury Cigar Market can anticipate to feel the effects of shifting and new tobacco policies. Bans on advertising, increased taxes, limitations on packaging, and no-smoking zones are only some of the steps taken by governments around the world to curb tobacco consumption. The expansion of the Luxury Cigar Market is predicted to be stymied by the restrictions imposed by these rules on the advertising, distribution, and sale of premium cigars. Regulations that are too onerous to comply with put a damper on product development and increase the cost of production. The tobacco in premium cigars poses the same dangers to health as regular cigars. Cigar usage, like other forms of tobacco, has been declining in recent years due to increased public knowledge of the dangers of smoking and a shift in public opinion.
COVID-19 Analysis:
The ongoing COVID-19 outbreak has severely impacted the premium cigar industry. Shortages of raw materials, components, and completed products have resulted from the pandemic's interruptions to worldwide supply networks. Luxury cigar sales fell as a result of the COVID-19 health scare.
Market Segmentation:
By Type
In 2022, the hand rolled market category generated the most income. Premium cigar enthusiasts prefer hand-rolled cigars to machine-rolled cigars because of the former's superior quality. Superior flavor is achieved by using only pure tobacco leaves as filler in premium hand-rolled cigars.
By Distribution Channel
In 2022, the offline luxury cigar market was the most lucrative. As lockdown regulations are lifted in different parts of the world, businesses that sell pricey cigars, smoke shops, and hypermarkets can once again open their doors to the public.
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Regional Analysis:
In 2022, 45.80% of the luxury cigar market was generated in North America. Customers in the United States and Canada will shell out a hefty sum for rare premium cigars. The presence of prominent luxury cigar manufacturers in North America is also expected to contribute to the region's buoyant demand.
The luxury cigar market in Europe was particularly robust in 2022. The growth of the tobacco industry in Germany and the United Kingdom, both of which have the backing of the government, is expected to ensure the continued manufacture of high-end cigars, which would in turn boost the Asia Pacific region's cigar market.
From 2023 to 2032, the market for luxury cigars in Asia and the Pacific is projected to expand at a healthy clip. The majority of the world's smokers live in Asia and the Pacific. In addition, the Luxury Cigar market in China accounted for the lion's share of the overall market, while the Luxury Cigar market in India grew at the quickest rate in the Asia-Pacific.
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