Luxury Cigar Market Forecast and CAGR
According to latest research by Fact.MR Report, luxury cigar market is set to witness steady growth of CAGR 12.4% during 2021-2031. Trends for luxury cigar will witness steady recovery in short-term, with optimistic growth outlook in the long-run as consumer are not able to deviate their minds in other things but leading to spend more on smoking. The trends that make it easy to predict growth momentum and precisely estimate forthcoming opportunities in the Luxury Cigar Market.
What is Driving Demand for Luxury Cigar?
Expanded buyer tendency towards products praising the lavish ways of life corresponding to the rapid developing premiumization of cigars has been propelling the cigar market globally.
In addition, the government regulations identified with tobacco and tobacco items further impact and stays a key factor driving the luxury cigar demand. For example, the FDA requires luxury cigar makers and merchants to name their items with mandatory warning statements, like the phrasing previously needed on luxury cigarette and tobacco bundling; these admonitions should likewise be remembered for any notices and additionally advertising for luxury cigars.
Constant Rise in Smoking Rates Boosting Sales of Luxury Cigars
As financial situations improve in the developed nations, similar to the United States, the appeal of the fine conventional cigar, a moderately reasonable choice among tobacco items is weaken with numerous buyers are inclined toward luxury cigar.
The global market is expected to witness prominent growth in the coming year attributable to the expanding number of luxury hotels with luxury lounges. Following the overall restriction on smoking out in the open spots, such parlors and bars are showing up in luxury hotels and bars. For example, DUKES Hotel of London invites its luxury-adoring guests in the cognac and cigar garden. The disconnected yard situated behind the inn offers a rundown of cognacs to go with the Cuban cigar.
US and Canada Luxury Cigar Market Outlook
US is one of the largest markets for luxury cigar globally. The US luxury cigar market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as a number of end-use industries make gradual recovery.
In March 2018, the FDA began requesting assessment and input on regulating cigars in the United States, by giving an Advanced Notice of Proposed Rulemaking (ANPRM) for premium stogies, which is required to influence ordinary cigar utilization in the United States and North America. Ordinary stogie makers are likewise directing R&D exercises to concoct better tobacco quality and new flavors, and are in any event, putting to improve bundling to build stylish allure. For example, in 2019 El Artista Cigars dispatched a scope of new stogie with the brand name Buffalo TEN which professes to offer better tobacco quality with alluring bundling.
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Europe Demand Outlook for Luxury Cigar
Many countries in EU has severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. Despite the COVID-19 challenges, most European countries are maintaining a steady balance in market.
Flavors including wine, tea, chocolate, and vanilla to veil the unforgiving taste of tobacco is energizing the interest among the youthful purchasers. Flavored products is the most well-known assortment among luxury cigars. The flavors, for example, improved tobacco items like swisher sweet and white owl are driving the market for ages, while enhanced item like Tatiana, Acid, and Java have contributed in expansion popular for seasoned item in most recent 15 years. Moreover, organizations working in the tobacco item industry are leading R&D exercises to offer better tobacco quality and inventive flavors to contend in the market.
The revised directive, approved by the European Parliament, strengthens the rules on how tobacco products are manufactured, produced, and presented in the European Union. Prohibiting characterizing flavors in cigarettes and RYO tobacco; menthol banned after a phase-out period of four years; other tobacco products, such as cigars, cigarillos, smokeless products, and snus is exempted from the ban on characterizing flavors.
Cigars (including cigarillos) constitute a niche segment within the Tobacco Products market, which, in recent years, has nevertheless attracted significant attention as a potential growth driver. Just as craft beers or premium spirits, cigars might buck the general secular trend of declining alcohol and tobacco volumes sales at large, as sophisticated consumers might consume less in total but could at the same time be willing to spend more on each individual occasion to maximize indulgence.
Who are the Key Manufacturers and Suppliers of Luxury Cigar?
Some of the leading manufacturers and suppliers of luxury cigar include
- Imperial Tobacco Group
- Swedish Match
- Swisher International
- Scandinavian Tobacco Group
- Altria Group
- Agio Cigars
- J. Cortès cigars
- China Tobacco
- Burger Group
- Cigar Aficionado
Many leading manufacturers and suppliers aggressively advertising to promote their products, which is generating awareness and is, expected to drive market growth. Moreover, to influence the female consumer segment, companies are featuring women smoking cigars in magazines. In addition, companies are using online channels to offer coupons in order to promote sales. Manufacturers and supplier have to follow dynamic strategies due the frequent changes in laws in various geographies.
Few of the suppliers of luxury are Altadis USA, Antonio Villard Premium, Electronic Cigars, Belinda Cigars, Bolivar Cigars, Camacho, Cao Gold Maduro, Casa Del Habano, C.Gars, Cigar.Com, Cigar Family, Cigar One, Cigars-Of-Cuba.Com, Cohiba, Cohiba Behike, Comercial Iberoamericana, Cupojoes.Com, Cusano Cigars. Cuvée Cigars and others.
An Adaptive Approach to Modern-day Research Needs
Luxury Cigar Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Machine-made Cigars
- Handmade Cigars
- Male Smokers
- Female Smokers
- Parejo Cigars
- Figurado Cigars
- Petit Corona (4.5×42)
- Gordito (4.5×60)
- Robusto (5×50)
- Corona (5.25×44)
- Toro (6×50)
- Gordo (6×60)
- Panatela (6×34)
- Lonsdale (6.5×42)
- Churchill (7×48)
- Lancero (7.5×38)
- Double Corona (7.5×50)
- Gran Corona (9.25×47)
- Tobacco/No Flavor
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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