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Market Analysis
The global luxury cigar market will touch USD 22.2 billion at a 7.50% CAGR by 2032, as per the latest Market Research Future report.
Drivers
Booming Cigar Culture to Boost Market Growth
Over the years there has been a revival of cigar culture and a growing appreciation of the art and traditions associated with high quality cigars. Cigar enthusiasts and collectors recognize the craftsmanship and attention to detail that goes into making each cigar. The process of rolling and aging tobacco leaves, the rituals of cutting and lighting, and the complex flavours and aromas that develop during smoking have captivated a growing consumer base. This renewed interest in cigar culture has contributed to product demand as consumers seek out unique blends, limited editions and brands with a rich heritage. As a result, manufacturers and retailers of luxury cigars have been able to satisfy this gap in the market & provide a wide range of premium products and experiences to satisfy the growing appreciation of cigar lovers.
Key Players
Eminent industry players profiled in the global luxury cigar market report 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, and Swisher.
Opportunities
Demand for Hand Rolled Cigars to offer Robust Opportunities
The growing demand for hand rolled cigars will offer lucrative opportunities for the luxury cigar market in the forecast period. This is because cigars that are hand rolled are more acceptable among better smokers than cigars made from machine-wrapped cigars because of their higher grade. Premium hand-wrapped cigars are made purely from tobacco leaves and exhibit a more pleasant taste. Similarly, male smokers have increased their choice due to the mild and casual taste.
Restraints and Challenges
Health-Conscious Trends to act as Market Restraint
Health-conscious trends, fluctuating tax rates on the imported cigars, and stringent tobacco usage & advertising regulations may act as market restraints over the forecast period.
Market Segmentation
The global luxury cigar market is bifurcated based on distribution channel and type.
By type, hand rolled will lead the market over the forecast period.
By distribution channel, offline will domineer the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic possessed a negative impact on the cigarette industry. The closure of factories and warehouses because of the strict lockdown had serious consequences. Businesses are responding favourably to the situation by providing luxury cigars online as consumers have preferred online shopping over offline shopping for security reasons. According to numerous surveys, people wanted to quit smoking because they feared increased health risks if they got COVID-19, leading to an increase in cigar smoking. This increase in consumption is blamed on consumers’ difficulty in diverting their attention, which ultimately leads to customers spending more time and money on their smoking habits.
Regional Analysis
North America to Head Luxury Cigar Market
The historical and cultural significance of cigar smoking in the region has contributed to its popularity throughout the region. Cigar smoking has a rich tradition in North America. This cultural heritage has created a strong consumer base and a deep appreciation for luxury cigars in the region. In addition, North America has a large population of wealthy individuals who have the means to indulge in luxury products. High disposable income and consumer purchasing power make the region an attractive market for luxury goods, including cigars. Demand for luxury cigars is driven by the desire for status symbols and the association of cigars with success and prestige.
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