Increased variety and increased consumer diversity are among the factors driving the cigars and cigarillos industry.
The new “Global Market Study on Cigars & Cigarillos” from Persistence Market Research has revealed that the cigars and cigarillos market is poised for significant growth in the coming years. The report estimated that the market was valued at $18,044.3 million by the end of 2015 and anticipates that the market will expand at a CAGR of 2.8% from 2015 to 2025 in terms of value, to reach a market value of $23,857.9 million by 2025.
Availability of Wide Varieties of Flavored Cigars and Cigarillos Is Increasingly Fueling Their Demand among Young Adults, Thereby Supporting the Market Growth
The global cigars and cigarillos market is driven by the wide availability of flavored cigars and cigarillos and increasing the number of women smokers globally. Moreover, increasing penetration of cigar parlors and lounges, especially in North America and European countries, is expected to further fuel the market growth over the forecast period.
On the basis of type, the cigars and cigarillos market has been segmented into mass and premium. The mass segment dominated the market with a revenue share of 95.2% in 2014 and is projected to maintain its dominance through 2025. The premium segment is expected to exhibit a favorable growth over the forecast period. Increasing demand for luxurious products is expected to drive the segment growth in the global cigars and cigarillos market.
On the basis of category, the market is segmented into cigars, cigarillos and little cigars. The cigarillos segment accounted for the largest share in 2014 and is estimated to be valued at $13,566.5 Million by 2025, expanding at a CAGR of 3.2% over 2015-2025. The cigars segment is expected to exhibit a substantial growth in the market.
On the basis of flavor, the market is segmented into fruit/candy, mint/menthol and chocolate flavor. The mint/menthol segment is estimated to account for the highest value share in 2015. However, the fruit/candy flavor segment is expected to dominate the market in terms of value share over the forecast period.
In terms of gender, the male segment is projected to exhibit the highest growth over 2015-2025. The male segment was valued at $25,034.9 Million in 2014 and is expected to expand at a CAGR of 6.1% during the forecast period.
The report provides in-depth information about the various trends driving each segment and provides analyses and insights about the cigars and cigarillos market in specific regions. North America accounted for the largest volume share 47.3% of the global cigars and cigarillos market in 2014. In terms of both value and volume, the Asia Pacific market is expected to register the highest CAGR over the forecast period.
Key players in the cigars and cigarillos market that are covered in the report include Scandinavian Tobacco Group A/S, British American Tobacco, Imperial Brands Plc, Altria Group Inc., Habanos S.A., Drew Estate LLC, Swisher International Inc., Oettinger Davidoff AG, Swedish Match AB, and Trendsettah USA Inc.