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Luxury Cigars Market Analysis and Future Prospects for 2030
Luxury Cigars
The Business Research Company presents an extensive market research report on the Luxury Cigars Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The luxury cigars market size has grown strongly in recent years. It will grow from $16.35 billion in 2023 to $17.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to collectability and investment value, celebrity and influencer endorsements, regulations and trade policies, global expansion of market, ritualistic smoking culture.
The luxury cigars market size is expected to see strong growth in the next few years. It will grow to $26.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to globalization and emerging markets, economic trends and consumer spending, sustainability and eco-friendly practices, marketing strategies and digital presence, evolving retail and distribution channels. Major trends in the forecast period include health-conscious luxury smokers, focus on collectability and investment, online communities and education, rise of cigar lounges and experiences, celebration of heritage and tradition.
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Key Market Players:
Major companies operating in the luxury cigars market report are China National Tobacco Corporation, Imperial Brands plc, General Cigar Co Inc., Regius Cigars Ltd., Scandinavian Tobacco Group A/S, Gran Habano Cigars Inc., Habanos S.A., Davidoff & Cie. Ltd., Swisher International Inc., Royal Agio Cigars B.V., Altadis U.S.A. Inc., Drew Estate, J.C. Newman Cigar Company, The Villiger Group AG, Dunhill Tobacco Company, Oliva Cigar Company, Viaje Cigars Inc., Ashton Cigar Company, Tatuaje Cigars, Rocky Patel Premium Cigars, Gurkha Cigar Group LLC, My Father Cigars Inc., Swedish Match AB, CLE Cigar Co, Arturo Fuente Cigar Company, Espinosa Cigars, Mayan Import Company LLC, Cigar Aficionado Media Group LLC, Montecristo Cigar Company, New World Cigars LLC
Market Drivers:
The increasing consumption of tobacco among millennials is expected to drive the growth of the luxury cigars market moving forward. The rise in tobacco consumption among younger affluent adults is due to the chemical nicotine, which makes people feel good while distracting them from negative thoughts, as a result, it increases the demand for luxury cigars. For instance, in November 2023, according to the Statistics Canada, a Canada-based government agency, in October 2023, the total number of cigarettes sold increased 15.5% to 1.2 billion from September 2023. Therefore, increasing consumption of tobacco among millennials drives the luxury cigars market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/luxury-cigars-global-market-report
The luxury cigars market covered in this report is segmented -
1) By Type: Machine-made Cigars, Handmade Cigars
2) By Shape: Parejo Cigars, Figurado Cigars
3) By Flavor: Tobacco/No Flavor, Flavored
4) By Application: Male Smokers, Female Smokers
5) By Distribution Channel: Online, Offline
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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