Press release
Luxury Cigars Market Report Shares Demand Insights, Growth Rate, and Strategies || Imperial Brands plc, General Cigar Co Inc., Regius Cigars Ltd
Luxury Cigars Global Market Report 2024
The Business Research Company offers in-depth market insights through Luxury Cigars Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surge In Millennial Tobacco Consumption Fuels Growth In The Luxury Cigars Market
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.
Competitive Landscape:
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
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Top Trend - Unveiled High-End Line Of Cigars For The Holidays
Major companies in the luxury cigar market are focused on developing high-end lines of cigars, such as limited-edition luxury cigars, for the holidays and gain a competitive edge in the market. Limited-edition luxury cigars refer to exclusive and high-quality tobacco products produced in a restricted quantity for a specific period. For instance, in December 2022, Blue Shark Vodka, a US-based spirits company, and JC Newman Cigars Cigar Company, a US-based cigar maker, launched a limited-edition collection of Nicaraguan cigars, presented in a white-lacquered box adorned with Blue Shark's signature metallic and blue design. The cigars are specially designed to complement the vodka, providing a treat for enthusiasts seeking life's simple luxuries. It is priced at $150, and the package also includes a specialty Blue Shark Vodka case, available for purchase on BlueSharkVodka.com.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Luxury Cigars Market Characteristics
3. Luxury Cigars Market Trends And Strategies
4. Luxury Cigars Market - Macro Economic Scenario
5. Luxury Cigars Market Size And Growth
…..
27. Luxury Cigars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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