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Sales Revenue of Cigars and Cigarillos Market in Europe to Rise at 2.1% CAGR by 2024
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EU5, the largest market for cigars and cigarillos, is projected to witness a slight decline in its revenue share by 2024-end. (Revenue share in 2016 and revenue share in 2024). (Eastern Europe is the second largest region for…) Benelux’s market share will witness a sligh increase… In addition, the cigar and cigarillos market in Germany and France is projected to register 2.5% and 1.9% CAGRs respectively.
According to a report by Persistence Market Research (PMR), sales of cigars and cigarillos in Europe surpassed 9000 Mn units in 2015. This number is expected to reach around 11000 Mn by 2024-end. Growth will be sluggish with PMR projecting a 2.1% CAGR in terms of volume through 2024.
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Availability of several affordable alternative tobacco products is negative influencing demand for cigars and cigarillos. Efforts such as government mandate to include statutory warning on tobacco packaging and youth outreach programmes are creating awareness among smokers. This, along with ‘Quit Smoking’ campaigns is expected to reduce the number of smokers, thereby influencing the market.
Key companies profiled by Persistence Market Research in its report include Imperial Brands Plc, British American Tobacco PLC, Japan Tobacco, Inc., Swisher International Inc., Swedish Match AB, Altria Group, Inc.
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