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Luxury Cigars Global Market Report 2023
Major players in the luxury cigars market are Imperial Brands, Swedish Match, Swisher International, Scandinavian Tobacco Group, Agio Cigars, China Tobacco, Regius Cigars Ltd., Gurkha Cigar Group, Gran Habano Cigars, Mayan Import Company, The Villiger Group, Altadis, Cigar Aficionado, Montecristo, and Cohiba.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Luxury Cigars Global Market Report 2023" - https://www.reportlinker.com/p06290048/?utm_source=GNW
The global luxury cigars market grew from $12.72 billion in 2022 to $12.13 billion in 2023 at a compound annual growth rate (CAGR) of -4.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The luxury cigars market is expected to grow from $11.26 billion in 2027 at a CAGR of -1.8%.
The luxury cigar market consists of sales of hand-rolled and machine rolled luxury cigars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A luxury cigar is a tobacco leaf bundle that has been fermented, dried, and rolled into a royal, sumptuous, cylindrical shape for smoking.These cigars are 7 inches long and contain 5 to 20 grams of tobacco.
It is created completely by hand from all-natural tobacco leaf, manually built, and wrapped.
North America was the largest region in the luxury cigars market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the luxury cigars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of luxury cigars are machine-made cigars and handmade cigars.Machine-made cigars utilize high-speed machinery to combine short filler tobacco, usually scraps or pieces of tobacco, with a binder and wrapper.
The different flavors include tobacco or no flavor, flavored, and are available in various shapes such as parejo cigars, figurado cigars. These are used by male and female smokers and distributed through several online and offline channels.
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, according to the Federal Trade Commission 2021, a US-based government agency, wholesalers, and retail chains sold a total of 203.7 billion cigarettes in 2020, up from 202.9 billion in 2019. Therefore, increasing consumption of tobacco among millennials drives the luxury cigars market.
Technological advancements have emerged as a key trend gaining popularity in the luxury cigars market.Major companies operating in the luxury cigars sector are focused on developing new technological solutions to reinforce their position.
For instance, in September 2021, HumidifGroup USA, a US-based company specializing in the fabrication and design of accessories and packaging for the cigar sector, launched Ferio Tego Cigar Co based on Smart packaging technology. With a simple swipe of the phone, smart packaging immerses the end-user in information, sleek movies, and education.
In November 2021, Scandinavian Tobacco Group A/S, a Denmark-based manufacturer of cigars and traditional pipe tobacco, acquired a majority stake in Moderno Orifice del Sigaro Italiano (MOSI) for an undisclosed amount.This acquisition boosts the company’s share of the Italian machine-rolled cigar market and expands its dominance in Europe’s machine-rolled cigar category.
Moderno Orifice del Sigaro Italiano (MOSI) is an Italy-based company that manufactures machine-rolled cigars.
The countries covered in the luxury cigars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The luxury cigar market research report is one of a series of new reports that provides luxury cigar market statistics, including luxury cigar industry global market size, regional shares, competitors with a luxury cigar market share, detailed luxury cigar market segments, market trends and opportunities, and any further data you may need to thrive in the luxury cigar industry. This luxury cigar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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