The global homemade cigars market size is anticipated to witness its highest CAGR in the forthcoming years. The consumption of cigars due to innovation in flavors like chocolate, vanilla, wine, etc., and the increasing low-cost product penetration are expected to augment the homemade cigars market growth. Fortune Business Insights™ has presented this information in an upcoming report titled, “Homemade Cigars Market, 2023-2030”.
The report highlights the different factors propelling the market growth. For instance, the innovations in electronic cigars are acting as a growth stimulant as these can be packed with cigar tobacco. These product innovations are expected to bring new growth opportunities in the market.
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Key Players in Homemade Cigars Market:
- Swedish Match
- Agio Cigars
- Habanos
- Imperial Tobacco Group
- Scandinavian Group
- Altria Group
- Swisher International
Report Coverage-
The report is based on historical data and follows top-down and bottom-up approaches for an infallible forecast of the market. The report incorporates Porters’ five Forces Analysis for a precise prediction. The report contains data gathered through interviews with multiple stakeholders at global, regional, and country levels. The report also studies the political, social, economic, technological, and environmental factors promoting the growth of the market in several regions. The report also contains information on the competitive landscape of the prospected market, including the data on new product launches, key market trends, alliances, acquisitions, mergers, etc.
Drivers & Restraints-
Premium Cigars to be Fastest Growth Drivers
Growing number of tobacco consumers and increasing fondness for cigars as a recreational activity is majorly driving the market growth for homemade cigars. For instance, WHO estimates around 1.1 billion people or around 80% of the world population are smokers from middle-income and low-income group. This is further propelled by the various marketing initiatives adopted by the manufacturers to attract more consumers. In 2018, Center for Disease and Control Prevention released data which signified that around 8% males and 4.9% adults in the total population are cigar consumers. The demand is expected to swell further as the luxurious hotels use cigars as welcome gifts for their tobacco smoking guests.
The market is expected to further grow with the innovations and R&D done by manufacturers for healthier and tastier cigars. The increasing popularity amongst the high-income group for premium cigars is also expected to fastest growth the market with rare designs, tastes, and quality of limited-edition cigars.
However, the lung diseases caused by excessive smoking are expected to impede homemade cigars market growth. In 2017, WHO estimated around 3.3 million deaths due tobacco consumption.
Segmentation-
Based on quality, the homemade cigars market trifurcates into premium, standard, and low. On the basis of its end users, the market is categorized into male and female. Based on flavor, the market divides into flavored and tobacco (no flavor). Geographically, the market is categorized into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Regional Insights-
Escalating Imports to Surge Market Growth in North America
North America is expected to remain dominant in the global homemade cigars market share. Spiraling consumption induced by increasing import of cigars is expected to thrive the market. For instance, Cigar Association of America recorded the largest import in 2017 of about 330 million stick distributed in the U.S. This demand is further escalated by the presence of regional fine cigar manufacturers like, Gran Havana Cigar Factory, Willy Cigars, Casa De Palma Cigar Co., etc.
Rapid globalization is fostering the consumption of cigars in Europe. The rising numbers of male and female smokers in countries like United Kingdom, Spain, Italy, France, etc., are flourishing the demand for homemade cigars. For instance, Europe accounts for 28% smoking adults according to WHO. Similarly, Office for National Statistics estimates around 13% of women are tobacco smokers in the United Kingdom.
Competitive Landscape-
Strategic Partnerships and Product Innovations to Prosper Market
The homemade cigars market is diversifying with new product launches and innovations. The fairly fragmented market consists of some key players strategizing their way to rank at the top. For instance, Nicaragua launched a new organic cigar called ‘Plasencia’. This product is expected to gain immense popularity in China and other Asian Countries.
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