IMARC Group, a leading market research company, has recently releases report titled “Luxury Cigar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global luxury cigar market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the luxury cigar market?
The global luxury cigar market size reached US$ 13.5 Billion in 2022. IMARC Group expects the market to reach US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.6% from 2023-2028.
What is a Luxury Cigar?
A luxury cigar is a high-quality, handcrafted tobacco product that is crafted from carefully selected tobacco leaves. Luxury cigars are primarily enjoyed for their rich, nuanced taste and aroma. Several benefits of indulging in luxury cigars include the opportunity to savor complex flavor profiles, unwind after a long day, and engage in social rituals. The properties of luxury cigars include type of tobacco, aging process, and craftsmanship.
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What are the growth prospects and trends in the luxury cigar industry?
Luxury cigars are often associated with cultural traditions and celebrations, driving demand among those who value these rituals. In addition to this, cigars are seen as a status symbol, attracting individuals who seek to display their affluence and sophistication thus fostering the market growth. In line with this, the unique flavors and aromas of luxury cigars appeal to discerning palates, attracting enthusiasts who appreciate the complexity of these products thus driving the market growth. Besides this, some luxury cigars are collectible items, with limited editions and rare blends enticing collectors to invest in them thereby bolstering the market growth. Additionally, established and renowned cigar brands with a long history draw loyal customers and connoisseurs thereby boosting market growth. Furthermore, the globalization of luxury markets has expanded the reach of luxury cigars to new demographics and regions thus boosting the market growth. Moreover, the proliferation of upscale cigar lounges provides a dedicated space for aficionados to gather and enjoy their cigars thus proliferating market growth. Celebrity endorsements and associations with luxury brands are boosting the visibility and desirability of certain cigars. Rising disposable incomes in emerging markets are contributing to increased demand for luxury cigars.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Hand Rolled
- Machine Rolled
Breakup by Application:
- Male Smokers
- Female Smokers
Breakup by Distribution Channel:
- Online
- Offline
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Altadis SA (Imperial Brands Plc)
- Fuente Marketing Ltd.
- General Cigar Company (Scandinavian Tobacco Group)
- Gran Habano Cigars
- Gurkha Patel Premium Cigars
- Rocky Patel Premium Cigars
- Swisher
- Villiger Sohne AG
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