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, July 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Luxury Cigars Global Market Report 2022" - https://www.reportlinker.com/p06290048/?utm_source=GNW
The global luxury cigars market is expected to grow from $13.33 billion in 2021 to $14.58 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The luxury cigars market is expected to grow to $19.56 billion in 2026 at a CAGR of 7.6%.
The luxury cigar market consists of sales of luxury cigars by entities (organizations, sole traders, and partnerships) that are created completely by hand from all-natural tobacco leaf, manually built, and wrapped.A Luxury Cigar is a tobacco leaf bundle that has been fermented and dried and rolled into a royal and sumptuous cylindrical shape for smoking.
These cigars are 7 inches long and contain 5 to 20 grams of tobacco.
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 are distributed through several channels including online, and offline.
North America was the largest region in the luxury cigars market in 2021.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 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.
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 that specializes 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.
Read the full report: https://www.reportlinker.com/p06290048/?utm_source=GNW
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