Market Size of Cigar Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 53.64 Billion |
| Market Size (2029) | USD 88.28 Billion |
| CAGR (2024 - 2029) | 10.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cigar Market Analysis
The Cigar Market size is estimated at USD 53.64 billion in 2024, and is expected to reach USD 88.28 billion by 2029, growing at a CAGR of 10.48% during the forecast period (2024-2029).
Increased consumer inclination toward products complementing opulent lifestyles and the premiumization of cigars have boosted the cigar market globally. Rising disposable income, demand for premium products, and celebrity endorsements have further driven the cigar market. As cigars are relatively high in price and are especially handmade, they are considered a luxury product and are favored by high-income groups. Convenience and innovation are other factors propelling the cigar market. Chain stores with drive-through window outlets are gaining traction due to the convenience offered by such stores. Customers find these drive-through windows convenient, which can aid in increasing cigar sales.
The emergence and promotion of cigar culture, including cigar lounges, clubs, and events, have increased customers’ interest in cigars. These spaces provide enthusiasts with a social environment to enjoy cigars, share experiences, and discuss the nuances of different cigar brands and varieties. In addition, companies are offering new packaging designs for cigars to attract consumers and increase their market share. For instance, in February 2021, Oliva Cigars launched three Vitola Serie V in a new packaging design, a small box of three cigars. Furthermore, there has been has been a growing trend toward artisanal and premium products across various industries, including tobacco. Cigar enthusiasts frequently seek premium tobacco cigars that are handcrafted with precision. Hence, such factors are driving the demand for cigar products across worldwide.
