According to new report available with Million Insights, the global cigar & cigarillos industry size was accounted for USD 16.99 billion, in 2018. The market is expected to grow with a CAGR of 3.1% during the forecast period, 2019 to 2025.
The global cigar and cigarillos market is projected to reach USD 21.02 billion by 2025, according to a new report by Million Insights. The market is expected to grow with a CAGR of 3.1% over the forecast period, 2019 to 2025. The rising number of luxury hotels offering premium cigar products coupled with the introduction of cost-effective products is expected to drive market growth. Cigars are considered to have a better reputation than cigarettes and available in different flavors.
The mass segment held the largest market share owing to its rising popularity among younger generations. Additionally, a rise in the number of female consumers in developed countries is supplementing the demand for mass products. However, the premium segment is expected to register the highest CAGR during forecast years. The growing popularity of hand-rolled premium cigar and the introduction of innovative