According to the latest market report published by Persistence Market Research, titled “Global Market Study on Cigars & Cigarillos: Driven by Increasing Adoption of Flavored Cigars & Cigarillos Among Young Adults”.
New York City, NY -- (SBWIRE) -- 10/13/2016 -- The cigars & cigarillos market is estimated to be valued at US$ 18,044.3 Mn by the end of 2015 and is anticipated to expand at a CAGR of 2.8% over 2015 - 2025 in terms of value, to reach a market value of US$ 23,857.9 Mn by 2025.
"Availability of Wide Varieties of Flavored Cigars & Cigarillos Is Increasingly Fueling Their Demand among Young Adults, Thereby Supporting the Market Growth"
The global cigars & cigarillos market is driven by the wide availability of flavored cigars & cigarillos and increasing the number of women smokers globally. Moreover, increasing penetration of cigar parlors and lounges, especially in North America and European countries, is expected to further fuel the market growth over the forecast period.
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On the basis of type, the cigars & cigarillos market has been segmented into mass and premium. The mass segment dominated the market with a revenue share of 95.2% in 2014 and is projected to maintain its dominance through 2025. The premium segment is expected to exhibit a favorable growth over the forecast period. Increasing demand for luxurious products is expected to drive the segment growth in the global cigars and cigarillos market.
On the basis of category, the market is segmented into cigars, cigarillos and little cigars. The cigarillos segment accounted for the largest share in 2014 and is estimated to be valued at US$ 13,566.5 Mn by 2025, expanding at a CAGR of 3.2% over 2015-2025. The cigars segment is expected to exhibit a substantial growth in the market.
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On the basis of flavor, the market is segmented into fruit/candy, mint/menthol and chocolate flavor. The mint/menthol segment is estimated to account for the highest value share in 2015. However, the fruit/candy flavor segment is expected to dominate the market in terms of value share over the forecast period.
In terms of gender (end use), the male segment is projected to exhibit the highest growth over 2015-2025. The male segment was valued at US$ 25,034.9 Mn in 2014 and is expected to expand at a CAGR of 6.1% during the forecast period.
The report provides in-depth information about the various trends driving each segment and provides analysis and insights about the cigars & cigarillos market in specific regions. North America accounted for the largest volume share 47.3% of the global cigars & cigarillos market in 2014. In terms of both value and volume, the Asia Pacific market is expected to register the highest CAGR over the forecast period.
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Key players in the cigars & cigarillos market that are covered in the report include Scandinavian Tobacco Group A/S, British American Tobacco, Imperial Brands, Plc, Altria Group, Inc., Habanos S.A., Drew Estate LLC, Swisher International, Inc., Oettinger Davidoff AG, Swedish Match AB, and Trendsettah USA, Inc.