MRRSE has recently added a research document to their roster titled “Global Market Study on Cigars & Cigarillos: Driven by Increasing Adoption of Flavored Cigars & Cigarillos Among Young Adults”.
Albany, NY -- (SBWIRE) -- 01/06/2017 -- The global cigar & cigarillos market is experiencing rapid growth, attributed to the increasing consumption of cigar & cigarillos among young adults. In addition, availability of wide variety of flavored cigars & cigarillos is attracting young adults, especially women, which is further expected to drive the market growth in the near future. For a better understanding and analysis of the industry, the market has been segmented on the basis of product type, category, flavor, size, gender (on the basis of end use), and region.
The global cigar & cigarillos market is estimated to expand at a CAGR of 2.8% from 2015 to 2025, to reach a market value of US$ 23,857.9 Mn by 2025. The market was valued at US$ 17,733.0 Mn in 2014. In terms of volume, the cigars & cigarillos market stood at 30,000.0 million units in 2014, and is projected to increase at a CAGR of 5.7% from 2015 to 2025. Asia Pacific and Europe are projected to be the fastest growing markets over the forecast period in terms of volume consumption. Growth of the Asia Pacific market is mainly attributed to increasing consumption of cigars & cigarillos in China. Moreover, rising demand for premium cigars and cigarillos in the country is further expected to drive the market growth in the region.
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Among the product types, in terms of value, the mass segment accounted for the largest market share of 95.2% in 2014, and is projected to maintain its dominance through 2025. The premium segment is also projected to showcase a favorable growth over the forecast period. This growth is mainly attributed to increasing demand for premium cigars & cigarillos, especially in the U.S., China, and U.A.E.
On the basis of category, the cigarillos segment is majorly consumed by the consumers. The segment was valued at US$ 23,090.4 Mn in 2014. Growth of the segment is primarily driven by availability of wide verities of cigarillos at a low price. Cigars segment also accounts for a significant share of the market. The segment is expected to gain traction over the forecast period, owing to the increasing consumer inclination towards bigger tobacco products.
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Among the various flavors, in terms of volume, the mint/menthol segment accounted for the largest market share in 2014. However, the fruit/candy segment is expected to be dominant in terms of volume share over the forecast period. Increasing inclination of women towards sweet flavor cigars and cigarillos is expected to drive the segment growth over the forecast period.
By end use, the male segment accounted for the largest value share of the cigar & cigarillos market, accounting for 83.4% value share, in 2014. The segment is expected to maintain its dominance through 2025. The female segment is expected to showcase a favorable growth in terms of volume consumption over the forecast period.
North America dominated the market, accounting for 47.3% value share in 2014. The U.S. is expected to represent a favorable opportunity for the cigars and cigarillos market over the forecast period. The Asia Pacific market is expected to expand at 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.
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