Cigar and Cigarillos Market to represent a significant expansion at 2.1% CAGR by 2024

Research Report Insights (RRI) has launched the report titled, “Cigar and Cigarillos Market to represent a significant expansion at 2.1% CAGR by 2024”

Fermented and dried tobacco are firmly rolled to form bundles of different shapes and sizes and are called cigar and cigarillos. Despite increased health concerns, cigar and cigarillos are studied to witness sustained popularity in future. Amidst the steady demand, manufacturers are introducing novel products with different flavors, sizes, shapes, and thickness. Apart from such variety, cigars and cigarillos are available in different quality and cost range to accommodate the demand from all levels of the society.

While handmade cigars are exclusively used by population with higher purchase power, machine made cigars are less expensive and highly consumed across the globe. Smaller cigars have become popular as a quick alternative to smoking for time pressed consumers. Further, trend of cigarette smoking has increased in among young adults in past decade. Due to this increased popularity and part of the status symbol, cigars & cigarillos are likely to witness steady demand in future.  According to a report by Research Report Insights (RRI), sales of cigars and cigarillos in Europe surpassed 9000 Mn units in 2015. This number is expected to reach around 11000 Mn by 2024-end. Growth will be sluggish with RRI projecting a 2.1% CAGR in terms of volume through 2024.

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A new trend in terms of offering of cigars and cigarillos along with various liquor, deserts, and berry essence is gaining traction among consumers. Increased inclination towards better taste and time saving has increased consumption of small cigars with different tastes. For a long term smoker, manufacturers have introduced new product line of unadulterated, natural tobacco cigars. In this type, tobacco leaves are not modified to add flavors, sweeteners, or preservatives. Such artisanal cigars although costly consumed by special group of cigar lovers.

The hospitality industry is a new end-user of cigar and cigarillos. Several luxury hotels have special cigar lounges. Due to increased purchase power, consumers are engaged in frequent visits to luxury hotels and resorts. Because of this, number of luxury hotels and resorts have increased in recent past. Hence, demand for cigars and cigarillos in special cigar lounges of luxury hotels is expected to grow steadily in future.

However, stringent regulations by governments on cigars and cigarillos marketing, FDA guidelines to include warning statements on product packaging, rising awareness about adverse health effects, and rising incidences of cigar withdrawals can obstruct the growth of the global cigars and cigarillos market.

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Manufacturers are adopting strategies to optimize prices catalogue of different cigar and cigarillos. Analysis the products that are highly consumed, manufacturers have identified a benchmark size of the cigars and have increased bulk manufacturing to reduce production as well as overall product cost.

Key manufacturers of the global cigars & cigarillos market include Scandinavian Tobacco Group A/S, Imperial Brands, Plc., Habanos S.A., British American Tobacco, Swisher International, Inc., Altadis S.A., Swedish Match AB, Drew Estate LLC, Trendsettah USA, Inc., and Oettinger Davidoff AG.

Report Analysis: https://www.researchreportinsights.com/report/rd/110114886/Cigar-and-Cigarillos-Market

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