Luxury Cigars Market Size, Industry Analysis Report By Type (Hand Rolled, Machine Rolled), By Distribution Channel (Online, Offline) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- CATEGORY
- Retails & Consumer
It is estimated for the global luxury cigars market to witness growth at a CAGR of 12.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 9.8% during the previous forecast period of 2018 to 2021. Cigars are a luxury product that is often associated with wealth and success. The status and fame of cigars can be traced back to its history and how it is made. In the 20th century, cigar production was very limited. Many countries have also prohibited the trade and consumption of cigars.
Global Luxury Cigars Market – Growth Factors
The increasing disposable income of the people is the major factor for the growth of the market during the forecast period. The growing number of cigar smokers across the is also a factor that is boosting the growth of the market during the forecast period. Apart from this, the availability of the cigars at almost all the parts of the globe is also driving the growth of the market during the forecast period. Cigars are available in various flavors and this factor is also estimated to boost the growth of the market during the forecast period. Cigars are also available on various online platforms in different countries and this factors is also estimated to boost the growth of the market during the forecast period. However, the increasing awareness about the harm caused by smoking is estimated to hamper the growth of the market during the forecast period.
Global Luxury Cigars Market – Market Trends
• The increasing disposable income of the people is the major factor for the growth of the market during the forecast period.
• The growing number of cigar smokers across the is also a factor that is boosting the growth of the market during the forecast period.
• However, the increasing awareness about the harm caused by smoking is estimated to hamper the growth of the market during the forecast period.
Global Luxury Cigars Market – Segmentation
The global luxury cigars market is segmented on the basis of type and distribution channel.
Based on type, the market is segmented into,
• Hand Rolled
• Machine Rolled
Based on distribution channel, the market is segmented into,
• Online
• Offline
Global Luxury Cigars Market – Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Luxury Cigars Market – Key Market players
Some key players operating in the luxury cigar market include Fuente Marketing Ltd.; General Cigar; Regius Cigars Ltd; Gurkha Cigar Group; Gran Habano Cigars; Mayan Import; The Villiger Group; Altadis; Rocky Patel Premium Cigars; and Swisher.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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