2014-03-14 08:13:01 - Cigars: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The global cigars market is projected to reach 22.7 billion sticks by 2018, driven by higher taxation on Cigarettes that is driving consumers towards Cigars and growing availability of small and mass market Cigars.
Consumption of tobacco products is varied across the globe. While most of the markets are driven by cigarettes, a few are driven by smokeless tobacco products. Traditionally, cigar companies have not been as successful as cigarette companies across the developing economies in the world. For instance, Eastern Europe, especially CIS countries, holds tremendous growth potential for cigarette manufacturers, whereas growth in demand for cigars has been limited in these markets historically. However, growth across several traditionally low cigar-consuming markets has been on the rise during the past
few years. These markets include Asia-Pacific, Latin America, and the Middle East. Countries exhibiting evidence of growth in the Asia-Pacific region include China, Hong Kong, Malaysia, South Korea and Taiwan.
Less stringent regulations and tax loopholes have made cigars the fastest growing segment in the tobacco industry worldwide. Cigar consumers across the globe show regional disparities on the basis of gender, smoking habits and age. In a market scenario where the consumption of cigarettes is witnessing consistent decline, the rising trend of cigar smoking speaks volumes of the manufacturing companies perceived strategy to create new consumer base which is apparently directed towards the youth. In order to balance the losses made by volume declines in cigarettes, several global and local players have shifted their focus to the cigar segment. Also, to create a consumer base in the cigar segment, manufacturers started offering line extensions that vary in flavors, color and design. As a result, the decline in cigarette consumption has come as a shot in the arm for the cigar industry.
The US represents the single largest market for cigars worldwide. Europe is another leading market for cigars worldwide. The Western European region has seen some of the most stringent anti-tobacco laws being implemented over the last few decades. Despite these restraints, the prevalence rates are still higher in comparison to other developing nations in the Asia Pacific and Latin American regions. Asia Pacific represents the fastest growing regional market worldwide projected to rise at a compounded annual rate of 3.6% in volume terms over the analysis period.
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