What is Premium Cigar
Premium cigars are meticulously crafted using the finest, aged tobacco, resulting in a superior product in terms of taste, flavour, and origin. These hand-rolled cigars are made with high-quality tobacco leaves, each offering a distinctive smoking experience. The global premium cigars market has seen significant growth, driven by evolving lifestyles and rising disposable incomes of consumers, particularly in developing nations.
Segmentation on the basis of application
The market is differentiated into male and female smokers. While men smokers hold the most significant market share in the premium cigar market, the number of female smokers continues to grow at a greater CAGR in the forecast tenure.
Male smokers find various purposes for indulging in premium cigars. For some, it serves as a means to unwind and alleviate stress, while others consider it a way to commemorate significant events or bond with friends. Premium cigars can also be savoured during moments of solitude, providing an opportunity to relish tobacco's exquisite flavours.
Women have diverse motivations for choosing to smoke premium cigars. For some, it's the flavour and aroma they relish, while others find it to be a source of relaxation or even sensuality. Premium cigars can also be viewed as a representation of status or sophistication. Over time, women are increasingly embracing this age-old pastime and finding enjoyment in it.
Growth aspects for the premium cigar market
- Easy accessibility to counterfeit items
- Growth of the tourism sector
- Increase in disposable income of avid smokers/ consumers
- Rise in demand for handcrafted items.
- Rise in demand for luxury items.
- The rise in the spending power of consumers on luxury items is also a significant contributor that has caused the growth of the premium cigar market worldwide.
- Lastly, the rising fame of social media platforms such as Facebook and Instagram amongst avid cigar lovers propels the sales
In all, the forecast period will witness a substantial rise in the demand for premium cigars from men and women. The demand is majorly seen in developing countries across the globe. With more and more people turning to smoking, the market will continue to grow in the forecast period.
Sneha Mali, LinkedIn
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