Asia Pacific Cigar And Cigarillos Market Size & Outlook
Asia Pacific cigar and cigarillos market, 2018-2030 (US$M)
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Asia Pacific cigar and cigarillos market highlights
- The Asia Pacific cigar and cigarillos market generated a revenue of USD 25,661.9 million in 2023.
- The market is expected to grow at a CAGR of 6.3% from 2024 to 2030.
- In terms of segment, mass was the largest revenue generating product in 2023.
- Premium is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Australia is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 25,661.9 million |
| Market revenue in 2030 | USD 39,331.8 million |
| Growth rate | 6.3% (CAGR from 2023 to 2030) |
| Largest segment | Mass |
| Fastest growing segment | Premium |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Mass, Premium |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 50.1% of the global cigar and cigarillos market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Latin America is the fastest growing regional market and is projected to reach USD 4,379.4 million by 2030.
Mass was the largest segment with a revenue share of 80.35% in 2023. Horizon Databook has segmented the Asia Pacific cigar and cigarillos market based on mass, premium covering the revenue growth of each sub-segment from 2018 to 2030.
The cigar and cigarillos market in the Asia Pacific region is experiencing robust growth, driven by several key trends unique to the region. One of the primary factors contributing to this growth is the increasing disposable income across various countries, particularly in emerging markets like China, India, and Southeast Asia.
As more consumers attain higher levels of income, there is a growing demand for premium and luxury products, including cigars and cigarillos. This shift in consumer preference toward premiumization is also fueled by a desire for status symbols and a more sophisticated lifestyle, which cigars often represent.
Another significant trend in the Asia Pacific market is the influence of Western culture and lifestyle, which has led to the adoption of cigar smoking as a sign of affluence and social standing. The rise of high-end lounges and bars in metropolitan cities, where cigars and cigarillos are prominently featured, has also contributed to their popularity.
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Cigar And Cigarillos Market Scope
Cigar And Cigarillos Market Companies
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Asia Pacific cigar and cigarillos market size, by country, 2018-2030 (US$M)
Asia Pacific Cigar And Cigarillos Market Outlook Share, 2023 & 2030 (US$M)
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