Latin America Cigar And Cigarillos Market Size & Outlook
Latin America cigar and cigarillos market, 2018-2030 (US$M)
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Latin America cigar and cigarillos market highlights
- The Latin America cigar and cigarillos market generated a revenue of USD 2,165.6 million in 2023.
- The market is expected to grow at a CAGR of 10.6% 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, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 2,165.6 million |
| Market revenue in 2030 | USD 4,379.4 million |
| Growth rate | 10.6% (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, Latin America region accounted for 4.2% 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 84.27% in 2023. Horizon Databook has segmented the Latin America cigar and cigarillos market based on mass, premium covering the revenue growth of each sub-segment from 2018 to 2030.
There is a cultural affinity for cigars in many parts of the region, particularly in countries with a strong tobacco heritage, such as Cuba, the Dominican Republic, and Nicaragua. This cultural significance, coupled with a growing middle class, has led to increased disposable income and a greater inclination toward cigars and cigarillos.
As these products are often associated with status and sophistication, their consumption is becoming more popular among affluent consumers. In addition, tourism has a significant influence. Central and South America are popular destinations for tourists, many of whom seek to experience the local culture, which often includes the consumption of premium cigars.
This demand from tourists helps sustain and expand the market, especially in countries like Cuba and the Dominican Republic, where cigars are not only a major export but also a key part of the tourism experience.
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Cigar And Cigarillos Market Scope
Cigar And Cigarillos Market Companies
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Latin America cigar and cigarillos market size, by country, 2018-2030 (US$M)
Latin America Cigar And Cigarillos Market Outlook Share, 2023 & 2030 (US$M)
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