South Korea Cigar And Cigarillos Market Size & Outlook
South Korea cigar and cigarillos market, 2018-2030 (US$M)
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South Korea cigar and cigarillos market highlights
- The South Korea cigar and cigarillos market generated a revenue of USD 2,348.1 million in 2023 and is expected to reach USD 3,461.2 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.7% 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.
Cigar and cigarillos market data book summary
| Market revenue in 2023 | USD 2,348.1 million |
| Market revenue in 2030 | USD 3,461.2 million |
| Growth rate | 5.7% (CAGR from 2023 to 2030) |
| Largest segment | Mass |
| Fastest growing segment | Premium |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Mass, Premium |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.6% of the global cigar and cigarillos market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan cigar and cigarillos market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,146.6 million by 2030.
Mass was the largest segment with a revenue share of 82.95% in 2023. Horizon Databook has segmented the South Korea cigar and cigarillos market based on mass, premium covering the revenue growth of each sub-segment from 2018 to 2030.
Exclusive cigar lounges and bars are becoming popular in urban areas like Seoul, providing a luxurious environment for enthusiasts to enjoy cigars. These venues often feature a curated selection of cigars and a range of alcoholic beverages, enhancing the social experience.
Moreover, cigar-related activities, including tastings at cultural festivals, are becoming more common, allowing enthusiasts to engage and share their passion for cigars. In addition, players are launching new products in the market. For instance, in October 2023, Confidenciaal, a new cigar brand from Belgium, was launched in South Korea.
The launch event took place at the Cigar Lounge in Seoul, where attendees had the opportunity to enjoy the cigars and learn more about the brand. Confidenciaal is known for its unique blend of tobaccos and its commitment to quality craftsmanship.
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Cigar And Cigarillos Market Scope
Cigar And Cigarillos Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea cigar and cigarillos market size, by product, 2018-2030 (US$M)
South Korea Cigar And Cigarillos Market Outlook Share, 2023 & 2030 (US$M)
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