Market Insights Consumer Tobacco Products

Cigars - Belize

Belize

In 2024, the Cigars market in Belize generated a revenue of US$0.7m.
It is projected to have an annual growth rate of 5.77% (CAGR 2024-2029).
When compared globally, in the United States leads the market with a revenue of US$13,330m in 2024.
In terms of per capita revenue, each person in Belize contributed US$1.99 in 2024.
Looking ahead, by 2029, the volume of cigars is expected to reach 2.0m pieces in Belize.
Additionally, there is a predicted volume growth of 3.5% in 2025.
The average volume per person in the Cigars market is anticipated to be 4.9pieces in 2024.
Belize's cigar market is thriving with a diverse range of handcrafted cigars, reflecting the country's rich cultural heritage and attracting cigar enthusiasts worldwide.

Key regions: Worldwide, Singapore, Germany, United States, Philippines

Market

Region

Region comparison

Currency

Analyst Opinion

Cigars (including cigarillos) constitute a niche segment within the Tobacco Products market which, in recent years, has nevertheless attracted significant attention as a potential growth driver. Just as craft beers or premium spirits, cigars might buck the general secular trend of declining alcohol and tobacco volumes sales at large as sophisticated consumers might consume less in total but could at the same time be willing to spend more on each individual occasion to maximize indulgence.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on Cigars.

Modeling approach:

The segment size is determined through a bottom-up approach. In order to analyze the markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as smoking rates, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing and regression analysis. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Survey data is reweighted for representativeness.