Market Insights Consumer Tobacco Products

Cigars - Caribbean

Caribbean

The revenue generated in the Cigars market in 2024 amounts to US$78.3m.
It is anticipated that the market will experience an annual growth rate of 4.75% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, reaching US$13,330m in 2024.
In terms of per capita revenues, each person contributes US$2.29 to the total revenue in 2024.
Looking ahead, the volume in the Cigars market is projected to reach 220.4m pieces by 2029.
Furthermore, the segment is expected to exhibit a volume growth of 0.9% in 2025.
On average, each person is estimated to consume 6.2pieces cigars in the Cigars market in 2024.
It is worth noting that these figures pertain to in the Caribbean country.
The Caribbean region is known for its rich history and tradition of producing high-quality cigars, making it a sought-after destination for 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.