Market Insights Consumer Tobacco Products

Cigars - Cyprus

Cyprus

In 2024, the revenue in the Cigars market in Cyprus amounts to US$10.2m.
It is projected that the market will experience an annual growth rate of -1.09% (CAGR 2024-2029).
Comparing globally, in the United States generates the highest revenue in this segment, reaching US$13,330m in 2024.
When considering the total population, the per person revenue in Cyprus is US$8.93 in 2024.
Looking ahead to 2029, the volume in the Cigars market is expected to reach 24.2m pieces.
However, there will be a slight decrease in volume growth in 2025, with a rate of -1.2%.
On average, each person in Cyprus is expected to consume 22.1pieces cigars in 2024.
Cyprus has seen a resurgence in the popularity of cigars, with an increasing number of high-end cigar lounges catering to the discerning aficionados.

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.