Luxury Cigar Market Worth $20.25 Billion By 2028 | CAGR: 7.2%
Luxury Cigar Industry Overview The global luxury cigar market size was valued at USD 11.61 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028. A rise in luxury hotel establishments that comprise premium cigar lounges is expected to have a positive impact on the market growth over the forecast period. Moreover, the increasing consumption of tobacco among millennials is anticipated to boost the market growth. The COVID-19 pandemic has had a negative impact on the tobacco industry. Factory and store closures due to strict lockdown measures resulted in disastrous consequences, with sales decreasing by 20%-30% from March to April 2020 globally. Companies have been responding positively to the crisis by offering luxury cigars through the online medium as consumers preferred online shopping over offline owing to safety concerns. Gather more insights about the market drivers, restrains and growth of the Global Luxury Cigar Marke...