Cigar cutters are used to cut or clip the end of cigars before lighting or smoking. Cigar cutters provide a clean cut without damaging the wrapper leaf. Premium quality cigar cutters ensure optimal smoking experience by maintaining the integrity of cigars. The global demand for premium cigars among high-net-worth individuals has been rising, which is fueling the cigar cutter market.
The global Cigar Cutter Market is estimated to be valued at US$ 139.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for premium cigars can be attributed to the growing trend of cigar lounges and clubs. High-end cigar lounges and clubs render cigars as a luxury item and have increased their popularity among affluent consumers. According to the International Premium Cigar & Pipe Retailers association, the number of cigar lounges in the U.S. increased from around 2,600 in 2007 to over 5,000 in 2016. Cigar lounges and clubs play a crucial role in introducing new consumers to the culture of cigar smoking and appreciation of premium tobacco products. This rapid growth of cigar lounges and clubs is augmenting the demand for high-quality cigar cutters, thereby driving the cigar cutter market.
SWOT Analysis
Strength: Cigar cutters offer a clean cut for cigars and help maintain the integrity of the filler. They allow for a consistent cut each time.
Weakness: Some cigar cutters tend to cut too deep and damage the cigar wrapper. Manual cutters require more effort compared to electric cutters.
Opportunity: Growth in premium and hand-rolled cigar segment provides new opportunities. Rising number of high net worth individuals afford luxury goods like cigars.
Threats: Strict regulations and high taxes on tobacco products hinder market growth. Rising health awareness reduces cigar consumption in many countries.
Key Takeaways
The global cigar cutter market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for Cigar Cutter is projected to reach US$ 139.5 Mn in 2023 and is anticipated to grow at a robust CAGR of 10% during the forecast period.
Regional analysis- North America dominates the global cigar cutter market currently due to large consumption of premium cigars in countries like the US. The Asia Pacific region is expected to offer lucrative growth opportunities owing to rising high net worth population and growing culture of celebrating occasions with cigars.
Key players- Key players operating in the Cigar Cutter market are General Electric, BD, Luminex Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Miltenyi Biotec GmbH., Sysmex Corporation, Agilent Technologies, Inc., Danaher, Enzo Life Sciences, Inc., Cytek Biosciences, Sartorius AG, BioLegend, Inc., Beckman Coulter, Inc., Laboratory Corporation of America Holdings., and MilliporeSigma. These players are focusing on new product launches and expanding to untapped markets to gain higher share.
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