by The global cigar industry has witnessed significant growth over the past few years owing to rising demand for premium cigars among affluent consumers. Cigars are an ancient smoking tradition that are made from hand-rolled tobacco wrapped in tobacco leaves. Premium cigars offer connoisseurs a rich tobacco flavor and aroma. While smoking cigars, tools like cigar cutters come handy in properly clipping and lighting cigars. Cigar cutters help in removing the pointed cap from the closed end of cigars or snipping off the tip to prepare cigars for lighting.
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:
One of the key trends in the cigar cutter market size is the introduction of high-end luxury cigar cutters. Leading manufacturers are focusing on designing aesthetically appealing cigar cutters made of premium materials to attract affluent cigar enthusiasts willing to pay a premium. For instance, Colibri offers a range of luxury cigar scissors made of gold, silver and other precious metals. Another key trend is the growing popularity of multi-functional cigar cutters. Players are rolling out innovative cigar tools that combine cutting, piercing and lighting functions into a single body for convenience. For example, Xikar introduced the Executive Axis torch lighter which doubles up as a cutter to serve all smoking needs in one package. Such premium and multi-functional products are expected to drive the cigar cutter market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low, given the high initial costs and brand loyalty among customers. Large players dominate the market.
Bargaining power of buyers: Moderate, as there are several established brands to choose from. However, key brands enjoy loyalty.
Bargaining power of suppliers: Low to moderate, as raw materials are easily available. However, some key components have few specialized suppliers.
Threat of new substitutes: Low, as there are few alternatives that can effectively substitute cigars.
Competitive rivalry: High, as the market is dominated by few major global brands competing on the basis of quality, innovation, and pricing.
Key Takeaways
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.
The global cigar cutter market is expected to witness high growth over the forecast period. The North American region currently dominates the market due to high adoption among the aging population and social smokers in the US and Canada. Europe follows North America in terms of market share led by countries such as Germany, Spain, and Italy. Growth in Europe is supported by the increased popularity of premium cigars among millennials. Asia Pacific is expected to emerge as the fastest growing market led by China, India, and Southeast Asian countries. Rising social drinking culture and increasing disposable incomes are driving the growth.
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 established players compete on the basis of brand, innovation, and after-sales services.
