Market Insights Consumer Tobacco Products

Cigars - Singapore

Singapore

In 2024, the revenue in the Cigars market in Singapore amounts to €3.5m.
It is projected that the market will experience an annual growth rate of 2.59% from 2024 to 2029 (CAGR 2024-2029).
When compared to the global market, in the United States generates the highest revenue in the Cigars market, reaching €12,360m in 2024.
Taking into account the total population figures, the per person revenue in the Cigars market is estimated to be €0.62 in 2024.
Looking ahead to 2029, it is expected that the volume in the Cigars market will reach 3.9m pieces units.
Furthermore, there is a projected volume growth of 1.0% in 2025.
The average volume per person in the Cigars market is anticipated to be 0.7pieces units in 2024.
Singapore's cigar market is experiencing a surge in demand as affluent locals and tourists seek luxury and exclusivity.

Key regions: Worldwide, Singapore, Germany, United States, Philippines

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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 Global Consumer 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). GCS data is reweighted for representativeness.