Although cigars witnessed strong growth during the review period, the growth trajectory is set to slow over the forecast period, with a slower forecast period retail volume CAGR than review period CAGR, and also a slowing of the growth rate over the course of the forecast period 2022-2027. Affected by growing uncertainties in terms of the economic outlook, traditional cigarette smokers are likely to reduce their discretionary spending, hence discouraging the transition to cigars.
Despite the deteriorating growth momentum forecast at category level, hand-rolled cigars is still at a nascent stage, with potentially huge room for growth. Driven by the wide increase in disposable incomes and government policy supporting cigar leaf supply, domestic hand-rolled cigars are expected to take more share thanks to supply chain optimisation.
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Cigars, Cigarillos and Smoking Tobacco
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