The Cigar Cutter Market is Estimated to Witness High Growth Owing to Opportunity for Increasing Social Smoking Trends
A cigar cutter is a device used to cleanly cut or punch a cone-shaped hole in the end of a cigar so that it can be smoked. With an elegant and classic design, cigar cutters provide a clean cut without damaging the wrapper leaf and help maintain an even burn.
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 Opportunity:
The opportunity for increasing social smoking trends will propel the cigar cutter market growth. Cigar smoking is gradually being perceived as a social and business activity among millennials and generation X consumers. Various social clubs and lounges promoting cigar smoking as a stress-relieving and social bonding activity are gaining popularity worldwide. Moreover, increasing participation of women in social gatherings and events is promoting the acceptance of cigar smoking among females. Cigar cutters play a vital role in the cigar smoking experience and satisfaction. Hence, the rising trend of social cigar smoking is expected to drive the demand for high-quality cigar cutters, providing impetus to market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The cigar cutter market features low threat of new entrants given existing high manufacturing costs and requirement of strong distribution network.
Bargaining power of buyers: Since there are various types of cigar cutters available from different brands, buying power is high for customers.
Bargaining power of suppliers: Design and manufacturing of cigar cutters requires specific expertise which gives existing suppliers an edge over new entrants.
Threat of new substitutes: Due to unavailability of close substitutes, threat from new substitutes is low in this market.
Competitive rivalry: Competition is high among key players to expand market share through product innovation, branding and marketing initiatives.
SWOT Analysis
Strength: Wide availability of unique designs and features in automatic and manual cigar cutters caters to diverse customer preferences. Weakness: Significant dependence on traditional distribution channels limits access in remote/underdeveloped markets.
Opportunity: Increasing global cigar consumption and demand for premium products provides new growth avenues. Threats: stringent regulations on nicotine consumption and anti-smoking campaigns can impact sales.
Key Takeaways
The global cigar cutter market is expected to witness high growth between 2023-2030 driven by rising middle-class population worldwide seeking premium products. The North America region dominates the market currently owing to large consumer base and presence of major players.
Regional analysis: The North America region dominates the market currently owing to large consumer base and presence of major players. Europe is anticipated to register fastest growth during the forecast period due to increasing number of cigar consumption occasions such as parties. Growing popularity of premium handcrafted cigars is also fueling demand across major economies Germany, UK and Italy.
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. General electric maintains a strong brand presence through continuous innovation.
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