June 21, 2024
Cigar Cutter Market

Cigar Cutter Market to witness fastest growth owing to high demand for premium cigars

The global cigar cutter market comprises products such as double guillotine cutter, punch cutter, straight cut, v cutters used to cut or punch cigars. Cigar cutters help in cutting the pointed end of the cigar in order to allow smoke to pass out of the cigar while puffing. It provides a clean cut to extract the cap and helps in avoiding messy unraveling of the cigar wrapper. The Global cigar cutter market is estimated to be valued at US$ 160.71 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Cigar Cutter Market Growth are Olympus Corporation, GE Inspection Technologies (now part of Baker Hughes), Karl Storz GmbH & Co. KG, SKF Group, FLIR Systems Inc., Yateks Corporation, PCE Instruments, Vizaar Industrial Imaging AG, VJ Technologies Inc., Gradient Lens Corporation, Medit Inc., RF System Lab (now owned by Olympus Corporation), Coantec Automation Technology Co. Ltd., IT Concepts GmbH, Chongqing Weichuang Flextube Technology Co. Ltd.

The growing demand for premium cigars among millennials and high net worth individuals is driving the global cigar cutter market. Manufacturers are launching innovative cigar cutters with advanced features to cater to the growing demand. Furthermore, technological advancements such as usage of high quality materials for durability and ease of use are fueling the market growth.

Market Trends
The increasing popularity of cigar lounges and bars is a key trend witnessed in the cigar cutter market. These provide cigar aficionados a place to relax and socialize while enjoying hand-rolled cigars. Moreover, the growing number of frequent cigar smokers and their rising disposable income levels are expected to positively influence the demand.

Market Opportunities

The rising number of female cigar connoisseurs presents a significant opportunity for marketers to target this customer segment and launch innovative and fashionable cigar cutter designs. Furthermore, the emergence of online retailing has made cigar accessories more accessible to customers, thereby opening new sales opportunities for manufacturers.

Impact of COVID-19 on Cigar Cutter Market Growth
The outbreak of COVID-19 pandemic has adversely impacted the growth of cigar cutter market globally. During the pandemic, strict lockdown restrictions were imposed by various governments to curb the spread of virus. This led to closure of public places like restaurants, bars, clubs etc. where cigars are mostly consumed. These restrictions resulted in declined sales of cigars, subsequently impacting the demand for cigar cutters as well. Manufacturing facilities of cigar cutters were also shut down or operating at minimum capacity due to various safety protocols, affecting the production and supply chain.

However, with gradual lifting of lockdowns and reopening of economies post pandemic, the cigar cutter market is projected to regain its growth momentum. The vaccination drives undertaken worldwide have boosted consumer confidence and spending. Social distancing norms are now being followed to normalize economic and business activities. Rising preference of individual consumption of cigars at home during and after pandemic is supporting the demand for cigar cutters from personal use. Manufacturers are focusing on expanding online distribution and e-commerce channels to make cigar cutters more accessible to consumers. If COVID cases remain under control globally with rapid vaccination, cigar cutter market is expected to grow steadily.

North America Dominates Cigar Cutter Market in Terms of Value
North America holds the largest share of cigar cutter market in terms of value as of 2024. The high dominance is attributed to large presence of cigar smokers and aficionados in countries like United States and Canada. Growing culture of cigar clubs, bars and lounges hosting cigar tasting events further propels the demand. Easy availability of wide range of premium as well as economy cigar cutters through multiple retail channels also supports the market growth in the region.

Asia Pacific Emerges as the Fastest Growing Region For Cigar Cutter Market
Asia Pacific region is poised to witness fastest growth in cigar cutter market during the forecast period. The expanding middle class population with rising disposable income is increasing spending on luxury items like cigars and associated accessories. Rapid urbanization along with growing influence of western culture is augmenting the acceptance of cigar smoking tradition in Asia Pacific countries. Manufacturers are targeting the region through strategic partnerships and joint ventures to tap the untapped market potential. Increasing number of cigar manufacturers setting up production facilities is anticipated to have a positive influence on cigar cutter market in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it