May 29, 2024
Cigar Cutter Market

The Global Cigar Cutter Market Is Driven By Growing Popularity Of Cigars Among Young Adults

Cigar cutters help in slicing the outer wrapper of cigars without damaging the inner tobacco filler. They offer a clean cut for lighting and smoking cigars. Rising interest in cigars as an accessory for special gatherings and occasions has fueled demand for cigar cutters. Young adults increasingly consider cigars as a leisure smoking option for socializing. Unlike cigarettes, cigars provide slow-burning satisfaction with a robust tobacco flavor. The increasing popularity of premium cigars among those with high disposable incomes has supported the uptake of cigar cutter consumption.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the cigar cutter market size is the emergence of innovative designs. Manufacturers are focusing on developing multifunctional cigar cutters with easy mechanisms for slicing different cigar sizes. Battery-powered cigar cutters with adjustable cutting blades are gaining traction among heavy cigar smokers. Their automatic cutting action helps to get a clean cut without much effort. Moreover, the availability of portable and travel-friendly cigar cutters has supported their sales in the hospitality industry. Lightweight but durable cigar cutters designed for outdoor use during camping or long outdoor activities have also increased in popularity. Such innovative product developments are expected to drive the overall demand over the forecast period.

Porter’s Analysis
Threat of new entrants: The cigar cutter market has moderate threat of new entrants due to presence of large established players. However, new entrants can focus on innovation in product design.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. Buyers can negotiate on price.
Bargaining power of suppliers: Few companies dominate the supply market, giving them significant bargaining power over manufacturers.
Threat of new substitutes: Substitute products like scissors provide low threat due to inferior performance compared to specialized cigar cutters.
Competitive rivalry: The market is fragmented with presence of large and small players. Competition is based on pricing and product features.

Key Takeaways
The global cigar cutter market is expected to witness high growth. 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 2031.

Regional analysis: The North America region accounts for more than 35% of the global market share due to large consumer base and high disposable income in the US. Europe follows North America in terms of market share led by Germany, UK and Spain. Asia Pacific is expected to witness fastest growth led by China, Japan and India.

Key players operating in the cigar cutter market are Olympus Corporation, GE Inspection Technologies, 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, Coantec Automation Technology Co. Ltd., IT Concepts GmbH, Chongqing Weichuang Flextube Technology Co. Ltd. Key players are focusing on new product launches and mergers & acquisitions to strengthen their market presence.

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