NEW YORK--(BUSINESS WIRE)--April 18, 2005--Cigar sales in the U.S. are growing at levels not seen in years, reports Cigar Aficionado magazine. In what appears to be a revival of interest in fine cigars, the imports of handmade premium cigars jumped by 12.3 percent in 2004, sending cigar imports past the 300 million mark for the first time since 1998. The 309 million cigars imported here in 2004 represent the largest percentage growth in the market since 1997 when the cigar boom began to fade. Key to this new cigar market growth is the fact that the quality of today's cigars is superb with many exceptional cigars available at reasonable prices, says Marvin R. Shanken, editor and publisher of Cigar Aficionado.
The U.S. cigar market started to skyrocket in 1992 after being stagnant for years at about 100 million cigars imported annually. During the ensuing cigar boom, the market eventually reached over 400 million in 1997 but then began to contract when distributors and retailers found themselves overflowing with stocks of imported cigars. After a period of shrinking imports, the market slowly began to stabilize. Cigar imports were flat in 2001, grew a modest 5 percent in 2002 and 4.2 percent in 2003. With 2004's impressive growth, a cigar mini-boom seems to be in progress.
Cigars imported from the Dominican Republic remained by far the largest category, increasing a robust 9 percent, with cigars from Honduras and Nicaragua also experiencing strong growth. The positive results were felt across the board, from the biggest to the smallest cigar companies. Some cigar firms have reported that 2004 was their best year ever, eclipsing even the unprecedented growth of cigar sales in the mid-1990's.
Another Boom on the way?
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