In Havana on February 24th, Habanos, Cuba's premier cigar manufacturer, announced a historic high of $827 million in sales for 2024. The surge was fueled by escalating demand in emerging markets like China and across Asia. Jorge Perez, Habanos Vice President, noted a 16% revenue increase driven by affluent Asian smokers, now constituting a significant portion of the company's global sales.
Despite recent setbacks due to natural disasters, Cuba's cigar industry, alongside rum exports, remains a vital source of foreign currency for essentials like food, fuel, and medicine. Habanos S.A. operates with 50% ownership split between Cuba's government and a consortium of Asian investors under Tabacalera.
Amidst recovery efforts from hurricanes Rafael and Ian, Habanos remains unwavering in assuring the continuity of top-quality tobacco production for its coveted cigars. Jose Maria Lopez, VP of Development, reassured that despite decreased national tobacco output, high-grade leaves for their cigars are secure.
Renowned for its premium tobacco, Cuba continues to lead the cigar market, lauded for its distinctive tobacco varieties, fertile soils, and favorable climate, alongside Habanos’ commitment to hand-rolling cigars. Company executives noted that China maintained its top spot in sales value for 2024, followed by Spain, Switzerland, Britain, and Germany.