Cuba's Top Cigarmaker Smashes Sales Record with $827 Million in 2024

Habanos S.A., Cuba's leading cigar manufacturer, has shattered its previous sales records by generating an astonishing $827 million in revenue for the year 2024. This remarkable achievement marks a significant 31 percent increase over the 2022 figure, which was a mere 2 percent gain from the previous year. The company's commercial vice president, Jorge Pérez Martell, attributed this remarkable growth to the increasing demand for premium cigars and luxury goods in the post-pandemic world.

China has emerged as the top market for Cuban cigars, with Spain, Switzerland, Germany, and the United Kingdom rounding out the top five. However, when looking at the volume of cigars shipped, Spain takes the lead, followed by France, China, Germany, and Switzerland. Europe accounts for 56 percent of Habanos' sales, with the Asia/Pacific region contributing 21 percent, the Americas 13 percent, and Africa and the Middle East 10 percent.

The company's success can be attributed to several factors, including the development of high-end specialized products and limited-edition cigars, such as the Cohiba Siglo de Oro. These special releases have commanded higher prices and driven revenue growth. Additionally, Habanos has recovered from the damaging hurricanes that impacted the key growing region of Pinar del Río, taking down curing barns and severely impacting Cuba's tobacco infrastructure. The company has taken proactive measures to restore infrastructure and resume operations, ensuring a steady supply of cigars to meet the growing demand.



Habanos' success serves as a testament to the power of innovation, adaptation, and strong demand for premium products. By focusing on high-quality, exclusive, and limited-edition cigars, the company has tapped into the luxury market and increased sales. Other industries can learn from Habanos' approach to maintain and even increase production in the face of natural disasters and changing market demands. By staying informed about market trends, adapting products, and building relationships with local partners, businesses can expand their customer base and increase sales in emerging markets.