Cuba’s leading cigar maker Habanos reported a record $827 million in sales for 2024, marking a 16% increase from the previous year, fueled by strong demand from China and other Asian markets.
The region now accounts for nearly a quarter of the company’s global sales as a growing class of wealthy smokers drives luxury demand.
Habanos S.A., which is jointly owned by Cuba’s communist government and a consortium of Asian investors under the Tabacalera group, remains a key player in the country’s economy. Alongside rum exports, Cuba’s cigar industry is one of the last thriving sectors, providing crucial foreign currency for essential imports such as food, fuel, and medicine.
Despite the strong performance, the industry continues to recover from damage caused by Hurricane Rafael in 2023 and Hurricane Ian in 2022, which hit key tobacco-growing provinces Artemisa and Pinar del Río. However, Habanos Vice President for Development Jose Maria Lopez assured that premium cigar production remains unaffected.
“Only a small part of all national tobacco production is dedicated to cigars, and that amount, from the highest quality leaves, is guaranteed,” he said at the company’s annual festival outside Havana.
Cuba’s cigars continue to dominate the luxury market, benefiting from the island’s unique tobacco variety, rich soils, and ideal climate. Habanos’ commitment to hand-rolled cigars further enhances its appeal among aficionados. The company confirmed that China led sales in value, followed by Spain, Switzerland, Britain, and Germany.
