The State Of Habanos: 2024 Was A Record Year; China Still The No. 1 Market
Executives from Habanos S.A., the Cuban company that oversees the country’s cigar operations and worldwide distribution, reported record sales on Monday morning as they welcomed the global press to the start of the Habanos Festival. The company reported revenues of $827 million, up 14.7 percent over the $721 million it reported in 2023.
“This has been record earnings for our organization,” said Alejandro Fernández-Blanco Barrero, deputy director of operational marketing for Habanos, as he spoke at the podium.
Cuba made no mention of production numbers. Several questions on production were brought up by various of the press, but Habanos executives would not elaborate on just how many cigars they were making. For many years, demand for Cuban cigars has far outstripped supply. “The demand of our clients are not fully covered,” acknowledged commercial vice president Jorge Pérez Martell.
Cuban cigars have become extremely more expensive in recent years—particularly for the Cohiba and Trinidad brands—which is reflected in the higher revenue numbers. “The most important income source has been on high-end products,” said Pérez Martell.
Biggest Markets For Cuban Cigars By Dollar Volume
| 2024 | 2023 |
| 1. China | 1. China |
| 2. Spain | 2. Spain |
| 3. Switzerland | 3. Switzerland |
| 4. United Kingdom | 4. |
| 5. | 5. United Kingdom |
Source: Habanos S.A.
Ranked by dollar volume, China remains the No. 1 market for Cuban cigars, ing for 27 percent of revenues. Spain ranks No. 2, followed by Switzerland, the United Kingdom and . The U.K. market supplanted this year; in 2023 ranked fourth.
By region, Europe remained Cuba’s biggest source of Cuban cigar sales, ing for just over half (54 percent) of total sales by value, followed by Asia Pacific (24 percent). Due to the longstanding embargo, sales of Cuban cigars to the United States are prohibited by law.
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