A once in a lifetime opportunity for the Cuban cigar industry
Cuba currently exports around 100 million cigars annually, which is roughly 20 percent of the handmade cigars sold around the world each year. Americans are the most voracious consumers of cigars, buying up $4 billion worth of cigars annually. Although this market has been off limits to Cuban manufacturers since 1962, it’s estimated currently about 3 percent of premium cigars sales in the U.S. are of Cuban cigars, mainly ordered from foreign vendors online (nevermind it’s not technically legal). As of early 2016, Americans are also allowed to carry back up to US$100 worth of cigars from Cuba as souvenirs. So it’s not difficult to spot the huge opportunity for Cuban cigar companies when the U.S eventually lifts its embargo.