Cigarette lighter sales are booming in Ontario, and the province is poised to get even bigger.
The new cigarette lighter is a trend that is expected to add more than $5 billion to the province’s economy in 2018.
The market is also growing at a faster rate than any other cigarette lighter market in the world, according to research firm Mintel.
In a year-end analysis of the market, Mintel found cigarette lighter sales have grown by almost 10 per cent compared to last year.
The trend will be even bigger next year, Mintels chief economist Adam Fennell said.
Fennells research found the market was growing at nearly 3.6 per cent annually in 2017.
In 2018, that will grow to nearly 6 per cent, the latest Mintel figures show.
Fennaell said that will likely translate into $5.4 billion in revenue in 2018, which is about half the annual revenue growth of the provincial economy.
“It’s really quite phenomenal growth, especially when you consider that in the last year alone, we’ve added nearly 10 per a year,” Fennel said.
“We’ve seen cigarette lighter adoption increase by about three per cent a year over the past year.”
Fennels research found cigarette light adoption is set to grow even more in the coming years.
The province expects to see the market grow to about 25 per cent of the cigarette market by 2021.