The global duty-free retailing market is expected to observe striking growth by 2031, due to the increasing expansion of the tourism industry all across the globe. Regionally, the Asia-Pacific region is predicted to have wide growth opportunities
NEW YORK, March 2, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Duty-Free Retailing Market by Product Type (Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, and Others), Sales Channel (Airports, Cruise Liners, Railway Stations, Border, and Down-Town & Hotel Shop), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031”.
According to the report, the global duty-free retailing market is projected to generate a revenue of $94,203.7 million and grow at a CAGR of 10.6% throughout the forecast timeframe 2022-2031.
Dynamics of the Duty-Free Retailing Market
With the increasing number of inbound and outgoing travelers and the rapid increase in domestic as well as international business travel, and sports travel all across the world, the duty-free retailing market is expected to experience prominent growth over the estimated period. Moreover, the rising number of duty-free retailing stores with the integration of modern technology is predicted to bolster the growth of the market during the analysis period. However, the stringent regulations on the sale of duty-free tobacco products may hinder the growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Duty-Free Retailing Market
The outbreak of the Covid-19 pandemic has had a negative impact on the duty-free retailing market. This is mainly because the duty-free & travel retail (DF&TR) industry completely depends on the passenger transport capacity and during the pandemic due to the strict restrictions on travel, the air terminals have lost almost 88% of their travelers. This led to the shutdown of most of the airport stores over the crisis. However, the improved focus on the health and well-being of passengers by the duty-free retail stores is expected to create growth opportunities for the market post-pandemic.
Segments of the Market
The report has divided the duty-free retailing market into segments based on product type, sales channel, and region.
By product type, the perfume & cosmetics sub-segment is predicted to hold the largest share of the market and is expected to continue the fastest growth during the analysis timeframe. The growing demand for personal care products such as skincare, fragrances, and cosmetics among customers all across the globe, is expected to fortify the growth of the market sub-segment over the forecast period.
By sales channel, the airports sub-segment is expected to be productive and is predicted to dominate the market during the estimated timeframe. The provision of duty-free retail goods such as confectionery & catering, perfumes & cosmetics, food, electronics, and many other items at airports is expected to upsurge the growth of the market sub-segment over the analysis period.
By region, the Asia-Pacific region of the duty-free retailing market is predicted to have expansive growth opportunities and is expected to generate the highest revenue share during the forecast period. The rapid urbanization, and development of smart cities, mega-cities, and low-cost carrier aircraft in this region are expected to drive the regional growth of the market over the mated period.
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Key Players of the Market
The major players of the duty-free retailing market include
China Duty Free Group Co Ltd.
Dufry AG
Lotte Hotels & Resorts
Dubai Duty Free
Hyundai Department Store Duty Free
Aer Rianta International
Lagardère Group
Shinsegae DF Inc.
LVMH
Duty Free Americas Inc.
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in September 2022, Heavensake, an award-winning creation by French Wine Master Regis Camus announced its collaboration with Monarq Group, a leading brand-building company. With this collaboration, the companies aimed to make synergies for US Duty Free, the Caribbean, and Latin America by focusing on healthier food and drink alternatives for consumers, mostly from America.
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Further, the report also presents other vital aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
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