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TIP

Duty Free Retailing Market Pointing to Capture Largest Growth – 2028

May 19th, 2022 10:56 AM

The Global Duty Free Retailing Market revenue from 2019 to 2027. The Global Duty Free Retailing Market accounted for US$ 77.87 Bn in 2018 and is anticipated to grow at a CAGR of 8.44% to reach US$ 155.30 Bn by 2027.

Duty-free retailing offers products to international travelers. Thus is a substantial source of income and Duty-free retailing offers products to international travelers. Thus is a substantial source of income and offers numerous marketing opportunities. The growth of the travel & tourism industry is one of the key factors bolstering the growth of the duty-free retailing market. Duty-free retailing offers temporary spaces that provide extra time to travelers after security check-in and enable them to get indulgent with the ambiance as well as the experience of shopping for international duty-free products.

Presently, vendors in the duty-free retailing market are focusing on digitalizing the retail process and adoption of advanced technologies such as AR and VR for offering enhanced customer experience, which may boost sales. Moreover, the rising demand for duty-free luxury and premium brands of several products is providing opportunities to the duty-free retailing market.

In terms of geography, APAC held around half of the duty-free retailing market share in 2018, and it is anticipated to witness the highest CAGR during the forecast period. The growth in the APAC region is attributed to the growing number of new air routes coupled with the commencement of LCCs. Moreover, the rise in the purchasing power due to growth in the middle-class population across developing economies is expected to offer lucrative growth opportunities to the market players.

Key Players Influencing the Market

  • Aer Rianta International (ARI)
  • China Duty Free Group Co.,Ltd.
  • Dubai Duty Free
  • Duty Free Americas
  • Gebr. Heinemann
  • King Power International Group
  • Lotte Duty Free
  • Shinsegae Duty Free
  • The Shilla Duty Free
  • LVMH
  • LAGARDèRE TRAVEL RETAIL
  • Hyundai Duty Free
  • DUFRY AG

Europe is estimated to be the second-largest market in 2018. It is due to the region’s rich heritage as well as its position as a significant tourist region. Also, the presence of retail chains offering luxury and premium brands is another critical factor influencing the market growth in European. Key players in European have adopted the expansion strategy to stay competitive in the market. For instance, Dufry opened a new duty-free store located at Norwich airport to enhance passenger communication in 2018. Also, in 2017, Dufry’s subsidiary “Hellenic Duty-Free Shops” signed an agreement with Fraport Greece to operate for 30 years in order to offer retail services at 14 Greek airports. However, in 2019, KLM Royal Dutch announced to stop the sale of duty-free items on its European flights. It may hamper the on-board aircraft segment growth in the coming years.

The Global Duty Free Retailing Market has been segmented on the basis of product type, application. Based on product type, the Duty Free Retailing Market has been segmented into cosmetics and personal care products, alcohol, wine and spirits, tobacco and cigarettes, fashion, confectionery and food stuff, and other. Based on application, Duty Free Retailing Market has been segmented into airports, on-board aircraft, seaports, others.

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