The latest research study “Duty-free and Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global duty-free and travel retail market size reached US$ 34.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.85 Billion by 2027, exhibiting a growth rate (CAGR) of 8.10% during 2022-2027.
Duty-free and travel retail represents retailing channels that offer tax-free goods to international travelers. They consist of shops and outlets which are established in travel environments, including seaports, ferries, airports, etc. Duty-free and travel retail stores sell wide-ranging products, including wine and spirits, beauty and personal care, tobacco, eatables, fashion accessories, luxury items, etc. They offer considerably lower prices on goods and products, increase brand awareness, and provide convenience to travelers by delivering numerous merchandises. As a result, duty-free and travel retail platforms are extensively integrated into the travel, tourism, aviation, and maritime sectors.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Duty-free and Travel Retail Market Trends and Drivers:
The growing tourism industry and the expanding proliferation of new international airports across countries are among the key factors driving the duty-free and travel retail market. In line with this, the rising number of new air routes and the introduction of low cost carriers (LCC) are also positively influencing the global market. Moreover, the shifting preferences toward luxury and premium products, which include cosmetics, fragrances, and alcohol, and the development of interactive retail kiosks which offer seamless ordering and payment solutions are acting as significant growth-inducing factors. Apart from this, the elevating usage of new marketing strategies by brands, such as launching limited and exclusive products and partnerships with prominent distribution chains to receive a competitive edge is further stimulating the market growth. In addition to this, the launch of several initiatives by government bodies aimed at promoting international tourism and the escalating availability of pre-ordering applications are expected to propel the duty-free and travel retail market over the forecasted period.
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Duty-free and Travel Retail Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Aer Rianta International, China Duty Free Group Co. Ltd., Dubai Duty Free, Dufry, Duty Free Americas Inc., Gebr. Heinemann SE & Co. KG, James Richardson Group, King Power International, Lagardère Travel Retail, Lotte Duty Free, Sinsegae Duty Free and The Shilla Duty Free.
The report has segmented the market on the basis of product type and distribution channel.
Breakup by Product Type:
- Beauty and Personal Care
- Wines and Spirits
- Tobacco
- Eatables
- Fashion Accessories and Hard Luxury
- Others
Breakup by Distribution Channel:
- Airports
- Airlines
- Ferries
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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