Press release
Duty Free Retailing Market Is Growing Over Forecast Period 2026 | Top Players Dufry AG, LOTTE Duty Free Company, DFS Group Limited, Gebr. Heinemann SE & Co. KG, The Shilla Duty Free, The King Power International Group, James Richardson Corporation Pty Ltd
Duty Free Retailing Market
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Major players operating in the global duty free retailing market include, Dufry AG, LOTTE Duty Free Company, DFS Group Limited, Gebr. Heinemann SE & Co. KG, The Shilla Duty Free, The King Power International Group, James Richardson Corporation Pty Ltd., Duty Free Americas, Inc., Flemingo International Ltd., Dubai Duty Free, and China Duty Free Group Co., Ltd
Fragrances & cosmetics segment is expected to show a significant growth in global duty free retailing market over the forecast period (2019-2027). Fragrances & cosmetic segment includes duty free perfumes, scents, and beauty, & personal care products. Companies are focusing on starting multi-brand cosmetics stores to offer a wide range of products to tourists. For instance, in March 2019, China Duty Free Group (CDFG) announced to open an exclusive perfumes and cosmetics multi-brand store in the new extension of Citygate Outlets in Tung Chung.
Airport sales channel segment held significant market share in global duty free retailing market in 2018. Duty free shops are major revenue sources for airports. Key players in the market are focused on investing in airport shops, which in turn supports growth of the segment. For instance, in February 2019, Duty Free America (DFA) announced its plans to begin an ambitious program of store investment at Miami International Airport that will run throughout 2019.
North America held a significant market share in the global duty free retailing market in 2018, owing to an increasing number of flights and subsequent growth in footfall at airports present in the region. According to the Airports Council International-North America (ACI-NA), in 2017, North American airports observed a 5.8% increase in international passenger traffic as compared to 2016.
The global duty free retailing market was valued at US$ 67.74 billion in 2018 and is anticipated to exhibit a CAGR of 8.6% in terms of revenue, over the forecast period (2019 – 2027), to reach US$ 136.28 billion by 2027.
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Asia Pacific held the largest market share in the global duty free retailing market in 2018 and is expected to be dominant in the forecast period, owing to introduction of convenient shops and increasing passenger traffic in the region. According to Airports Council International, Beijing Airport surpassed 100 million passengers in 2018, at a growing rate of 5.4% from 2017.
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