Press release
Duty Free Retailing Market 2020-2025 Future Trends, Application, Growth Opportunity, Regional Outlook | Lagardère Travel Retail, Dufry, Lotte Duty-Free, Dubai Duty-Free, Aer Rianta International (ARI), James Richardson Corporation, China Duty-Free Group a
The global duty free retailing market is expected to be worth USD 112.75 billion by 2025. Increasing number of low cost airlines is leading to an increase in the number of tourists which is further driving the sales of several goods at duty free retail stores at diverse areas including airports, seaports and downtown stores. Increasing tourism especially in Asia-Pacific and Europe is another key aspect driving the growth of the global duty free retailing market.Request a sample of this report @ https://www.adroitmarketresearch.com/contacts/request-sample/876
The downtown duty free retail stores are a lucrative opportunity for the global industry. The concept of selling duty free products outside the airport area is popular only in few countries. The importance of downtown stores can be measured by the fact that the world's major duty free retailing market South Korea touched sales of around 55% exclusively from the downtown shops. Japan and China are rivalling this trend, for instance, the China Duty Free Group recently inaugurated the world's largest duty free store located at Hainan Island.
Based on type, the global duty free retailing market is bifurcated into perfumes & cosmetics, alcohol, tobacco goods, confectionary & food, fashion & accessories, watches & jewelry, others (stationary, electronics, etc.). The perfumes & cosmetics segment dominated the market with a share of nearly 36% in 2017. This is majorly due to increasing demand for international perfumes and premium cosmetic products. Moreover, increasing demand for such products especially for gift purposes is a major aspect driving the growth of this segment. Alcohol accounted for the second largest share as consumers especially from Asia prefer investing on alcohol originating from different countries. Tobacco goods segment is expected to witness the fastest growth on account of increasing trade of tobacco products especially from South America and U.S. Low prices, ease of availability and wide range of tobacco products at duty free retail stores are some key factors driving the growth of this segment.
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Based on distribution channel, the global duty free retailing market is fragmented into airports, onboard aircrafts, seaports, train stations and others. Airports segment dominates the market due to huge footfall of travelers at airports. Moreover, travelers prefer shopping from duty free retail stores at airports mainly due to the highly maintained stores as well as presence of a wide variety of products. Downtown stores are expected to gain preference over the forecast period since consumers can procure duty free products from a wide array of locations in a particular city. Also, onboard aircraft segment is anticipated to witness a considerable growth since passengers who miss to visit duty free stores at the airport prefer purchasing products from the aircraft itself. Asia-Pacific dominated the market with a share of nearly 42% in 2017. This is mainly because of the increasing disposable incomes of people coupled with rising international tourism. Also, increased number of international students especially in China and India is another key factor driving the growth of this region. However, Middle East & Africa is expected to witness the fastest growth over the forecast period on account of rising number of Haj tourists in Saudi Arabia coupled with increasing business and job opportunities in Turkey and UAE.
As a strategic step, several companies in the global duty free retailing market are following expansions and acquisitions. The major players in the global duty free retailing market include Lagardère Travel Retail, Dufry, Lotte Duty-Free, Dubai Duty-Free, Aer Rianta International (ARI), James Richardson Corporation, China Duty-Free Group and LVMH among others.
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Key segments of the global duty free retailing market
Type Overview, 2015-2025 (USD Billion)
Perfumes & Cosmetics
Alcohol
Tobacco Goods
Confectionary & Food
Fashion & Accessories
Watches & Jewellery
Others (stationary, electronics, etc.)
Distribution Channel Overview, 2015-2025 (USD Billion)
Airports
Onboard Aircrafts
Seaports
Train Stations
Others (Downtown shops)
Regional Overview, 2015-2025 (USD Billion)
North America
US
Canada
Europe
UK
Russia
Spain
France
Germany
Rest of Europe
Asia Pacific
China
Japan
Southeast Asia
India
Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East & Africa
South Africa
KSA
UAE
Egypt
Rest of MEA
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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