Duty-free Liquor Market Growth, Top Key Players and Recent Industry Trends by Forecast to 2027

Leading key players operating in the global duty-free liquor industry analysis focus on prominent strategy to overcome competition and to maintain as well as improve their share worldwide. The key players profiled in the report include Brown-Forman, Diageo, Erdington, Bacardi, Heineken, Glen Moray, Accolade Wines, Constellation Brands, Inc., REMY COINTREAU, Pernod, and Ricard.

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Development of travel & tourism industry, rapid growth in urbanization, and rise in disposable income is anticipated to drive the global duty-free liquor market. However, stringent government rules, particularly for airport retailing is anticipated to hinder the growth of the industry during the forecast period.

The duty-free liquor market size was valued at $13.7 billion in 2019, and is projected to reach $16.1 billion in 2027, registering a CAGR of 11.10% from 2021 to 2027. The duty-free liquor at airport, cruise liners, border, downtown, and hotel shops have become a favorite destination for travelers who like to shop before starting their journey. This is due to the elimination of local import tax or the duties implemented by the government bodies.

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Travel & tourism includes leisure tourism, business tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in number of passengers and frequent fliers, and others, which in turn are expected to fuel the growth of the market Therefore, these factors are expected to propel the growth of market in the near future.

Based on type, the whiskey segment accounted for the maximum share in 2019, owing to increase in consumer base across the globe. Furthermore, whiskey is considered as a premium product and an indication of taste and sophistication. Furthermore, strong demand for Irish whiskey from the millennial population is providing revenue growth for whiskey segment. In addition, many people buy premium and expensive whiskey from duty-free liquor stores, not for the experience of drinking it, but for the status quo.

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covid-19 has adversely affected the duty free liquor market. People are restricted to stay at their homes to stop the spread of the diseases. Governments have been forced to introduce several restrictions and the international travels & flights are banned. Hence the duty-free liquor market demand has slowed down which hampered the sales of the liquor. 3. It is expected that the market of duty free liquor will improve after worldwide release of the lockdown situation due to COVID-19.

Key Findings Of The Study

Based on region, European region has the maximum share in duty-free liquor market analysis in 2019.
Based on type, the whiskey category occupied the maximum share in market in 2019.
By channel, the airport category dominated the overall duty-free liquor market growth in 2019, and is expected to dominate the duty-free liquor market forecast.

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