Duty-Free Retail Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Flemingo International Ltd and Gebr. Heinemann SE & Co. KG are key players.

Duty-Free Retail Market is expected to grow at a CAGR of 20.47% to reach a market size worth US$100.371 billion by 2028.

The prime factors propelling the growth of the duty-free retail market are the expansion of global tourism and the establishment of new transport routes.

As per the report, the duty-free retail market is expected to grow steadily during the forecast period.

Duty-free retail stores are market establishments installed at the ports or stations of various modes of transportation. Purchasing goods and products from duty-free retail units enables customers to avail of tax exemptions by not paying specific types of taxes incurred in a particular country or region. Importing food and beverage products and personal care items manufactured in foreign countries could result in higher prices for imported goods. Therefore, duty-free retail stores enable users to buy foreign products of their preferred brands and tastes without compromising their expenditure levels. Installing these stores at airports, railway stations, seaports, and other places actively engaged with international and domestic tourists helps attract more customers and increase the sales volume of these stores. The presence of a duty-free retail market assists in boosting the travel and tourism sectors and the overall performance of an economy.

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The duty-free retail market has been categorized based on distribution channel, product type, and geography.

By distribution channel, the duty-free retail market has been divided into airports and onboard aircraft, seaports, railway stations, and other distribution channels. Airports are expected to contribute extensively to the duty-free retail market due to an increase in international flight traveling and tourism worldwide.

Based on the product type, the duty-free retail market classification has been done into cosmetics and personal care products, alcohol, tobacco, food and beverages, and other products. The enormous excise duty taxes on tobacco and alcohol products across different countries encourage the purchase of the items from duty-free retail stores, which would reduce the cost price of these products.

Geographically, the Asia-Pacific region is witnessing prominent growth opportunities owing to the government initiatives taken towards free trade agreements by some Asian countries. Further, in the European region, France and Italy hold a crucial market share owing to the abundance of luxury brands in these countries' fashion and cosmetics sectors.

The volatility of currency exchange rates has the potential to slow down the growth of the duty-free retail market since they could negatively impact the sales revenue generated by these stores. In addition, the pandemic severely impacted the duty-free retail market as the travel and tourism market across the world was shut down to reduce the spread of the pandemic. Over the last two years, this resulted in heavy losses for the duty-free retail market. However, the reopening of international airports, railways, and ships post-pandemic has helped the duty-free retail stores to recover their losses and increase the steady expansion of the duty-free retail market.

As a part of the report, the major players operating in the duty-free retail market that have been covered are Dubai Duty Free, Dufry AG, Gebr. Heinemann SE & Co. KG, DFS Group, Lagardere Travel Retail, Flemingo International Ltd, Lotte Hotel, SEVA Group, ALFA Brands, and Mumbai Travel Retail Private Limited.

This duty-free retail market has been analyzed into the following segments:

• By Distribution Channel

o Airports & onboard aircraft
o Seaports
o Railway stations
o Others

• By Product Type

o Cosmetics and Personal care
o Alcohol
o Tobacco
o Food and beverages
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Italy
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• China
• Japan
• South Korea
• India
• Thailand
• Vietnam
• Indonesia
• Singapore
• Others

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