Duty Free Retail Market Growth, Analysis, Size, Trends, Emerging Factors, Demands, Key Players, Emerging Technologies and Potential of Industry Till 2029

The global duty free retail market size was pegged at USD 35.87 billion in 2021. The market is anticipated to rise from USD 39.08 billion in 2022 to USD 72.23 billion by 2029 at a 9.17% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, "Duty Free Retail Market, 2022-2029."

According to the analysis, Duty-Free Retail will gain considerable traction from the rising penetration of tourism, aviation, and other travel-related industries. Duty free goods will continue to be sought with the rising demand for premium liquor. For instance, in December 2021, Diageo joined hands with Shenzhen Duty Free to roll out its innovative whisky e-boutique.

Get a Sample PDF Brochure:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/duty-free-retail-market-106652

Fortune Business Insights™ lists out all the Duty Free Retail market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

• China Duty Free Group (China)
• Lotte Duty Free (South Korea)
• The Shilla Duty Free (South Korea)
• Dufry AG (Switzerland)
• DFS Group (China)
• Gebr. Heinemann SE & Co. KG (Germany)
• Shinsegae Duty Free Inc. (South Korea)
• The King Power International Group (Thailand)
• Lagardère Group (France)
• Dubai Duty Free (UAE)

Regional Insights

Launch of Innovative Products to Foster Asia Pacific Market Growth

The Asia Pacific industry forecast will be strong on the back of the rollout of innovative products and services across China, Australia and India. To illustrate, in June 2020, China was reported to have announced policies to establish Hainan Free Trade Port (Hainan FTP) on the southern coast. Besides, the government contemplates making Hainan FTP a globally renowned free trade port by 2050. With the rising footfall of alcohol and perfumes in China, major players are likely to inject funds into the landscape.

The U.S. and Canada are poised to bank on the growth of the tourism sector, travel spending has soared over the past few years. According to the U.S. Travel Association, U.S. domestic travel rose by 1.7% in 2019, with approximately 2.3 billion person trips compared to 2018. Canada is likely to play an invaluable role in fostering North America Duty Free Retail market growth. Canada Border Services Agency (CBSA) suggested that duty-free stores operate in around 53 locations across Canada, such as international airports and land border locations.

Stakeholders anticipate Europe to account for a considerable share of the global market due to the increasing footprint of luxury goods expenditure. With a surge in discretionary spending across the U.K., France, Germany, and Italy, stakeholders are expected to inject funds into the landscape. Duty Free Retail will continue to receive an uptick with the increasing penetration of cigarettes and perfumes.

Segments

Perfumes to Remain Dominant Following the Demand from Opulent Customers

In terms of type, the market is segmented into cosmetics, perfumes, cigarettes, alcohol, and others. The perfumes segment will contribute notably toward the global market on the back of the rising footfall of affluent travelers. Well-established distribution channels are likely to invest in perfumes to boost their Return on Investment (RoI).

Competitive Landscape

Prominent Players Prioritize Collaboration to Bolster Footprint

Stakeholders are slated to invest in technological advancements, product launches, mergers & acquisitions, and R&D activities. Moreover, major companies could further invest in organic and inorganic strategies to expand their footprint.

Inquire Before Buying This Research Report:

https://www.fortunebusinessinsights.com/enquiry/queries/duty-free-retail-market-106652

Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters' Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. Primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Airports to Remain a Prominent Hub to Propel Product Offerings

On the basis of sales channel, the market is segregated into seaports, airports, train stations, onboard aircraft, and others. The airports segment will grow at a significant CAGR owing to the rising number of international and domestic airports. The soaring number of duty free stores will bode well for the industry.

With respect to geography, the market covers North America, Asia Pacific, Europe, the Middle East and Africa, and South America.

Drivers and Restraints

Soaring Number of Air Routes to Expedite Industry Growth

A notable uptake of new airports across emerging economies, including China will propel the Duty Free Retail market share. The Global Times claimed that China was contemplating starting a new round of airport construction projects in 2022. Prominently, expansion of airport construction has boded well for the business outlook. Major players are poised to explore opportunities from the possible growth of the tourism sector. To illustrate, in February 2021, the Airport Authority of India (AAI) reportedly sanctioned USD 135.07 million (INR 987 crore) for the first phase of an international airport named 'Dholera' in Gujrat, India.

Meanwhile, potential fluctuation in currency rates, such as Dollars, Euro, and Pound, could challenge leading companies to expand their portfolios.

Detailed Table of Content:
• Introduction
o Research Scope
o Market Segmentation
o Research Methodology
o Definitions and Assumptions
• Executive Summary
• Market Dynamics
o Market Drivers
o Market Restraints
o Market Opportunities
• Key Insights
o Overview of the Parent Market
o Industry SWOT Analysis
o Supply Chain and Regulatory Landscape
o Market Analysis and Insights (in Relation with COVID-19)
 Impact of COVID-19 on the Market
 Supply Chain Challenges due to the Pandemic
 Potential Opportunities to Support the Market
o Global Duty Free Retail Market Analysis, Insights and Forecast, 2018-2029
 Key Findings / Summary
 Market Size Estimates and Forecast
 By Type
 Perfumes
 Cosmetics
 Alcohol
 Cigarettes
 Others
 By Sales Channel
 Airports
 Onboard Aircraft
 Seaports
 Train Stations
 Others
 By Region
 North America
 Europe
 Asia Pacific
 South America
 Middle East & Africa
TOC Continued...!

Key Industry Development

March 2022 - Qatar Duty Free (QDF) announced a collaboration with Samsonite International S.A. to roll out the latter's first duty free shop in the Middle East.
Speak to Our Expert:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/duty-free-retail-market-106652

Address:

Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner -

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

This release was published on openPR.