Duty-Free Liquor Market | Development of travel & tourism industry - Erdington, Bacardi, Heineken

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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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.

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.

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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.

Asia-Pacific has emerged as one of the largest growing and developing nation. Improvement in economic conditions in the region along with growth in disposable income are the key drivers of the market. Economic increase in several countries in LAMEA boosts the market growth. In addition, an increase in the number of millennial is projected to drive the growth of the duty-free liquor market. Therefore, the untapped regions in Asia-Pacific and LAMEA possess huge growth prospects in the coming years.

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North America and Europe is among the most urbanized regions with nearly 81% and 80% urban population respectively. Africa and Asia have comparatively lower urban population shares, with 40% and 48% urban population, respectively. As per the WHO and other organizations, Africa and Asia are the major regions that are expected to witness rapid urbanization trend and are projected to account for 56% and 64% urbanization rate, respectively, by 2050. India and China are the two major countries with increasing urban population and potential market for duty-free liquor.

The 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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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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