Press release
With 7.8% CAGR, Duty-free and Travel Retail Market Growth to Surpass US$ 58.8 Billion till 2023-28
The global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
What is Duty-free and travel retail?
Duty-free and travel retail comprises a specialized shopping experience that allows passengers to purchase a wide range of products, such as luxury goods, cosmetics, electronics, and fashion items, without being subject to certain local import taxes and duties. It caters to the distinct shopping preferences of travelers and offers enhanced convenience to individuals. It is primarily situated in international airports, seaports, border crossings, and cruise terminals. It is a time-saving purchasing solution while waiting for flights, during layovers, or before reaching the destinations and ensures a seamless shopping experience. It is an ideal place to find thoughtful gifts for loved ones or business associates. It allows travelers to purchase products at lower prices as compared to other regular retail outlets. It offers digital catalogs and pre-order options that allow for personalized shopping experiences. It assists in providing a wide range of premium brands and products and providing an exclusive and convenient shopping experience prior to departure or upon arrival. As it aids in attracting a wide consumer base due to their tax exemptions and price range, the demand for duty-free and travel retail is increasing around the world.
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What are the growth prospects and trends in the Duty-free and Travel Retail Industry:
At present, the rising number of travelers for leisure purposes across the globe represents one of the key factors strengthening the growth of the market. In line with this, the growing demand for outlets that offer a wide range of essential and luxury items and save time for individuals is positively influencing the market. Additionally, the increasing utilization of duty-free and travel retail while traveling among people due to the fast-paced lifestyles of individuals around the world is propelling the growth of the market. Apart from this, the changing consumer shopping preferences are offering lucrative growth opportunities to industry investors. In addition, there is an increase in the demand for air travel among business owners to deal with international clients across the globe. This, coupled with the rising popularity of duty-free and travel retail, as it also showcases products that are representative of the local culture and heritage to attract a large consumer base, is impelling the growth of the market. Besides this, the growing demand for enhanced and exclusive shopping experience among the masses around the world is offering a positive market outlook. Moreover, the increasing adoption of duty-free and travel retail, as it allows travelers to enjoy competitive prices and unique offers, is bolstering the growth of the market. Furthermore, the rising demand for a diverse range of products under one roof is contributing to the growth of the market.
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Who are the key players operating in the industry?
• Aer Rianta International
• China Duty Free Group Co. Ltd.
• Dubai Duty Free
• Dufry
• Duty Free Americas Inc.
• Gebr. Heinemann SE & Co. KG
• James Richardson Group
• King Power International
• Lagardère Travel Retail
• Lotte Duty Free
• Sinsegae Duty Free and The Shilla Duty Free
The report has segmented the market on the basis of product type and distribution channel.
Breakup by Product Type:
• Beauty and Personal Care
• Wines and Spirits
• Tobacco
• Eatables
• Fashion Accessories and Hard Luxury
• Others
Breakup by Distribution Channel:
• Airports
• Airlines
• Ferries
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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