Duty-Free Retailing Market is Anticipated To Project Robust Growth With A CAGR Of 10.6% from 2022 to 2031

𝐓𝐡𝐞 𝐟𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐞𝐭 𝐭𝐫𝐞𝐚𝐭 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟐𝟗𝟎.𝟗𝟔 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟏, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟕𝟐𝟐.𝟖 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟗.𝟐% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟐 𝐭𝐨 𝟐𝟎𝟑𝟏.

According to a new report published by Allied Market Research, titled, "Functional Pet Treat Market by Pet, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031." The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/32115

Consumers are increasingly demanding pet treat products that address specific health conditions. Obesity is a problem among pets due to overfeeding and a lack of physical activity, especially for indoor cats. Concern for the health of pets has propelled consumers paying closer attention to the ingredients used in pet food products. Increase in number of low-fat and low-calorie products, as well as weight-control foods, have been introduced to address these issues.

The remarkable expansion in the duty-free retailing market can be chiefly attributed to the global surge in disposable income, the flourishing developments within the travel and tourism sector, the proliferation of downtown retail outlets, and the burgeoning significance of e-commerce. Duty-free shopping offers travelers the opportunity to purchase goods without being subjected to taxes. A diverse array of products including alcohol, fragrances, cosmetics, food and confectionery, tobacco, jewelry, and watches are made available to travelers. In the Asia-Pacific region, duty-free operators are increasingly concentrating on downtown retail locations to cater to the escalating demand for duty-free products across the region.

Among the regions under scrutiny, Asia-Pacific is projected to seize the highest market revenue by the culmination of 2031, trailed by Europe, North America, and LAMEA. Rapid industrialization and urbanization serve as pivotal factors propelling Europe and Asia-Pacific to the forefront of the global duty-free retailing market.

Manufacturers are seizing opportunities to grow sales by manufacturing functional pet treats related to specific diseases and targeting life stages and specific breeds of pets. As consumer spending on pet food has increased, companies are manufacturing premium quality functional pet food according to categories of diseases related to pet breed, age, and lifestyle. Furthermore, growth in pet humanization and an increase in spending on pet grooming & treat are expected to boost the growth of the functional pet treat market during the forecast period.

The functional pet treat market share is segmented into pet, application, distribution channel, and region. On the basis of pet, the market is categorized into dog, cat, and others. By application, it is segregated into bone health, brain health, obesity, skin disease, and others. Depending on distribution channel, it is divided into pet stores, pharmacies, veterinary clinics, online stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Russia, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and Rest of LAMEA). On the basis of pet, the cat segment was valued at $68.2 million in 2021, and is projected to reach $176.4 million by 2031, registering a CAGR of 9.7% from 2022 to 2031. Smaller pets are ideal companions as per the lifestyle of a busy pet parent.

Manufacturers are increasingly offering product ranges and variants from baby cats to adult cats. However, organic functional cat treats are increasingly marketed as buyers are switching to healthy & nutritious treat to meet their cats' therapeutic needs. With increase in health-consciousness among cat owners regarding their pets, product manufacturers aim at offering treats without adding artificial additives, false colors, and preservatives.

𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐢𝐬 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞: https://www.alliedmarketresearch.com/checkout-final/06d3bc851f1c81fd8109ac66376df11b

On the basis of application, the skin diseas segment is estimated to reach $284.6 million by 2031 at a CAGR of 9.6%. Bone health supplements are gaining significant importance among pet owners as bone problems in cats, dogs, and other pet animals have become more prominent, which sometimes affect their day-to-day activities. Moreover, joint pain, osteoarthritis, dysplasia, and osteochondritis dissecans are serious joint issues that need to be dealt with as soon as their symptoms arise in pets.

Distribution channel, the pet stores segment is estimated to reach $109.1 million by 2031, growing at a CAGR of 8.9%. A specialized pet shop, popularly known as a pet store, sells different kinds of animals, treat types, and pet accessories under one roof. Specialized pet shop is the second fastest growing sales channel after internet sales. Consumers are benefited with wider and specific option as per their pets' requirements.

Region-wise, Asia-Pacific has been gaining considerable traction in the functional pet treat industry, and is expected to grow at a significant CAGR during the forecast period. pet care product manufacturing companies are heavily investing on developing countries, including China and India as these countries are anticipated to witness significant growth opportunities, owing to increase in product demand with rise in population of pet animals.

The key players profiled in this report include Archer-Daniels-Midland Company, Bacterfield, DAR PRO Ingredients, IsoNova Technologies LLC, Kerry Group, Nestlé Purina PetCare Company, PDM Group (Prosper De Mulder Ltd.), Petcurean Pet Nutrition USA Inc., Roquette Frères, and The Scoular Company.

𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐃𝐞𝐦𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐃𝐮𝐭𝐲-𝐟𝐫𝐞𝐞 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠:

𝐆𝐥𝐨𝐛𝐚𝐥 𝐓𝐫𝐚𝐯𝐞𝐥 𝐓𝐫𝐞𝐧𝐝𝐬: Understanding patterns in international travel is crucial for duty-free retailers. Growth in international travel, particularly from emerging markets with rising disposable incomes, can lead to increased demand for duty-free products.

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐅𝐚𝐜𝐭𝐨𝐫𝐬: Economic conditions, such as exchange rates, GDP growth, and consumer confidence, influence travelers' spending behavior. Duty-free retailers may benefit from favorable economic conditions that encourage travel and discretionary spending.

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐡𝐚𝐧𝐠𝐞𝐬: Changes in duty-free regulations, including duty-free allowances, customs procedures, and visa requirements, can impact the attractiveness of duty-free shopping destinations. Retailers should stay informed about regulatory developments in key markets.

𝐓𝐨𝐮𝐫𝐢𝐬𝐭 𝐃𝐞𝐬𝐭𝐢𝐧𝐚𝐭𝐢𝐨𝐧𝐬: Duty-free retailers often target popular tourist destinations and major transportation hubs. Monitoring trends in global tourism and understanding the preferences of different traveler segments can help retailers identify lucrative markets.

𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐌𝐢𝐱 𝐚𝐧𝐝 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Offering a diverse range of products, including luxury goods, electronics, cosmetics, and spirits, can appeal to a broad customer base. Implementing competitive pricing strategies and promotional activities can also drive sales.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐧𝐝 𝐎𝐦𝐧𝐢𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠: Embracing technology, such as mobile apps, online pre-ordering, and digital marketing, enhances the shopping experience for travelers. Duty-free retailers can leverage omnichannel strategies to engage with customers across multiple touchpoints.

𝐇𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐖𝐞𝐥𝐥𝐧𝐞𝐬𝐬 𝐓𝐫𝐞𝐧𝐝𝐬: The growing interest in health and wellness products presents opportunities for duty-free retailers to expand their offerings. This includes items such as organic skincare products, nutritional supplements, and fitness accessories.

𝐖𝐚𝐧𝐭 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/32115

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○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
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𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 "𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

○ Canada Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/canada-duty-free-retailing-market-A77061

○ Mexico Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/mexico-duty-free-retailing-market-A77062

○ Europe Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/europe-duty-free-retailing-market-A77063

○ Spain Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/spain-duty-free-retailing-market-A77064

○ Germany Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/germany-duty-free-retailing-market-A77065

○ UK Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/uk-duty-free-retailing-market-A77066

○ France Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/france-duty-free-retailing-market-A77067

○ Italy Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/italy-duty-free-retailing-market-A77068

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