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

02-12-2024 02:46 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Duty-free Retailing Market

Duty-free Retailing Market

๐“๐ก๐ž ๐Ÿ๐ฎ๐ง๐œ๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ฉ๐ž๐ญ ๐ญ๐ซ๐ž๐š๐ญ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ฐ๐š๐ฌ ๐ฏ๐š๐ฅ๐ฎ๐ž๐ ๐š๐ญ $๐Ÿ๐Ÿ—๐ŸŽ.๐Ÿ—๐Ÿ” ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ, ๐š๐ง๐ ๐ข๐ฌ ๐ž๐ฌ๐ญ๐ข๐ฆ๐š๐ญ๐ž๐ ๐ญ๐จ ๐ซ๐ž๐š๐œ๐ก $๐Ÿ•๐Ÿ๐Ÿ.๐Ÿ– ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐›๐ฒ ๐Ÿ๐ŸŽ๐Ÿ‘๐Ÿ, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐  ๐š๐ญ ๐š ๐‚๐€๐†๐‘ ๐จ๐Ÿ ๐Ÿ—.๐Ÿ% ๐Ÿ๐ซ๐จ๐ฆ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ ๐ญ๐จ ๐Ÿ๐ŸŽ๐Ÿ‘๐Ÿ.

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.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: 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.

๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐ข๐ฌ ๐€๐ฏ๐š๐ข๐ฅ๐š๐›๐ฅ๐ž: 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, Nestlรฉ Purina PetCare Company, PDM Group (Prosper De Mulder Ltd.), Petcurean Pet Nutrition USA Inc., Roquette Frรจres, and The Scoular Company.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐  ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐š๐ง๐ ๐ƒ๐ž๐ฆ๐š๐ง๐ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ƒ๐ฎ๐ญ๐ฒ-๐Ÿ๐ซ๐ž๐ž ๐‘๐ž๐ญ๐š๐ข๐ฅ๐ข๐ง๐ :

๐†๐ฅ๐จ๐›๐š๐ฅ ๐“๐ซ๐š๐ฏ๐ž๐ฅ ๐“๐ซ๐ž๐ง๐๐ฌ: 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.

๐„๐œ๐จ๐ง๐จ๐ฆ๐ข๐œ ๐…๐š๐œ๐ญ๐จ๐ซ๐ฌ: 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.

๐‘๐ž๐ ๐ฎ๐ฅ๐š๐ญ๐จ๐ซ๐ฒ ๐‚๐ก๐š๐ง๐ ๐ž๐ฌ: 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.

๐“๐จ๐ฎ๐ซ๐ข๐ฌ๐ญ ๐ƒ๐ž๐ฌ๐ญ๐ข๐ง๐š๐ญ๐ข๐จ๐ง๐ฌ: 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.

๐๐ซ๐จ๐๐ฎ๐œ๐ญ ๐Œ๐ข๐ฑ ๐š๐ง๐ ๐๐ซ๐ข๐œ๐ข๐ง๐  ๐’๐ญ๐ซ๐š๐ญ๐ž๐ ๐ฒ: 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.

๐“๐ž๐œ๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐š๐ง๐ ๐Ž๐ฆ๐ง๐ข๐œ๐ก๐š๐ง๐ง๐ž๐ฅ ๐‘๐ž๐ญ๐š๐ข๐ฅ๐ข๐ง๐ : 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.

๐‡๐ž๐š๐ฅ๐ญ๐ก ๐š๐ง๐ ๐–๐ž๐ฅ๐ฅ๐ง๐ž๐ฌ๐ฌ ๐“๐ซ๐ž๐ง๐๐ฌ: 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.

๐–๐š๐ง๐ญ ๐…๐ฎ๐ฅ๐ฅ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ? ๐„๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐‡๐ž๐ซ๐ž: https://www.alliedmarketresearch.com/purchase-enquiry/32115

๐‘๐ž๐š๐ฌ๐จ๐ง๐ฌ ๐ญ๐จ ๐๐ฎ๐ฒ ๐“๐ก๐ข๐ฌ ๐…๐ฎ๐ง๐œ๐ญ๐ข๐จ๐ง๐š๐ฅ ๐๐ž๐ญ ๐“๐ซ๐ž๐š๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:

โ—‹ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
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โ—‹ Develop tactical initiatives by understanding the focus areas of leading companies.
โ—‹ Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
โ—‹ Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
โ—‹ Report will be updated with the latest data and delivered to you within 2-4 working days of order.
โ—‹ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
โ—‹ Create regional and country strategies on the basis of local data and analysis.

๐‘๐ž๐š๐ ๐Œ๐จ๐ซ๐ž ๐“๐ซ๐ž๐ง๐๐ข๐ง๐  "๐€๐Œ๐‘ ๐„๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:

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

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

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

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

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

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

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

โ—‹ 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.



Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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