Press release
Duty-Free and Travel Retail Market Size to Surpass USD 75.8 Billion by 2032 | Exhibiting CAGR of 7.1%
Duty-Free and Travel Retail Market
Global Duty-Free and Travel Retail Industry: Key Statistics and Insights in 2024-2032
Summary:
* The global duty-free and travel retail market size reached USD 40.4 Billion in 2023 [https://www.imarcgroup.com/duty-free-travel-retail-market].
* The market is expected to reach USD 75.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032.
* Asia Pacific leads the market, accounting for the largest duty-free and travel retail market share.
* Beauty and personal care accounts for the majority of the market share in the product type segment on account of rising concerns over skin health and aging.
* Airports hold the largest share in the duty-free and travel retail industry.
* The rising international tourism is a primary driver of the duty-free and travel retail market.
* The expansion of airports and the wide availability of exclusive products are reshaping the duty-free and travel retail market.
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Industry Trends and Drivers:
* Growing International Tourism:
The escalating demand for duty-free and travel retail due to the increasing number of international travelers is propelling the market growth. People are preferring luxury goods, alcohol, perfumes, and cosmetics at airports, cruise terminals, and border shops. Emerging middle-class populations, particularly in countries like China, India, and Brazil, are traveling more frequently, seeking unique shopping experiences. Tourism promotion initiatives, such as visa-free travel agreements and travel packages, further increase travel and spending in duty-free zones. Additionally, travelers are increasingly looking for premium and tax-exempt products. The growth of low-cost airlines and easier global connectivity are also contributing to the expansion of tourism.
* Expansion of Airports:
The expansion and modernization of travel infrastructure, especially airports, is bolstering the market growth. Airports are not just transit hubs but are evolving into high-end shopping destinations, offering premium brands and exclusive products. Large-scale investment in upgrading airport facilities enhances passenger experiences, encouraging more leisure time spent at these locations. Many airports are adopting a shopping mall model by offering a range of duty-free outlets, ranging from luxury goods to electronics and cosmetics. In addition, governing agencies of various countries are focusing on improving travel infrastructure to accommodate growing passenger numbers, especially in fast-developing regions like Asia-Pacific and the Middle East. This expansion increases retail space for brands, providing an opportunity for travelers to indulge in shopping.
* Availability of Exclusive Products:
The exclusivity of limited-edition and travel-exclusive products offered by retailers in duty-free zones is strengthening the market growth. These products are specifically designed to appeal to travelers who are looking for unique and premium items that cannot be found in regular retail stores. This not only attracts collectors and luxury enthusiasts but also triggers a sense of urgency, as these items are often only available for a limited time or at specific locations. Luxury brands, cosmetics, perfumes, and even alcohol manufacturers are creating special packaging, formulations, or variations of popular products exclusively for the duty-free market. These offerings are marketed as travel souvenirs or one-of-a-kind purchases, which can enhance the travel experience.
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Duty-Free and Travel Retail Market Report Segmentation:
Breakup By Product Type:
* Beauty and Personal Care
* Wines and Spirits
* Tobacco
* Eatables
* Fashion Accessories and Hard Luxury
* Others
Beauty and personal care accounts for the majority of shares on account of rising concerns over skin health and aging.
Breakup By Distribution Channel:
* Airports
* Airlines
* Ferries
* Others
Airports dominate the market due to the increasing focus on improving passenger experience.
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
Asia Pacific enjoys the leading position owing to a large market for duty-free and travel retail driven by rising preferences for premium and luxury goods.
Top Duty-Free and Travel Retail Market Leaders:
The duty-free and travel retail market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
* 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
* Lagardere Travel Retail
* Lotte Duty Free
* Sinsegae Duty Free
* The Shilla Duty Free
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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Contact Person: Elena Anderson
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