Press release
Duty Free & Travel Retail Market Likely to Enjoy Promising Growth by 2031: Avolta, Lotte Duty Free, King Power
Duty Free & Travel Retail Market
Key Players in This Report Include: Avolta AG (Dufry AG) (Switzerland), Lagardère Travel Retail (France), Lotte Duty Free (South Korea), The Shilla Duty Free (Singapore), Gebr. Heinemann (Germany), CTG Duty Free (China), Dubai Duty Free (UAE), King Power (Thailand), DFS (China), Aer Rianta International (Ireland), Duty Free Americas (United States), Flemingo Travel Retail Limited (India), James Richardson Group (Australia), EVERRICH Duty Free (China), Tallink Silja Line (Finland). Additionally, other players that are part of this detailed analysis are 3Sixty Duty Free (United States), Harding Travel Retail (United Kingdom).
According to HTF Market Intelligence, the global Duty Free & Travel Retail market is valued at USD 43.7 Billion in 2024 and is estimated to reach a revenue of USD 69.2 Billion by 2031, with a CAGR of 6.8% from 2024 to 2031.
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Definition:
Duty-free and travel retail refers to the sale of products to travelers, often at airports, border crossings, or other designated areas, exempt from certain local or national taxes, allowing for competitive pricing and attractive product offerings. This industry encompasses a wide range of products, including liquor, tobacco, cosmetics, perfumes, and luxury goods. Duty-free shops typically cater to international travelers, offering them the opportunity to purchase products at prices lower than those found in regular retail stores. The travel retail segment also includes convenience stores, restaurants, and other services designed to enhance the travel experience. The industry is driven by factors such as increasing international travel, airport expansions, and growing demand for luxury goods. Duty-free and travel retail operators must navigate complex regulatory environments, manage logistics and supply chains, and adapt to changing consumer preferences and shopping habits.
Market Trends:
Growing demand for experiential retail, personalized shopping experiences, and sustainable products
Market Drivers:
Increasing international travel, airport expansions, and growing demand for luxury goods; Rise of e-commerce and digital payments in travel retail
Market Opportunities:
Expanding travel retail market in emerging economies, growing demand for duty-free products
Market Challenges:
Fluctuating consumer spending, geopolitical tensions, and regulatory changes
Fastest-Growing Region:
Asia-Pacific
Dominating Region:
Asia-Pacific
Market Leaders & Development Strategies:
In October 2023, Lagardère Travel Retail signed an agreement with Société des Aéroports du Benin (SAB), which is a state-owned company, that operates Duty Free, Travel Essentials and Foodservice operations at Cotonou International Airport, Benin. Through this agreement expands West African footprint.
In October 2023, Dufry International AG announced its transition to a new brand identity namely Avolta. Furthermore, this reflects Dufry-Autogrill business combination, taking the lead in the travel experience revolution across Retail and F&B.
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The Global Duty Free & Travel Retail Market segments and Market Data Break Down are illuminated below:
Duty Free & Travel Retail Market is Segmented by Product Category (Perfumes & Cosmetics, Wines & Spirits, Fashion & Accessories, Tobacco, Watches & Jewelry, Electronics, Food & Confectionery, Others) by Price Point (Luxury/Premium, Mid-range, Budget/Economy) by Type of Customer (Departing Passengers, Arriving Passengers, Transit Passengers, Crew Members, Border Shoppers) by Sales Channel (Airport Shops, Airline In-flight Sales, Ferry Shops, Border Shops, Downtown & Hotel Shops, Cruise Liners, Other) and by Geography (North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA)
Global Duty Free & Travel Retail market report highlights information regarding the current and future industry trends, growth patterns, as well as it offers business strategies to helps the stakeholders in making sound decisions that may help to ensure the profit trajectory over the forecast years.
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
• The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
• North America (United States, Mexico & Canada)
• South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
• Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
• Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report
• -To carefully analyze and forecast the size of the Duty Free & Travel Retail market by value and volume.
• -To estimate the market shares of major segments of the Duty Free & Travel Retail
• -To showcase the development of the Duty Free & Travel Retail market in different parts of the world.
• -To analyze and study micro-markets in terms of their contributions to the Duty Free & Travel Retail market, their prospects, and individual growth trends.
• -To offer precise and useful details about factors affecting the growth of the Duty Free & Travel Retail
• -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Duty Free & Travel Retail market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Read Detailed Index of full Research Study: https://www.htfmarketintelligence.com/report/global-duty-free-travel-retail-market
Major highlights from Table of Contents:
Duty Free & Travel Retail Market Study Coverages:
• It includes major manufacturers, emerging player's growth story, and major business segments of Duty Free & Travel Retail market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
• Duty Free & Travel Retail Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
• Duty Free & Travel Retail Market Production by Region Duty Free & Travel Retail Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Duty Free & Travel Retail Market Report:
• Duty Free & Travel Retail Overview, Definition and Classification Market drivers and barriers
• Duty Free & Travel Retail Market Competition by Manufacturers
• Impact Analysis of COVID-19 on Duty Free & Travel Retail Market
• Duty Free & Travel Retail Capacity, Production, Revenue (Value) by Region (2024-2031)
• Duty Free & Travel Retail Supply (Production), Consumption, Export, Import by Region (2024-2031)
• Duty Free & Travel Retail Production, Revenue (Value), Price Trend by Type {Perfumes & Cosmetics, Wines & Spirits, Fashion & Accessories, Tobacco, Watches & Jewelry, Electronics, Food & Confectionery, Others}
• Duty Free & Travel Retail Manufacturers Profiles/Analysis Duty Free & Travel Retail Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
• Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
Check for Best Quote: https://www.htfmarketintelligence.com/buy-now?format=1&report=13811?utm_source=Krati_OpenPR&utm_id=Krati
Key questions answered
• How feasible is Duty Free & Travel Retail market for long-term investment?
• What are influencing factors driving the demand for Duty Free & Travel Retail near future?
• What is the impact analysis of various factors in the Global Duty Free & Travel Retail market growth?
• What are the recent trends in the regional market and how successful they are?
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.
Nidhi Bhawsar (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +15075562445
sales@htfmarketreport.com
About Author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to enable businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events, and experience that assist in decision-making.
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