Duty Free Retail Market to Register CAGR of 8.56%, International Tourism Growth to Drive Growth

NEW YORK, August 18, 2022 /PRNewswire/ — Growth in the duty-free retail market will be driven by factors such as growth of international tourism. The number of incoming and outgoing tourists has increased significantly, which has increased the number of visitors to airports around the world. The increase in the number of foreign and domestic trips for business, leisure and sports is fueling this growth. United States, Mexico, Canada, China, Thailandand Malaysia are among the most revenue-generating countries in the tourism sector. Therefore, the increasing number of international tourist arrivals across the world is expected to contribute to the increase in traffic to duty-free shops at airports. This, in turn, will boost sales in the global duty-free retail market.

Attractive Opportunities in Duty Free Retail Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

The size of the duty-free retail market is expected to increase by $6.04 billion from 2021 to 2026. Further, the growth momentum of the market will accelerate at a CAGR of 8.56% during the forecast period.

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Duty Free Retail Market: Vendor Analysis

Aer Rianta International, Changi Airport Group Singapore Pte. Ltd., China Duty Free Group Co. Ltd., Delhi Duty Free Services Pvt. Ltd., DFS Group Ltd., Dubai Duty Free, Dufry AG, Duty Free Americas Inc., Flemingo International, Gebr. Heinemann SE and Co. KG, Hyundai Department Store Group Co. Ltd., Japan Airport Terminal Co. Ltd., King Power Group, Lagardere SA, Lotte Corp., Mumbai Duty Free, Samsung Electronics Co. Ltd. and SHINSEGAE INTERNATIONAL, among others, are the major players in the market. The top offerings from some of these providers are listed below:

  • Air Rianta International – The company provides solutions for duty-free retail in the travel industry by operating duty-free and duty-free outlets in EuropeThe Middle East, Asia Pacificand the Americas.

  • China Duty Free Group Co.Ltd. – The company offers solutions for duty-free retail by opening an open-air pop-up store in Sanya’s international duty-free shopping complex with its Capsule collection of products including jackets, shoes and bags.

  • DFS Group Ltd – The company offers duty-free retail solutions with its 54 duty-free stores located in 13 major global airports and 23 city centers that include products such as bags, shoes and an apparel collection.

  • Dubai Duty Free – The company offers solutions for duty-free retail in dubai International Airport and Al Maktoum International Airport, where travelers can enjoy the mocha flavors of Glenmorangie Signet and experience the new Gentleman Givenchy Re´serve Prive´e Eau de Parfum, a fragrance inspired by the world of whiskey.

  • Dufry S.A. – The company offers solutions for duty-free retail, offering products from a wide selection of original, local and branded items, including perfumes and cosmetics, confectionery, spirits, fashion and local products .

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Duty Free Retail Market: Segmentation Analysis

This market research report segments the duty-free retail market by product (fashion apparel and accessories, cosmetics and fragrances, tobacco and alcoholic beverages, confectionery and delicatessen), distribution channel (airports and others) and geography (APAC, Europe, North Americathe Middle East and Africaand South America).

APAC dominates the duty-free retail market and will account for 44% of market growth over the forecast period. The growth of this region is attributed to factors such as the growth of the travel and tourism sector and the growing number of new international routes. Moreover, the market growth in this region will be faster than the market growth in other regions. China and Japan are the key countries for the duty-free retail market in APAC.

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Duty Free Retail Market Scope

Report cover

Details

Page number

120

Year of reference

2021

Forecast period

2022-2026

Growth momentum and CAGR

Accelerate at a CAGR of 8.56%

Market Growth 2022-2026

$6.04 billion

Market structure

Fragmented

Annual growth (%)

8.29

Regional analysis

APAC, Europe, North America, Middle East and Africa and South America

Successful market contribution

APAC at 44%

Main consumer countries

United States, China, Japan, France and United Kingdom

Competitive landscape

Leading Companies, Competitive Strategies, Consumer Engagement Reach

Profiled Key Companies

Aer Rianta International, Changi Airport Group Singapore Pte. Ltd., China Duty Free Group Co. Ltd., Delhi Duty Free Services Pvt. Ltd., DFS Group Ltd., Dubai Duty Free, Dufry AG, Duty Free Americas Inc., Flemingo International, Gebr. Heinemann SE and Co. KG, Hyundai Department Store Group Co. Ltd., Japan Airport Terminal Co. Ltd., King Power Group, Lagardere SA, Lotte Corp., Mumbai Duty Free, Samsung Electronics Co. Ltd. and SHINSEGAE INTERNATIONAL

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, and Market Conditions Analysis for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Browse Consumer Discretionary Market reports

Contents

Summary

Market landscape

  • Market ecosystem

  • Value chain analysis

Market sizing

Five forces analysis

Market segmentation by product

  • Market segments

  • Comparison by product

  • Fashion apparel and accessories – Market size and forecast 2020-2025

  • Cosmetics and Perfumes – Market size and forecast 2020-2025

  • Tobacco and Alcoholic Beverages – Market size and forecast 2020-2025

  • Confectionery and Delicatessen – Market size and forecast 2020-2025

  • Market opportunity by product

Market segmentation by distribution channel

  • Market segments

  • Comparison by distribution channel

  • Airports – Market size and forecast 2020-2025

  • Others – Market size and forecast 2020-2025

  • Market opportunity by distribution channel

Customer landscape

Geographic landscape

  • Geographic segmentation

  • Geographic comparison

  • APAC – Market size and forecast 2020-2025

  • Europe – Market size and forecast 2020-2025

  • North America – Market size and forecast 2020-2025

  • MEA – Market size and forecast 2020-2025

  • South America – Market size and forecast 2020-2025

  • Main leading countries

  • Market Opportunity by Geography

  • Market factors

  • Market challenges

  • Market trends

Supplier Landscape

  • Insight

  • Landscape disturbance

Vendor analysis

  • Suppliers Covered

  • Positioning on the supplier market

  • DFS Group Ltd.

  • Dubai Duty Free

  • Dufry S.A.

  • Gebr. Heinemann SE and Co. KG

  • SHILLA HOTEL Co.Ltd.

  • James Richardson Group

  • King Power International Co. Ltd.

  • Lagardère SCA

  • Lotte Shopping co. ltd.

  • LVMH Moet Hennessy – Louis Vuitton

Annex

About Technavio

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

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