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Duty-free and Travel Retail Size, Share, Industry Analysis 2023-2028
How big is the Duty-free and Travel Retail Market?
The global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
What is Duty-free and travel retail?
Duty-free and travel retail represents a retailing channel that offers tax-free goods to international travelers. It generally includes stores, shops, and outlets established in travel environments, such as ferries, airports, seaports, etc. Duty-free and travel retail sells a wide array of products, including wine and spirits, tobacco, eatables, beauty and personal care, fashion accessories, luxury items, etc. It provides lower prices on goods and products, offers convenience to travelers by delivering various merchandise, increases brand awareness, etc. Consequently, duty-free and travel retail generates significant revenue for the travel and tourism, aviation, and maritime industries.
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What are the growth prospects and trends in the Duty-free and Travel Retail Industry:
The escalating demand for premium and luxury products, such as cosmetics, alcohol, and fragrances, is primarily driving the duty-free and travel retail market. Additionally, the growing number of new international airports, on account of the expanding aviation industry, is further catalyzing the market growth. Besides this, the development of interactive retail kiosks and touch screens, which offer seamless ordering and payment solutions, the rising consumer inclination towards premium wines and spirits, and the inflating expenditure capacities of individuals are acting as significant growth-inducing factors.
Moreover, the emerging trend of digitalization in retailing processes and the launch of favorable policies by government bodies for promoting international tourism are positively influencing the global market. Apart from this, the increasing adoption of new marketing strategies by brands, such as introducing exclusive and limited products and strategic partnerships with distribution chains to gain a competitive edge, is anticipated to fuel the duty-free and travel retail market over the forecasted period.
Who are the key players operating in the industry?
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
Lagardère Travel Retail
Lotte Duty Free
Sinsegae Duty Free and The Shilla Duty Free
The report has segmented the market on the basis of product type and distribution channel.
Breakup by Product Type:
Beauty and Personal Care
Wines and Spirits
Tobacco
Eatables
Fashion Accessories and Hard Luxury
Others
Breakup by Distribution Channel:
Airports
Airlines
Ferries
Others
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
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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