The latest research study “Duty-free and Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that 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.
Duty-free and travel retail is a retailing channel that exempts travelers from paying sales, import, value-added (VAT), or local tax during international traveling. It sells a wide range of tax-free products such as wine, tobacco, luxury items, chocolates, fashion accessories, eatables, spirits, beauty, and personal care products. It assists in increasing brand awareness, offering convenience to travelers by delivering numerous merchandise and offering goods and products at affordable prices. As a result, duty-free and travel retail include stores, shops, and outlets that are widely being established in travel environments, such as airports, borders, ferries, onboard aircraft, and railway stations across the globe.
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Duty-free and Travel Retail Market Trends and Drivers:
The market is primarily driven by the expanding travel and tourism industry across the globe. In addition, the increasing disposable income of consumers, changing lifestyle, and convenience of air travel is contributing to the market growth. Moreover, nowadays, passengers are spending more time at airports due to early check-in times and security concerns which is contributing to the market growth. Besides this, the increasing number of new international airports and the introduction of screens and interactive retail kiosks to provide seamless payment and ordering solutions represent another major growth-inducing factor. Along with this, the rising popularity of luxury and premium quality products such as alcohol, chocolates, fragrances, and cosmetics and the adoption of new marketing strategies by brands are providing a positive thrust to market growth. Furthermore, governments of numerous countries are taking initiatives to encourage international tourism, which is also creating a positive market outlook across the globe.
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Duty-free and Travel Retail Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Aer Rianta International
- China Duty Free Group Co. Ltd.
- Dubai Duty Free
- 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
- Fashion Accessories and Hard Luxury
Breakup by Distribution Channel:
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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