Duty-Free Travel Retail Market Garner Above US$148,975.1 Mn, Globally, Between (2020–2026), At 10.9% CAGR
The Global Duty-Free Travel Retail Market was valued at UD $94,442.1 n in 2020, and is projected to achieve a valuation of UD $223,110.0 n by 2030, at a GR of 10.9%. The 5-year (2020–2026) cumulative revenue of this market is projected to be over USD $148,975.1 Mn, and is estimated to increase significantly over the latter part of the forecast period.
Duty-free retail refers to the sale of varying types of goods and services that are offered specifically to international travelers. These goods are exempt from any type of tax or excise duty, and travelers are made available to them prior to their respective departures from a given country.
The perks of being able to purchase products such as cosmetics, electronics, apparel, food & beverages, among other assorted products, a large proportion of which tend to be high-end goods, at discounted prices is a major factor that is expected to continue to fuel the revenue growth of the global duty-free travel retail market over the next 10 years.
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Moreover, increasing investments being made by key industry players to elevate their marketing efforts to improve their sales, as well as to use airports as an effective platform to showcase newly launched products or yet to be released products, or even to build hype around a given product or as a niche marketing ploy. Either way, these are crucial factors that are expected to compliment future market growth opportunities for this global industry.
However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global duty-free travel retail market is no different, and this factor is anticipated to have a significantly negative impact on the revenue growth of this industry for several years to come. Additionally, the uncertainty that may travelers face with regards to what they are allowed to carry on-board as per a given airport or airline service provider’s stipulated regulations, as they may vary. This is another factor that may hinder future market growth opportunities for this global industry.
Nonetheless, the gradual change in purchasing behaviors of individuals travelling, as well as the steady increase in disposable incomes of individuals are some of the other factors that are expected to further boost the revenue growth of the global duty-free travel retail market in the near future.
Segmentation of the global duty-free travel retail market is as follows:
In terms of type, the beauty & personal care segment accounted for the maximum number of revenue shares of the global duty-free travel retail market in 2020, and is expected to continue doing so over the forecast period. The wines & spirits segment is also anticipated to index a high CAGR over the next 10 years.
With regards to distribution channel, the airports segment accounted for the highest number of revenue shares of the global duty-free travel retail market in 2020, and is anticipated to continue doing so over the next decade. The cruise lines segment is also indicative of registering a high CAGR over the forecast period.
Regional Segmentation and Analysis:
The markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global duty-free travel retail market in 2020, and is indicative of remaining this industry’s front-runner over the next decade. The markets in Europe accounted for the second-most number of revenue shares in 2020, and are also projected to index a high CAGR over the course of the forecast period.
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Segmentation of the Global Duty-Free Travel Retail Market:
Segmentation by Type:
- Beauty & Personal Care
- Wines & Spirits
- Fashion & Accessories
- Tobacco Goods
- Confectionery & Fine Food
- Other Types
Segmentation by Distribution Channel:
- Cruise Lines
- Railway Stations
- Other Distribution Channels
Segmentation by Regions:
- North America
- Latin America
- LVMH (DFS Group)
- Dufry Group
- Lagardère Group (Lagardere Travel Retail)
- China International Travel Service Corporation Limited (China Duty Free Group Co. Ltd.)
- Heinemann SE & Co. KG
- Hotel Shilla Co. Ltd. (The Shilla Duty Free)
- Dubai Duty Free
- WHSmith Plc
- Shinsegae Group (Shinsegae Duty Free)
- James Richardson Corporation
- Duty Free Americas Inc.
- Lotte Corporation (Lotte Duty Free)
- Flemingo International Ltd.
- King Power International Group (Thailand)
- DAA (Aer Rianta International)
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