Duty-Free Retailing Market Worth USD 78,379.08 Million By 2030, With CAGR of 10.5%
Duty-free retailing market set to grow at 10.5% CAGR (2023-2030) driven by global expansion in travel and tourism industry, and major participants includes are Dufry AG, LOTTE Duty-Free Company, DFS Group Limited, Heinemann SE & Co. KG, The Shilla Duty-Free, James Richardson Corporation Pty Ltd., Duty-Free Americas, Inc., Flemingo International Ltd., Dubai Duty-Free
New York, July 04, 2023 (GLOBE NEWSWIRE) — The “Global Duty-Free Retailing Market” published by Consegic Business Intelligence, stated that the market was worth USD 35,750.38 million in 2022 and is expected to reach over USD 78,379.08 million by the year 2030, growing at a CAGR of 10.5%.
Duty-free retailing is the process of selling goods to the passengers at airports, seaports, and other border crossings without charging taxes or duties from the customers. Retailers offer a wide range of premium and luxury products including perfumes & cosmetics, wine & spirits, and electronic items to the customers.
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The expansion of tourism industry is attracting a large customer base towards Duty-Free retail shops. Duty-Free shops provide an opportunity for travelers to purchase luxury goods and items without paying any taxes or duties. Consequently, the increasing number of domestic and international travelers at airports is driving the growth of the market. For instance, in October 2021, LOTTE Duty-Free Company launched a luxury jewelry brand store called Tiffany & Co. at Kansai Airport.
The integration of e-commerce and omni-channel retailing is expected to present potential growth opportunities for the Duty-Free retailing market during the forecast period. Duty-free operators leverage online platforms and mobile applications to offer pre-order services, personalized recommendations, and seamless digital transactions. However, fluctuations in currency exchange rates is hindering market growth.
|Report Attributes||Report Details|
|Market Size By 2030||USD 78,379.08 Million|
|Key Players||Dufry AG, LOTTE Duty-Free Company, DFS Group Limited, Heinemann SE & Co. KG, The Shilla Duty-Free, James Richardson Corporation Pty Ltd., Duty-Free Americas, Inc., Flemingo International Ltd., Dubai Duty-Free|
|By Product Type||Perfumes & Cosmetics, Wine & Spirits, Electronics, Tobacco, Confectionary & Food, Luxury Goods, and Others|
|By Sales Channel||Airports, Railway Stations, Sea-Ports, Down-Town and Hotel Shops|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more|
|By Region||North America, Europe, Asia-Pacific, Latin America, Middle East & Africa|
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Duty-Free Retailing Market Growth Drivers:
- The rapid expansion of international travel and tourism industry is driving the growth of duty-free retailing market.
- The increasing adoption of advanced technologies such as data analytics and artificial intelligence in retail stores is accelerating the growth of the market.
- The rising number of sports events worldwide is facilitating air travel among players, resulting in the growth of duty-free retailing market.
- Fluctuations in currency exchange rates is hindering the growth of Duty-Free retailing market.
- The extremely high prices of premium brands and products in Duty-Free retail stores is hindering the growth of the market.
- The integration of e-commerce and omni-channel retailing is expected to present potential growth opportunities for the Duty-Free retailing market during the forecast period.
Global Duty-Free Retailing Market Segmentation Details:
Based on Product Type, the perfumes & cosmetics segment contributed the largest shares to the market growth in 2022. The growing demand for luxury perfumes & cosmetics among customers is driving the growth of the market. Duty-Free shops play a crucial role in providing premium cosmetics and skin care products, thereby attracting a large number of customers towards Duty-Free retail stores.
Based on Sales Channel, the airports segment accounted for the maximum revenue share in the year 2022. The increasing number of customers traveling internationally for business or leisure purposes is attracting a large customer base to the Duty-Free shops. Moreover, the rising number of sports events in countries such as India, China, and Japan is facilitating air travel among players, resulting in the growth of Duty-Free retailing market.
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Based on region, Asia-Pacific accounted for the largest revenue share in the year 2022. The growing trend of luxury and premium products among consumers is accelerating the growth of the regional market. Moreover, the increasing number of domestic and international travels in Asia-Pacific region for professional and personal purposes is driving the growth of Duty-Free retailing market.
- In April 2022, Servy launched its first airport marketplace program in Australia through its Order Now service at Adelaide Airport allowing customers to purchase food, drinks, confectionery and wine via personal digital devices.
- In December 2020, Dufry AG opened Duty-Free store at Mexico City International Airport offering a wide range of products including beauty, liquor, luxury accessories, tobacco and confectionery to the customers.
Key Market Highlights
- Globally, Duty-Free retailing market is divided based on product type into perfumes & cosmetics, wine & spirits, electronics, tobacco, confectionary & food, luxury goods, and others.
- Based on sales channel, the market is separated into airports, railway stations, sea-ports, down-town and hotel shops.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in duty-free retailing market.
List of Major Global Duty-Free Retailing Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Dufry AG
• LOTTE Duty-Free Company
• DFS Group Limited
• Heinemann SE & Co. KG
• The Shilla Duty-Free
• James Richardson Corporation
• Duty-Free Americas, Inc.
• Flemingo International Ltd.
• Dubai Duty-Free
Global Duty-Free Retailing Market Segmentation:
- By Product Type
- Perfumes & Cosmetics
- Wine & Spirits
- Confectionary & Food
- Luxury Goods
- By Sales Channel
- Railway Stations
- Down-Town and Hotel Shops
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Key Questions Covered in the Duty-Free Retailing Market Report
- What is Duty-Free retailing?
– The Duty-Free retailing refers to the sale of high priced products such as electronic items, perfumes and cosmetics without paying for heavy taxes and duties.
- What will be the potential market valuation for Duty-Free retailing market by 2030?
– The Duty-Free retailing market is expected to grow from USD 35,750.38 million in 2022 to USD 78,379.08 million in 2030, registering a CAGR of 10.5% during the forecast period.
- What are some of the most important applications of Duty-Free retailing and how do they impact the industry’s growth potential?
– Duty-Free retailing plays a key role in attracting a large customer base towards luxury and premium products. Moreover, Duty-Free retail stores deploy advanced technologies such as attractive displays to grab customer’s attention.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Duty-Free retailing growth in the coming years?
– Asia-Pacific accounted for the largest revenue share in the year 2022. The surge in domestic and international travelling for personal and professional purposes is driving the growth of the market.
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About Consegic Business Intelligence Pvt Ltd.
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