According to the latest report by IMARC Group, titled "Duty-free and Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Duty-free and travel retail refer to a unique shopping experience available to travelers at airports, seaports, and international border crossings. These retail outlets provide a wide range of goods, including luxury items, electronics, cosmetics, alcohol, tobacco, and confectionery. Duty-free refers to the exemption of certain taxes and duties imposed by the destination country, making the products available at a lower price compared to the domestic market. Travel retail, on the other hand, encompasses a broader concept that includes both duty-free shops and duty-paid retail outlets. This allows travelers to choose from a wider selection of products, catering to various budgets and preferences. As a result, duty-free and travel retail generate significant revenue for the travel, tourism, aviation, and maritime industries.
Global Duty-Free and Travel Retail Market Trends:
The significant growth in the tourism industry is driving the global market. Moreover, the increasing demand for luxury and high-end products, including cosmetics, fragrances, and alcohol among the masses is catalyzing the growth of the market. In line with this, duty-free and travel retail outlets provide a distinctive shopping environment with a wide range of products, including luxury brands and exclusive items, to the consumers, which is providing a boost to the market. Moreover, growing collaborations between duty-free and retail travel operators and travel service providers, such as hotels, airlines, and tour operators are fuelling the overall market as it offers integrated shopping experiences, such as pre-order services, in-flight shopping catalogs, and loyalty programs, creating a seamless journey for travelers and driving engagement with duty-free shopping. Apart from this, the governments of several countries are promoting international tourism which in turn is supporting the market. Furthermore, the introduction of touch screens and interactive retail kiosks, which offers seamless ordering and payment solutions, is providing an impetus to the demand. Besides, the widespread adoption of new marketing strategies by brands, such as launching exclusive and limited products and partnerships with prominent distribution chains, is propelling the market. Other factors, including inflating disposable income levels of the masses, emerging trends of digitalization in retailing processes, increasing consumer awareness, and the introduction of pre-ordering applications, are impacting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
- On the basis of the product type, the market has been divided into beauty and personal care, wines and spirits, tobacco, eatables, fashion accessories and hard luxury, and others.
- Based on the distribution channel, the market has been segmented into airports, airlines, ferries, and others.
- On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.
|Base Year of the Analysis
||Product Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800