Duty Free Retailing Market reach $75.37 billion by 2031 - Exclusive Report by Coherent Market Insights
Burlingame, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Duty Free Retailing Market is projected to grow from USD 38.95 billion in 2023 and is estimated to reach USD 75.37 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% from 2024 to 2031 according to a new report by Coherent Market Insights. The Duty Free Retailing Market is primarily driven by the increasing number of international travels. With the growth in disposable income and changing lifestyle preferences, more people are opting for international vacations.
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Market Dynamics:
This has led to a significant rise in the number of international travelers, which in turn, is driving the demand for duty-free retail products. Duty-free retail outlets provide a wide range of products such as luxury goods, cosmetics, alcohol, tobacco, and electronics at discounted prices. This attracts travelers who are looking for premium products at affordable prices. Moreover, duty-free shops are conveniently located at airports, making it easily accessible for travelers to make a quick purchase before their flights. The convenience and attractive pricing offered by duty-free shops are major factors contributing to the growth of the market.
Duty Free Retailing Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $38.95 billion |
| Estimated Value by 2031 | $75.37 billion |
| Growth Rate | Poised to grow at a CAGR of 8.6% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Sales Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Stringent Regulations on the Sale of Duty-Free Tobacco Products to Restrain the Market Growth |
| Growth Drivers | • Rapid Expansion of the Tourism Industry is Estimated to Boost the Market Expansion • An Increase in Number of Duty-Free Retailing Stores with Technology Integration is Estimated to Boost the Market Growth |
Market Trends:
Increasing focus on digitalization: Duty-free retailers are increasingly adopting digital technologies to enhance the shopping experience of travelers. With the advent of online and mobile shopping platforms, duty-free retailers are now offering virtual shopping services, pre-order services, and personalized shopping recommendations to customers. This not only improves customer satisfaction but also increases the sales volume for duty-free retailers.
Rising demand for luxury goods: Duty-free retailing is witnessing a significant demand for luxury goods, including premium fashion brands, high-end cosmetics, and top-notch electronics. The increasing purchasing power of consumers, coupled with the aspiration for luxury items, is driving the demand for duty-free luxury retail products. Duty-free retailers are capitalizing on this trend by expanding their product portfolio to include a wide range of luxury goods.
Market Opportunities:
The duty free retailing market offers a significant opportunity for growth in the fragrances & cosmetics segment. Fragrances and cosmetics have always been popular items in duty-free shops, as travelers often purchase these products as gifts or souvenirs. Furthermore, duty-free shops often carry a wide range of brands and products that are not readily available in regular retail stores.
The sales channel of airport shops presents a significant opportunity for growth in the duty free retailing market. Airport shops have long been the dominant sales channel in duty-free retailing, and this trend is expected to continue in the forecast period. The convenience and accessibility of airport shops make them an ideal choice for travelers to shop for duty-free products.
The dominance of airport shops in the duty free retailing market is supported by various factors. Firstly, airports serve as major transportation hubs, attracting a large number of travelers from all over the world. This ensures a constant flow of potential customers for duty-free shops located within airports. Secondly, airport shops often have a wide range of product offerings, catering to the diverse needs and preferences of travelers. Lastly, the strict security measures at airports often limit the options for last-minute shopping, making duty-free shops a convenient choice for travelers to make their purchases.
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Recent development:
In October 2022, Nescafe revealed the Nescafe plan 2030, the company’s comprehensive plan to encourage more sustainable coffee cultivation production.
In February 2022, in order to identify the most promising agricultural technologies and incorporate state-of-the-art agriculture research into real-world application. Nestle announced the creation of Nestle Institute of Agriculture Science.
Key Market Takeaways:
The duty free retailing market is anticipated to witness a CAGR of 8.6% during the forecast period 2023-2030, owing to the increasing international travel and rising disposable income of consumers.
On the basis of product type, the fragrances & cosmetics segment is expected to hold a dominant position in the duty free retailing market. The demand for high-end beauty products and the availability of exclusive brands make this segment a lucrative opportunity for growth.
In terms of sales channel, airport shops are expected to dominate the duty free retailing market. The convenience and accessibility of airport shops attract a large number of travelers, ensuring a constant flow of potential customers.
Geographically, North America is expected to hold a dominant position in the duty free retailing market over the forecast period. The region's well-developed airport infrastructure and high number of international travelers contribute to its market dominance.
Key players operating in the duty free retailing market include Dufry AG, LOTTE Duty Free Company, DFS Group Limited, Gebr. Heinemann SE & Co. KG, The Shilla Duty Free, The King Power International Group, James Richardson Corporation Pty Ltd., Duty Free Americas, Inc., Flemingo International Ltd., Dubai Duty Free, and China Duty Free Group Co., Ltd. These key players have a strong presence in the duty free retailing market and are focused on expanding their product offerings and geographical reach to capitalize on the growing market opportunities.
Overall, the duty free retailing market offers promising opportunities for growth in the fragrances & cosmetics segment and the airport shops sales channel. The market's growth is driven by the increasing international travel, rising disposable income, and the convenience and accessibility of duty-free shops, particularly in airports.
Read complete market research report, "Duty Free Retailing Market, By Product Type, By Sales Channel, and By Region, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights
Detailed Segmentation:
- Global Duty Free Retailing Market, By Product Type:
- Fragrances & Cosmetics
- Wines & Spirits
- Fashion & Accessories
- Tobacco
- Watches & Jewelry
- Confectionary & Fine Foods
- Electronics, Gifts, & Others
- Global Duty Free Retailing Market, By Sales Channels:
- Airport Shops
- Ferries
- Airlines
- Others
- Global Duty Free Retailing Market, By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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