HYDERABAD, 24th July, 2023 (Global News Agency) — According to a report entitled “Duty Free and Travel Retail Market Report (2023-2028)”, and the market size is expected to reach USD 68.84 billion in 2023. The CAGR is expected to be 9.87% during the forecast period.
A duty-free store is a retail store whose goods are exempt from certain domestic or national taxes and duties because the goods will be sold to travelers who take them out of the country.
Summary of the report:
|Market Size (2023)||$68.84 billion|
|Market Size (2028)||$110.21 billion|
|fastest growing market||Asia Pacific|
|largest market||Asia Pacific|
|Forecast unit||Value (US$ billion)|
|Report scope||Market dynamics, revenue forecast and segmentation, competitive landscape and latest developments, market growth, future opportunities and trends|
|Key Market Drivers||The popularity of travel and tourism grows.|
|There is a growing demand for luxury and high-end branded retail chains.|
Who are the top companies in the Duty Free and Travel Retail market?
The duty free and travel retail markets are highly fragmented. The growing tourism industry is encouraging market players to establish new retail chains and outlets in the duty free and travel retail market. Market players are focusing on offering a wide range of products to help vendors attract a wider consumer base and gain a significant market share. Players are also taking advantage of promotions.
The key players in the duty free and travel retail market are:
- Lotte Duty Free
- Lagardère Travel Retail
- DFS Group
- The Shilla Duty Free
- heinemann brothers
- King Power International Group
- China Duty Free Group
- Ever Rich Duty Free Shop
- dubai duty free shop
- American Duty Free Shop
- Shinsegae Duty Free
- Ryan Tower International Airlines
- WH Smith*
Other reports you may be interested in:
- India Travel Retail Market Report – The Indian travel retail market is expected to be valued at USD 1.67 billion in 2023. It is expected to reach USD 4.43 billion by 2028, with a CAGR of 21.59% during the forecast period (2023-2028).
- China Travel Retail Market Report – In 2023, China’s travel retail market size is expected to be 24.36 billion US dollars, and it is expected to reach 64.22 billion US dollars by 2028, with a compound annual growth rate of 21.39% during the forecast period (2023-2028).
main highlights Duty Free and Travel Retail Market Report:
Global duty-free and travel retail sales are growing
- Duty Free and Travel Retail includes various ancillary products offered by airlines. For airlines offering low- and ultra-low-cost services, the growth of ancillary revenues is critical to their operations. This allows them to offer air tickets at lower prices, thereby increasing the demand for air travel.
- Duty-free and travel retail sales generated by airlines are lower than duty-free and travel retail sales at airports, both in size and relative to recipient financial performance.
Asia Pacific to gain largest market share
- Asia Pacific accounted for one-third of the total market share. Increase in the number of air routes and formation of limited liability companies is driving the Asia Pacific market. Rising consumption and purchasing power in China and India is expected to positively impact the market.
- There is a growing preference for value-added products in the region, thereby boosting the desire to travel. Affordable travel packages from companies such as MakeMyTrip and Cleartrip and improving lifestyles of the people are expected to drive the growth of the market.
What are the latest developments in the duty free and travel retail market?
- In February 2021, Dufry’s Hudson Group opened its first Hudson Nonstop store at Dallas Love Field using Amazon’s Just Walk Out technology. The technology enables customers to purchase desired products and pay for them in physical stores.
- In January 2021, DFS cooperated with Shenzhen Duty Free Group to open the first phase of a duty-free retail complex in Mission Hills, Haikou, Hainan. DFS decided to showcase high-quality products in various categories at the first China International Consumer Goods Fair.
Mordor Intelligence has segmented the duty free and travel retail market based on product type, distribution channel and geography:
- By Product Type (Market Size and Value-Based (Billion USD) Forecast, 2018-2027)
- Fashion and Accessories
- Jewelry and Watches
- wine and spirits
- food and sweets
- Perfume and Cosmetics
- Others (stationery, electronic products, etc.)
- By Distribution Channel (Market Size and Value-Based (USD Billion) Forecast, 2018-2027)
- the ferry
- other channels
- By Geography (Market Size and Value-Based (USD Billion) Forecast, 2018-2027)
- North America
- South America
- Asia Pacific
- middle east and africa
In short, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and anyone looking to understand the industry.browse Duty Free and Travel Retail Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some related market reports from analysts that may interest you:
- Thailand Travel Retail Market Report – Thailand travel retail market is expected to grow at a CAGR of over 4.00% during the forecast period (2023-2028).
- European Online Travel Market Report – The European online travel market size is expected to be USD 82.5 billion in 2023, and is expected to reach USD 122.01 billion by 2028, with a CAGR of 8.14% during the forecast period (2023-2028).
- North America Online Travel Market Report – North America Online Travel Market is expected to register a CAGR of over 9.80% during the forecast period (2023-2028).
Information about Mordor:
Mordor Intelligence is a market intelligence and consulting company. At Mordor Intelligence, we believe that the predictive butterfly effect has the potential to alter or significantly affect market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Duty Free and Travel Retail Market – Mordor Intelligence