Duty-Free Retail Market Size & Share Analysis, Growth Forecast Report 2024-2032

The global duty free retail market size was valued at USD 42.65 billion in 2023. The market is projected to grow from USD 46.67 billion in 2024 to USD 78.78 billion by 2032, exhibiting a CAGR of 6.76% during the forecast period. The rising demand for alcohol in several economies especially in Asia owing to increasing spending capacity of middle class people, changing consumer habits, and growing international tourist arrivals has elevated the demand for premium duty free liquor worldwide. Strategic developments and innovations in the sector will further propel duty free alcohol sales, thus aiding market expansion. This information is provided by Fortune Business Insights, in its report titled, "Duty Free Retail Market, 2024-2032."

𝐆𝐞𝐭 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/duty-free-retail-market-106652

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝗗𝘂𝘁𝘆-𝗙𝗿𝗲𝗲 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝐑𝐞𝐩𝐨𝐫𝐭:
‣ China Duty Free Group (China)
‣ Lotte Duty Free (South Korea)
‣ The Shilla Duty Free (South Korea)
‣ Dufry AG (Switzerland)
‣ DFS Group (China)
‣ Gebr. Heinemann SE & Co. KG (Germany)
‣ Shinsegae Duty Free Inc. (South Korea)
‣ The King Power International Group (Thailand)
‣ Lagardère Group (France)
‣ Dubai Duty Free (UAE)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: 𝗗𝘂𝘁𝘆-𝗙𝗿𝗲𝗲 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁

𝗣𝗲𝗿𝗳𝘂𝗺𝗲𝘀 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗟𝗲𝗮𝗱 𝗢𝘄𝗶𝗻𝗴 𝘁𝗼 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝗩𝗮𝗿𝗶𝗲𝘁𝘆 𝗼𝗳 𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗥𝗲𝗽𝘂𝘁𝗲𝗱 𝗕𝗿𝗮𝗻𝗱𝘀
As per type, the market is split into perfumes, cosmetics, alcohol, cigarettes, and others. Among these, the perfumes segment captured the largest market share in 2022. Affluent global travelers usually visit retail chains that offer perfumes of internationally reputed brands, including Hugo Boss, Prada, Gucci, Al Haramain Dazzle Intense, Giorgio Armani, Belle, Signature Silver, Signature Rose, and Khulasat Al Oud. They offer several types of perfumes, including Eau De Perfume (EDP), Perfume or De Perfume, Eau De Toilette (EDT), and Eau De Cologne (EDC) in one place, which is contributing to segment growth.

𝗔𝗶𝗿𝗽𝗼𝗿𝘁𝘀 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗖𝗮𝗽𝘁𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗦𝗵𝗮𝗿𝗲 𝗗𝘂𝗲 𝘁𝗼 𝗥𝗶𝘀𝗶𝗻𝗴 𝗡𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗗𝘂𝘁𝘆 𝗙𝗿𝗲𝗲 𝗥𝗲𝘁𝗮𝗶𝗹 𝗦𝘁𝗼𝗿𝗲𝘀
According to sales channel, the market is divided into airports, onboard aircraft, seaports, train stations, and others. Among these, the airports segment dominated the global market in 2022. The growing number of international and domestic airports in several economies is attributed to segment expansion. The increasing number of duty free retail stores across airports worldwide will further drive segment growth in the coming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/duty-free-retail-market-106652

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report includes:
‣ Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
‣ Comprehensive insights into regional developments.
‣ List of major industry players.
‣ Key strategies adopted by the market players.
‣ Recent industry developments include product launches, partnerships, mergers, and acquisitions.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:

𝗥𝗶𝘀𝗶𝗻𝗴 𝗡𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗔𝗶𝗿𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝗦𝗲𝘃𝗲𝗿𝗮𝗹 𝗖𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝘁𝗼 𝗔𝗶𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻
The construction of new airports in several economies and rising investments to expand existing ones will generate many opportunities for market growth. For example, in February 2021, the Airport Authority of India (AAI), an Indian governmental body that operates 125 airports, issued a construction permit worth USD 135.07 million (INR 987 crore) for the first phase of an international airport named 'Dholera' in Gujarat. According to Global Aviation Summit 2019, the Civil Aviation Ministry of India aims to have 190-200 operational airports by 2040 under the 'Indian Aviation Vision 2040'. Mumbai and Delhi will each have three international airports, while the top 31 Indian cities will have two operating airports.
On the other hand, fluctuations in currency exchange rates will hinder market augmentation in the forthcoming years.

𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞 𝐍𝐨𝐰:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/duty-free-retail-market-106652

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

𝗔𝘀𝗶𝗮 𝗣𝗮𝗰𝗶𝗳𝗶𝗰 𝘁𝗼 𝗖𝗮𝗽𝘁𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗦𝗵𝗮𝗿𝗲 𝗦𝘁𝗼𝗸𝗲𝗱 𝗯𝘆 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝘀
Asia Pacific held majority of the duty free retail market share in 2022 backed by strategic developments in Asian economies, which will facilitate the launch of innovative products in the region. For example, in its master plan dated June 1st, 2020, China's central government announced various policies aimed at establishing the Hainan Free Trade Port (Hainan FTP) on the country's southern coast. The government also announced its plan to make Hainan FTP an internationally renowned free trade port by 2050. This strategic move will elevate the expansion of domestic retail chains that offer a wide variety of retail products in the coming years.

Meanwhile, the Europe market is slated to grow substantially over the forecast period due to rising expenditure on luxury goods by tourists. After the easing of COVID-19 restrictions, airports in European countries have taken measures to attract tourists/passengers to retail stores that are duty free. This, in turn, will boost sales and aid regional market expansion.

The North America market is driven by travel spending in the U.S. and the growing number of tourists. Canada is one of the key contributors to the North America market. According to the Canada Border Services Agency (CBSA), duty free stores operate in approximately 53 locations across Canada, including land border locations and international airports.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

𝗟𝗮𝘂𝗻𝗰𝗵 𝗼𝗳 𝗡𝗲𝘄 𝗗𝘂𝘁𝘆 𝗙𝗿𝗲𝗲 𝗦𝘁𝗼𝗿𝗲𝘀 𝗯𝘆 𝗡𝗲𝘄 𝗘𝗻𝘁𝗿𝗮𝗻𝘁𝘀 𝗮𝗻𝗱 𝗘𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗿𝗼𝗹𝗶𝗳𝗲𝗿𝗮𝘁𝗶𝗼𝗻
Industry leaders are launching new duty free retail stores or investing funds in expanding existing ones to strengthen their position in the global market. For instance, in June 2022, Mumbai Travel Retail Pvt Ltd. ((MTRPL), an Indian private travel retailer, unveiled its new outlet at the Thiruvananthapuram International Airport in Kerala, India. The new store is a part of the company's Duty Free (TDF) stores covering approximately 2,450 sq ft. These travel retail stores offer a broad spectrum of products, from branded perfumes, travel accessories to imported confectionery. This strategic move opens up new business opportunities for prospective travel retail operators across Indian states, including Kerala and Karnataka.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Perfumery Glass Bottles Market
https://www.fortunebusinessinsights.com/perfumery-glass-bottles-market-102064

Cosmetics Market
https://www.fortunebusinessinsights.com/cosmetics-market-102614

Tattoo Market
https://www.fortunebusinessinsights.com/tattoo-market-104434

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
January 2023: Foreo, a Sweden-based connected beauty brand, launched a new store in Manila, Philippines, in collaboration with Duty Free Philippines. The new store (Luxe Duty Free) contributed to Duty Free Philippines' expansion strategies within the country.

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This release was published on openPR.