Duty-free and Travel Retail Market Size, Trends, Revenue, Report 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Duty-free and Travel Retail Market Report by Product Type (Beauty and Personal Care, Wines and Spirits, Tobacco, Eatables, Fashion Accessories and Hard Luxury, and Others), Distribution Channel (Airports, Airlines, Ferries, and Others), and Region ​2024-2032​" The global duty-free and travel retail market size reached US$ 40.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 75.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032.

Request For Sample Copy of Report: https://www.imarcgroup.com/duty-free-travel-retail-market/requestsample

Factors Affecting the Growth of the Duty-free and Travel Retail Industry:

• Luxury Brands Expansion:

Luxury brands have a strong following, and their presence in duty-free shops attracts a discerning clientele. Travelers are more inclined to explore and shop in these retail spaces when they can find prestigious and coveted luxury products. Luxury products often come with higher price tags, leading to larger transactions per consumer. This is contributing to increasing sales and revenue for duty-free retailers. The association of luxury brands with duty-free outlets elevates the overall image of these retail spaces. It gives the perception of exclusivity and sophistication, which can attract even more people.

• Rapid Globalization:

Rapid globalization is leading to increased international travel around the world. As people from around the world visit airports and travel hubs, duty-free shops benefit from a diverse consumer base with varied preferences and purchasing power. Travelers from different regions bring with them diverse cultural backgrounds and tastes. Duty-free retailers must cater to these preferences by offering a wide range of products, including international brands and culturally relevant items. Globalization is creating a demand for well-known international brands. Travelers often seek out familiar brands from their home countries or recognized global names, driving sales in duty-free shops.

• E-commerce Integration:

E-commerce integration allows travelers to browse and pre-order duty-free products online before their trips. This convenience saves time at the airport and enhances the overall travel experience. Online platforms enable duty-free retailers to reach a broader audience, including travelers who may not have visited the physical stores. This extends their market reach and potential consumer base. In addition, online platforms can showcase a wider range of products as compared to physical stores.

Leading Companies Operating in the Global Duty-free and Travel Retail Industry:

• 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
• The Shilla Duty Free

Duty-free and Travel Retail Market Report Segmentation:

By Product Type:

• Beauty and Personal Care
• Wines and Spirits
• Tobacco
• Eatables
• Fashion Accessories and Hard Luxury
• Others

Beauty and personal care represented the largest segment due to the rising purchase of cosmetics, skincare, fragrances, and personal care products.

By Distribution Channel:

• Airports
• Airlines
• Ferries
• Others

Airports accounted for the largest market share as airports provide the opportunity to shop at duty-free stores within the terminal.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys the leading position in the duty-free and travel retail market on account of the thriving tourism industry.

Global Duty-free and Travel Retail Market Trends:

The integration of e-commerce and digital platforms, allowing travelers to browse, order, and pay for duty-free products online, even before arriving at the airport. Sustainability is becoming increasingly important, with duty-free retailers emphasizing eco-friendly products, packaging, and practices to meet the growing demand for sustainable and socially responsible offerings.

The presence of luxury and premium brands in duty-free shops is growing, attracting high-spending travelers seeking exclusive and prestigious products.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

About Us

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 Group’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.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

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,