Global duty-free retailing market is going to witness a massive growth during the forecast period. The cosmetic and personal care segment will be the most lucrative. Airport segment will generate the highest revenue.
Research Dive has recently published a report with the title “Duty-Free Retailing Market, by Product Type (Alcohol & Spirit, Tobacco & Cigarette, Fashion & Accessories, Personal Care & Cosmetic, Watches & Jewelry, and Others), Distribution Channel (Airport, Seaport, Onboard and Others); Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”
The global duty-free retailing market is expected to garner a revenue of $139.4 billion by 2026 at a CAGR of 8.2% during the forecast period.
Regional Analysis
Asia-Pacific region is predicted to generate the highest market share during the forecast period. The market accounted for $32,362.2 million in 2018 and is further predicted to grow with a CAGR of 7.9 % in upcoming years. The main reason behind this growth is the rise in the disposable income with the increasing middle-class population.
Key Segments of the Market
The report has bifurcated the market into different segments based on product type, distribution channel, and regional analysis.
- In product type segment, the cosmetic and personal care products sub-segment is expected to generate the highest revenue during the forecast period. The main reason behind this growth is the popularity of expensive products among the urban population.
- In distribution channel segment, the airport sub-segment is expected to be the most profitable during the forecast period. The airport distribution channel offers immense scope for retail outlets to reach customers. Airports also offer the flexibility in the prices of the products which contribute to the industry growth.
Dynamics of the Market
The rise in international tourism is predicted to be the major driving factor for the growth of the market. The market players offer products to customers at an amazingly affordable price compared to general retail stores. The prices of these product are considerably low due to various exempted taxes. Passengers prefer to buy expensive and luxurious items which are available to them at a much lower prices. This factor is predicted to boost the market during the forecast period.
In different countries, there are various rules and regulations for shopping in the duty-free retail shops. Strict rules and regulation in adding new products particularly for the local manufacturers and small & medium enterprises (SMEs) create a hurdle for the market as these organizations cannot afford to lend a store in various duty-free retail shops area.
Increasing customer experiences and providing amazing customer services is expected to create a huge opportunity in the market in upcoming years.
Key Player of the Market
According to the report, the leading players of the duty-free retailing market include –
- Duty Free Americas
- SHINSEGAE DUTY FREE
- Aer Rianta International
- Dubai Duty Free
- China Duty Free Group Co.,Ltd.
- LOTTE HOTEL.
- DUFRY AG
- HYUNDAI DEPARTMENT STORE DUTY FREE
- Lagardère group
- LVMH
Further, the report outlines and presents several aspects of these key players such as financial performance, SWOT analysis, recent strategic moves & developments, and product portfolio.
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