Market Values and Forecast Show Promising Growth for Duty Free Retailing Industry

Pune, 07.08.2023- The Duty Free Retailing Market, valued at approximately US$ 91.20 billion in 2022, is projected to experience robust expansion, reaching an estimated value of US$ 144.55 billion by 2029. The market is anticipated to grow at a CAGR of 6.8% during the forecast period, driven by increasing tourism and favorable consumer preferences.

Duty Free Retailing Market Report Scope and Research Methodology

The comprehensive market report provides a thorough overview of the Duty Free Retailing Market. The study encompasses an in-depth analysis of market drivers, restraints, and regional insights, offering valuable insights for stakeholders and decision-makers. The report adopts a robust research methodology, combining primary and secondary data sources to provide accurate and actionable information.

Enhanced Consumer Experience Driving Growth

The forecast period presents an opportunity for the duty-free retail business to enhance consumer experiences and offer a variety of services. Improving customer experiences and expanding service offerings can significantly contribute to the market's growth. The distribution channel, particularly in airports, plays a crucial role in delivering a seamless buying experience.

Cosmetic & Personal Care Segment Takes the Lead

The cosmetic and personal care product segment is projected to hold the largest market share during the forecast period. In 2022, this segment accounted for a market value of $ xx million, with an anticipated CAGR of 7.6%. Tax exemptions make luxury items more affordable, driving demand for cosmetic and personal care products. Customer preferences for such goods, either for personal use or as gifts, are expected to further boost segment growth.

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What are Duty Free Retailing Market Dynamics:

Market Drivers and Opportunities

The growth of the Duty Free Retailing Market is primarily propelled by the surge in global tourism and the availability of cost-effective products. As travelers' desire to explore new destinations continues to rise, the market is expected to witness significant expansion. The industry's ability to offer a wide range of products at attractive prices, due to waived taxes, contributes to its appeal among consumers. Travelers are inclined to purchase high-end and luxury items at reduced prices, further boosting market growth.

Challenges and Restraints

Despite the promising outlook, government regulations pose challenges to the duty-free retail market's expansion. Diverse laws and restrictions imposed by various countries hinder the addition of new products, particularly for local manufacturers and small to medium-sized businesses. Language barriers also contribute to limiting market growth, hindering effective communication between buyers and sellers.

Duty Free Retailing Market Regional Insights:

Asia-Pacific (APAC) leads the global duty-free retail market, with the region's market value projected to grow at a CAGR of 7.9%. The expanding middle-class population and rising disposable income in the APAC region are key drivers for market growth. Europe is also set to witness substantial growth, with an expected CAGR of 8.8%. Increased international tourism and affordable flight options contribute to the region's promising outlook.

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What is Duty Free Retailing Market Segmentation:

Duty Free Retailing Market, by Product Type (2022-2029)

• Fragrances & Cosmetics
• Wines & Spirits
• Fashion & Accessories
• Tobacco
• Watches & Jewelry
• Confectionary & Fine Food
• Electronics & Gifts
• Others

Duty Free Retailing Market, by Sales Channel (2022-2029)

• Airport Shops
• Airlines
• Others

Who are Duty Free Retailing Market Key Players: 

• 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
• China Duty Free Group Co., Ltd
• Others

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Table of content for the Duty Free Retailing Market includes: 

1. Global Duty Free Retailing Market : Research Methodology 
2.   Global Duty Free Retailing Market : Executive Summary

• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry 

    3.Global Duty Free Retailing Market : Competitive Analysis

• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact 

1. Global Duty Free Retailing Market Segmentation

• Global Market, by Product Type(2022-2029)
• Global Market, by Sales Channel(2022-2029)

1. Regional Duty Free Retailing Market (2022-2029)

• Regional Market, by Product Type(2022-2029)
• Regional Market, by Sales Channel (2022-2029)
• Regional Market, by Country (2022-2029)

1. Company Profile: Key players

• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Type , Technology and End-User
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations 

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