New York, USA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global duty-free retailing market is anticipated to generate a revenue of $139.4 billion and rise at a CAGR of 8.2% over the estimated period from 2019 to 2026.
As per our analysts, with the growing interest of people to visit various international places, the duty-free retailing market is expected to experience prominent growth during the analysis period. Besides, the increasing number of market players offering products to customers at a very reasonable price compared to other retail stores is further predicted to bolster the growth of the market over the forecast period. Moreover, the increasing customer experiences are predicted to create huge growth opportunities during the analysis timeframe. However, the government rules and regulations in many nations for shopping in retail shops which are duty-free may hinder the growth of the market throughout the estimated timeframe.
Click here! To Download a Catholic PDF Sample of Duty-Free Retailing Market
Segments of the Duty-Free Retailing Market
The report has divided the market into segments based on product type, distribution channel, and region.
Product Type: Cosmetic & Personal Care Sub-Segment to be Most Profitable
The cosmetic & personal care sub-segment is predicted to rise at a CAGR of 7.6% over the estimated period. This is major because passengers prefer expensive items which are available at a considerably low price due to the exemption of the excise duties in various areas. Further, the increasing preference of customers opting for personal care products for themselves or gifting others is predicted to bolster the growth of the market sub-segment during the forecast timeframe.
Distribution Channel: Airport Sub-Segment to be Most Productive
The airport distribution channel sub-segment is projected to grow at a CAGR of 8.5% during the forecast period. This is mainly because airports are one of the major places for companies to showcase and promote awareness about their brand to customers. Moreover, the airport distribution channel also offers wide scope for retail outlets to reach customers due to the flexibility in the prices which is expected to uplift the growth of the market sub-segment over the analysis timeframe.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the duty-free retailing market is expected to rise at a CAGR of 7.9 % throughout the analysis period. This is mainly due to the increasing disposable income among the individuals of this region. Furthermore, the strong presence of leading players in the retail sector in this region is predicted to drive the regional growth of the market over the forecast period.
Key Players of the Market
The major 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 and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry. – Buy the Full Report Here
For instance, in September 2021, Adani Airport Holdings, India's largest airport infrastructure company, announced its partnership with Flemingo Travel Retail, travel retail and duty-free operator, and Mumbai Travel Retail, the retail stores that are designed for travelers and specifically oriented toward their preferences. With this partnership, Adani Airport Holdings aimed to operate duty-free outlets in airports and seaports.
In addition, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Duty-Free Retailing Market:
- Growing Demand for Duty Free Products to Boost the Growth of Global Duty Free Retailing Market
- 5 Strategies in Duty Free Retailing to Compete and Proliferate in the Industry
