Duty Free Retailing Market | Contrive Datum Insights

The global Duty Free Retailing Market size was valued at USD 35.87 billion in 2022 and is expected to reach USD 72.23 billion by 2030, at a CAGR of 9.17% during the forecast period.

Duty Free Retailing Market Overview

Duty Free Retailing refers to those who are exempt from certain local and national taxes and duties for selling goods to international travelers. However, duties may be imposed on such goods once the buyer reaches the destination country or when the value or quantity of these goods exceeds a certain limit. These retailers operate in international airports, border towns, seaports, railway stations, and on planes and ships. The retailer offers a wide range of products, from fragrances, cosmetics and alcohol to cigarettes, chocolates, electronics and accessories.
The unprecedented and alarming global COVID-19 pandemic has seen duty-free retail demand in all regions fall below expectations compared to pre-pandemic levels. According to our analysis, the global market decreased by 42.38% in 2020 compared to 2019.

The Duty Free Retailing Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Duty Free Retailing market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by 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, and China Duty Free Group Co., 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)

Industry Development:

• April 2022: Thai travel retail company KING POWER International announces the opening of a revamped duty-free store at Suvarnabhumi Airport, Thailand. The strategic move underscores the company's intention to establish a strong position in the tax-exempt space.
• November 2020 - France-based travel retail company Lagardère announces plans to open eight luxury stores in Shenzhen, China, and Hongqiao, Shanghai. This strategic move is expected to intensify competition among domestic retailers in China in the coming years.

What are the major Applications, Types, and Regions for the Duty Free Retailing Market?

By Type:

• Perfumes
• Cosmetics
• Alcohol
• Cigarettes
• Others

By Sales Channel:

• Airports
• Onboard Aircraft
• Seaports
• Train Stations
• Others

Duty Free Retailing Market Regional Insights:

The duty free Retailing market in Asia Pacific is expected to witness significant growth throughout the forecast period. Recent developments in Asian countries may present potential opportunities for existing and future duty-free shops to introduce a wide range of innovative products. For example, in the June 1, 2020 master plan, the Chinese central government announced multiple policies aimed at establishing the Hainan Free Trade Port (Hainan Free Trade Port) on China's southern coast. The government also announced plans to make the Hainan Free Trade Port an internationally renowned free trade port by 2050. This strategic move is expected to benefit domestic retail chains offering a wide range of duty-free retail products in the coming years.
Europe is expected to witness significant growth in the near future. An increase in luxury spending among tourists is a key driver favoring the growth of the regional market. As is the case in international markets, the easing of COVID-19 restrictions has resulted in airports in European countries configuring to entice tourists/passengers to visit duty-free retail outlets on their way to the departure lounges. Such configurations could trigger casual purchases by travelers, driving product sales for years to come.
Led by the United States, the duty-free retail market in North America is mainly driven by the influx of tourists and the significant increase in tourism spending in the United States. According to the statistics of the U.S. Travel Association, the number of domestic tourists in the United States in 2019 is about 2.3 billion, an increase of 1.7% compared with 2018. Canada is one of the main contributors to the North American market. According to the Canada Border Services Agency (CBSA), duty-free shops operate at approximately 53 locations across Canada, including international airports and land border locations.

Geographically, the global Duty Free Retailing market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The Global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Duty Free Retailing Market Report Scope:

Frequently Asked Questions (FAQ) about the Duty Free Retailing market:

What is the CAGR of the global Duty Free Retailing market?

The Duty Free Retailing Market is growing at a CAGR of 9.17% during the forecast period.

Which region would offer high growth for vendors in the Duty Free Retailing market?

The duty free Retailing market in Asia Pacific is expected to witness significant growth throughout the forecast period.

Which Is the Most potential market segment?

By Type:

• Perfumes
• Cosmetics
• Alcohol
• Cigarettes
• Others

By Sales Channel:

• Airports
• Onboard Aircraft
• Seaports
• Train Stations
• Others

Which are the top industry players in the Duty Free Retailing market?

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, and China Duty Free Group Co., 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)