Dallas, Texas, June 21, 2019 (GLOBE NEWSWIRE) -- The market research report on “Global Duty Free Retailing Market Size 2018 by Type (Perfumes and Cosmetics, Alcohol, Tobacco Goods, Confectionary and Food, Fashion and Accessories, Watches and Jewelry and Others), by Distribution Channel (Airports, Onboard Aircrafts, Seaports, Train Stations and Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) and Forecast 2018 to 2025” provides an elaborative view of historic, present and forecasted market estimates. Geographically, the duty free retailing market is expected to witness the fastest growth in Middle East & Africa.
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The global duty free retailing market is expected to be worth USD 112.75 billion by 2025. Increasing number of low cost airlines is leading to an increase in the number of tourists which is further driving the sales of several goods at duty free retail stores at diverse areas including airports, seaports and downtown stores. Increasing tourism especially in Asia-Pacific and Europe is another key aspect driving the growth of the global duty free retailing market.
The downtown duty free retail stores are a lucrative opportunity for the global industry. The concept of selling duty free products outside the airport area is popular only in few countries. The importance of downtown stores can be measured by the fact that the world’s major duty free retailing market South Korea touched sales of around 55% exclusively from the downtown shops. Japan and China are rivalling this trend, for instance, the China Duty Free Group recently inaugurated the world’s largest duty free store located at Hainan Island.
As a strategic step, several companies in the global duty free retailing market are following expansions and acquisitions. The major players in the global duty free retailing market include Lagardère Travel Retail, Dufry, Lotte Duty-Free, Dubai Duty-Free, Aer Rianta International (ARI), James Richardson Corporation, China Duty-Free Group and LVMH among others.
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Based on type, the global duty free retailing market is bifurcated into perfumes & cosmetics, alcohol, tobacco goods, confectionary & food, fashion & accessories, watches & jewelry, others (stationary, electronics, etc.). The perfumes & cosmetics segment dominated the market with a share of nearly 36% in 2017. This is majorly due to increasing demand for international perfumes and premium cosmetic products. Moreover, increasing demand for such products especially for gift purposes is a major aspect driving the growth of this segment. Alcohol accounted for the second largest share as consumers especially from Asia prefer investing on alcohol originating from different countries. Tobacco goods segment is expected to witness the fastest growth on account of increasing trade of tobacco products especially from South America and U.S. Low prices, ease of availability and wide range of tobacco products at duty free retail stores are some key factors driving the growth of this segment.
Based on distribution channel, the global duty free retailing market is fragmented into airports, onboard aircrafts, seaports, train stations and others. Airports segment dominates the market due to huge footfall of travelers at airports. Moreover, travelers prefer shopping from duty free retail stores at airports mainly due to the highly maintained stores as well as presence of a wide variety of products. Downtown stores are expected to gain preference over the forecast period since consumers can procure duty free products from a wide array of locations in a particular city. Also, onboard aircraft segment is anticipated to witness a considerable growth since passengers who miss to visit duty free stores at the airport prefer purchasing products from the aircraft itself.
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Asia-Pacific dominated the market with a share of nearly 42% in 2017. This is mainly because of the increasing disposable incomes of people coupled with rising international tourism. Also, increased number of international students especially in China and India is another key factor driving the growth of this region. However, Middle East & Africa is expected to witness the fastest growth over the forecast period on account of rising number of Haj tourists in Saudi Arabia coupled with increasing business and job opportunities in Turkey and UAE.
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlooks
Chapter 4. Duty Free Retailing Market Overview, By Type
Chapter 5. Duty Free Retailing Market Overview, By Distribution Channel
Chapter 6. Duty Free Retailing Market Overview, By Region
Chapter 7. Application Structure
Chapter 8. Company Profiles
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