Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Duty-Free Retailing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific duty-free retailing market size reached US$ 42.1 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 65.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028. 
In the Asia Pacific region, the expanding travel and tourism sector along with the rising number of new international routes is primarily driving the market for duty-free retailing. Moreover, the increasing levels of urbanization along with the emergence of low-cost carrier (LCC) airlines are also propelling the sales of duty-free goods in the region.
The market is further driven by the emergence and growth of duty-free stores across international airports and seaports. Moreover, the wide presence of duty-free goods pertaining to country-specific culture and heritage has also attracted numerous international tourists. Additionally, the increasing popularity of duty-free retail stores offering various luxury and premium brands is also driving the market growth.
Rising digitalization along with the increasing penetration of social media marketing strategies has enabled several retailers to promote their exclusive products to the international customers. The wide availability of duty-free goods on e-commerce platforms is also catalyzing the market growth in the Asia Pacific region.
Besides this, the growing penetration of self-service stations, such as kiosks, and other interactive sales channels has enabled retailers to overcome linguistic barriers with their customers.
The outbreak of the COVID pandemic, in early 2020, however, has negatively impacted the market for duty-free retailing in the Asia Pacific region. The pandemic resulted in national lockdowns across the region resulting in restrictions in international travel, creating a negative impact on the industry.
Key Questions Answered in This Report:
- How has the Asia Pacific duty-free retailing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Asia Pacific duty-free retailing market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Asia Pacific duty-free retailing market and who are the key players?
- What is the degree of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $42.1 Billion |
| Forecasted Market Value (USD) by 2028 | $65.3 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Asia Pacific |
Competitive Landscape
- China Duty Free (Group) Co. Ltd.
- DFS Group Ltd. (LVMH)
- Dufry AG
- Ever Rich D.F.S. Corporation
- Japan Airport Terminal Co. Ltd.
- King Power International Company Limited
- Lagardere Travel Retail Pacific (Lagardere Group)
- Lotte Duty Free (Lotte Corporation)
- Shinsegae DF Inc. (Shinsegae Inc.)
- The Shilla Duty Free Shop (Hotel Shilla Co. Ltd.)
Key Market Segmentation
Breakup by Product Type:
- Fragrances & Cosmetics
- Alcohol & Spirits
- Fashion & Accessories
- Tobacco Goods
- Watches & Jewellery
- Confectionary & Fine Food
- Electronics
- Others
Breakup by Distribution Channel:
- Airports
- Border Shops
- Seaports
- Onboard Aircraft
- Railway Stations
- Others
Breakup by Country:
- China (including Hong Kong)
- South Korea
- Japan
- India
- Singapore
- Thailand
- Australia
- Indonesia
- Taiwan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/127qqw
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