The global Duty Free Retailing Market Growth Accelerated by increasing international passenger air traffic

 

Duty free retailing refers to the selling of goods without any applicable taxes to international travelers. Duty free goods such as perfumes, cosmetics, wines and spirits, tobacco, luxury goods are sold at airport outlets as well as onboard aircrafts. The global duty free retailing market offers a wide variety of premium and luxury brands at discounted prices compared to normal retail outlets, thereby, attracting a large number of international passengers. The convenience of one-stop shopping and heavy discounts have augmented the demand for duty free products over the years. The global Duty Free Retailing Market is estimated to be valued at US$ 38.95 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing international passenger air traffic has been a key growth driver for the duty free retailing market. According to the International Air Transport Association (IATA), the global airport passenger traffic grew by around 6.5% in 2019 to over 4.5 billion. Spurred by strong economic growth and rising disposable incomes in emerging countries, along with increased tourism globally, the passenger air traffic is expected to keep rising in the coming years. This will generate huge opportunities for duty free retailers located in airports as well as onboard aircraft. The attractive discounts and wide variety of global brands available have made duty free shopping an inherent part of international travel experience, thereby further propelling the demand in sync with the rising international air passenger traffic in the coming years.


Segment Analysis
The global duty free retailing market is dominated by alcoholic beverages segment. Alcoholic beverages accounted for more than 35% of the overall sales in 2022. This is because travelers prefer to purchase liquor, wines and spirits at duty free shops because of heavy taxes and tariffs imposed on these product categories outside airports. Also, duty free shops offer deep discounts on such products thereby appealing to wider customer base. Fragrances & cosmetics is another major segment in the duty free retailing industry owing to rising demand for premium brands from female travelers.

Key Takeaways
 The global duty free retailing market is expected to witness high growth. Regional analysis related content comprises Asia Pacific presently accounts for around 40% share of the global duty free retailing industry revenue. This is attributed to strong travel and tourism industry across countries like China, India, Thailand and Singapore. Rapid expansion of airports and growing middle class in Asia Pacific countries is further fueling the market growth in the region.

Key players related content comprises Key players operating in the duty free retailing market are 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. Dufry AG is the global market leader with presence in over 60 countries. LOTTE Duty Free is the largest duty free operator in South Korea. Other major players include DFS Group Limited, Gebr. Heinemann SE & Co. KG and The Shilla Duty Free.

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