Duty-free retailing is the practice of shopping at establishments that do not charge sales tax at airports, ferries, and cruise ports. Visitors and tourists regularly shop at duty-free retail establishments to avoid paying taxes at foreign borders.
Duty-Free Retail Market Scope:
The report includes qualitative and quantitative analysis of the Duty-Free Retail Market based on segmentation involving economic and non-economic factors. It also includes an in-depth analysis of the Duty-Free Retail industry from various perspectives by employing Porter’s five forces analysis. The report provides insight into the Duty-Free Retail Market through the value chain. The report offers historical data and forecasts revenue growth at country, regional and levels along with an analysis of the market trends in each of the sub-segments and regions. The competitive landscape in the report includes details by Duty-Free Retail competitors including company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The bottom-up approach was used to estimate the and regional Duty-Free Retail Market size.
Duty-Free Retail Market Overview:
Stellar Market Research provides a comprehensive description of Duty-Free Retail Market which helps to understand its feature in an optimized way. The projected statistics, significant advancements and income are all included in detail in the Duty-Free Retail research paper.
Duty-Free Retail Market Size was valued at USD 39.08 billion in 2021. Global Duty-Free Retail Market size is estimated to grow at a CAGR of 9.1 % over the forecast period.
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Duty-Free Retail Market Segmentation:
The international market is separated into types, such as cigarettes, alcohol, cosmetics, and perfumes. Throughout the forecast period, the fragrances segment is expected to account for the majority of market share. Luxury fragrances are distributed to duty-free shops all around the world by well-known worldwide networks. Affluent international travelers commonly use duty-free retail chains to purchase perfumes from internationally recognized brands such as Giorgio Armani, Al Haramain Dazzle Intense, Belle, Signature Rose, Signature Silver, and Khulasat Al Oud. Major distribution channels (EDC) carry all perfume varieties, including Perfume or De Perfume, Eau De Perfume (EDP), Eau De Toilette (EDT), and Eau De Cologne.
The market segmentation based on the sales channel includes airports, shipboards, seaports, train stations, and other venues. Airports dominate overall product sales. The growing number of local and international airports throughout the world favors product sales through this distribution channel. Several improvements in the "airports" category emphasize the growing number of duty-free stores in airports around the world. For example, in April 2022, the Adani Group, an Indian integrated corporate conglomerate, and Flemingo, a Dubai-based operator, announced plans to construct a duty-free shop at Thiruvananthapuram International Airport by the middle of May 2022. This tactical move (new establishment) also calls attention to the intensifying competition in the Indian market. Furthermore, seaports play an important role in the delivery of duty-free goods, especially in Asian markets. Seaports, like airports, enable brands of various commodities become more apparent on markets. Recent port-related advancements provide appealing commercial opportunities for potential market participants. For example, India Tourism Development Corporation Ltd (ITDC), a subsidiary of the Ministry of Tourism, stated in November 2017 that it planned to open duty-free shops in all major seaports by 2021.
Duty-Free Retail Market Key Players:
China Duty-Free Group (China)
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)
The King Power International Group (Thailand)
Lagardère Group (France)
Dubai Duty-Free (UAE)
Each regional Duty-Free Retail market sector is thoroughly investigated to determine its current and future growth prospects. This helps clients to grow their businesses. The Duty-Free Retail market report covers all five regions and their country-wise distribution. Their market size and trends are also included in the Duty-Free Retail report.
Key Questions answered in the Duty-Free Retail Market Report are:
- What is Duty-Free Retail ?
- What are the trends in the Duty-Free Retail Market?
- What are the upcoming industry applications and trends for the Duty-Free Retail Market?
- What are the factors contributing to the final price of Duty-Free Retail Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Duty-Free Retail Market?
- How is the intervention from regulatory authority shaping the Duty-Free Retail Market?
- What growth strategies are the players considering to increase their presence in Duty-Free Retail Market?
- Who are the leading manufacturers in Duty-Free Retail Market?
- What are the major challenges that the Duty-Free Retail Market could face in the future?
- Which region held the largest Duty-Free Retail Market share?
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis of each segment and their sub-segments
- Landscape- Leading key players and other prominent key players.
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