Duty-free and Travel Retail Market Size, Industry Trends, Statistics, Revenue, Report 2023-2028

The increasing demand for duty-free and travel retail due to the rising travel activities among the masses is the crucial factors impelling the growth

SHERIDAN, WYOMING, UNITED STATES, August 2, 2023/EINPresswire.com/ -- How Big is The Duty-free and Travel Retail Market?

IMARC Group, a leading market research company, has recently releases report titled "Duty-free and Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" the global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

What is Duty-free and travel retail?

Duty-free and travel retail refer to the sale of goods to international travelers in designated areas, such as airports, seaports, and border crossings, where certain taxes and duties are exempted or reduced. They contribute significantly to the revenue streams of airports, seaports, and duty-free operators. They offer a convenient shopping experience to travelers, presenting them with a wide array of products at competitive prices within the airport or travel terminal. They allow travelers to purchase goods they desire without having to venture outside or visit local stores. Furthermore, as they offer a wide selection of products, including luxury and high-end brands, the demand for duty-free and travel retail is rising around the world.

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What are the growth prospects and trends in the Duty-free and Travel Retail Industry:

At present, the increasing demand for duty-free and travel retail due to the rising travel activities among the masses represents one of the crucial factors impelling the growth of the market. In addition, the growing but just of various luxury products is offering a favorable market outlook. Apart from this, the increasing number of duty-free and travel retail operators emphasizing the experiential aspect of shopping, creating engaging environments, and personalized experiences for travelers is contributing to the growth of the market. Additionally, the rising expansion of product offerings beyond traditional categories in the duty-free and travel retail sector to cater to a broader customer base is supporting the growth of the market.

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Who are the key players operating in the industry?

• Aer Rianta International
• China Duty Free Group Co. Ltd.
• Dubai Duty Free
• Dufry
• Duty Free Americas Inc.
• Gebr. Heinemann SE & Co. KG
• James Richardson Group
• King Power International
• Lagardère Travel Retail
• Lotte Duty Free
• Sinsegae Duty Free and The Shilla Duty Free

The report has segmented the market on the basis of product type and distribution channel.

Breakup by Product Type:

• Beauty and Personal Care
• Wines and Spirits
• Tobacco
• Eatables
• Fashion Accessories and Hard Luxury
• Others

Breakup by Distribution Channel:

• Airports
• Airlines
• Ferries
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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