Middle East is the Fastest Growing Region in the Duty-Free and Travel Retail Market
Arizton’s recent market research report on the global duty-free and travel retail market identifies Dufry AG, Gebr. Heinemann, Lotte, and Lagardère Travel Retail Group as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by products (fragrance and cosmetics, liquor, fashion and accessories, tobacco goods, electronics, watches, and confectionery) and by geography (APAC, Europe, Americas, Middle East, and Africa).
The global duty-free and travel retail market is anticipated to reach values of around $112 billion by 2023, growing at a CAGR of approximately 8% during 2017-2023.
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The global duty-free and travel retail market is divided into two major segments that include by product and by geography.
Middle East to grow at the fastest CAGR in the global duty-free and travel retail market during forecast period
The global duty-free and travel retail market by geography is segmented into APAC, Europe, Americas, Middle East, and Africa.
Middle East dominated a portion of the market share in 2017, growing at a CAGR of approximately 9% during the forecast period.
The increasing availability of superior infrastructure, high disposable income, growing tourism, and rise in the expat population are some of the primary factors driving the growth of this segment in the global market. Dubai is one of the most promising markets in the region and accounts for a very high market share in 2017. Products such as perfumes, liquor and tobacco, and cosmetics are some of the most popular items in the duty-free stores in the global market. The rapid opening of numerous duty-free and travel retail in the region will create lucrative opportunities for leading vendors operating in the global market. The duty-free and travel retailers are planning on their expansion strategy and are focusing on quality of products and services to attract a maximum number of consumers in the global duty-free and travel retail market. The use of targeted marketing campaigns and promotions coupled with excellent customer service will revolutionize the market.
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Fashion and Accessories to grow at the significant CAGR in the global duty-free and travel retail market during forecast period
The product segment in the global duty-free and travel retail market is categorized into fragrance and cosmetics, liquor, fashion and accessories, tobacco goods, electronics, watches, and confectionery.
Fashion and accessories segment occupied a considerable market share in 2017, growing at a CAGR of around 10% during the forecast period.
The growing number of international passengers who are looking for new offers or new collection at the stores is augmenting the growth of this segment in the global market. The travel retailers are introducing innovative ideas and promotional methods in order to communicate with the customers and gain a larger share in the global market. The growing number of duty-free shops across the APAC regions especially in China, Japan, and South Korea will boost sales and revenues in the global market. APAC is the largest and fastest market for fashion and accessories in the duty-free and travel retail market. Africa is the second fastest region due to its increasing infrastructure, growing aviation industry, and rise in the influx of international tourist. The rising demand for premium brands will propel the growth of this segment in the global duty-free and travel retail market. The top retailers are offering numerous discounts offers and promotions to gain a larger market share in the global duty-free and travel retail market during the forecast period.
The other prominent players operating in the global duty-free and travel retail market are DFS, Shilla, China Duty Free Group Co.Ltd., King Power International, Duty Free Americas, Inc., AER Rianta International, Dubai Duty Free, James Richardson Group, Qatar Duty Free, and Flemingo International.
The complete overview of the latest market research report on global duty-free and travel retail market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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