(EMAILWIRE.COM, July 06, 2024 ) Duty-Free Retail Market expanding international tourism and Increased Air Routes in Asia.
India USD 135.07 million investment in Dholera International airport and also expected for 190-200 operational airports by 2040. Asia Pacific, Europe, Noeth America and Middle East & Africa regions are expected significant growth. USD 2.3 billion trips annually in the U.S., with 1.7% increase in domestic travel in 2020. Also, 53 duty-free shops across Canada at airports and land borders.
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Duty-Free Retail Market growth has been adversely impacted by the COVID-19 pandemic. Total airport revenues decreased by 35% and 90% in Q1 and Q2 2021 respectively. China International Travel Service (CITS) reported a reduction profit in Q1 2021. Currency rate fluctuations due to the COVID-19 pandemic create economic inflation impacts duty-free markets. Trade protectionism policies and trade conflicts between nations like Australia and US, China and other countries may impact Duty-Free Retail Market dynamics.
Duty-Free Retail Market Segmentation:
By Type
Perfumes
Cosmetics
Alcohol
Cigarette
Others
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By Sales Channel
Airport
Onboard aircraft
seaport
Train stations
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Others 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)
Stellar Market Research is leading IT & Telecom research firm, has also published the following reports:
Asia pacific duty-free retail Market was valued at USD 46.41 billion in 2023. Global market size is estimated to grow at a CAGR of 8.7.
Europe Duty-free Retail Market was valued at USD 21.05 billion in 2023. The Market size is estimated to grow at a CAGR of 5.8 % for 2030.
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