Travel Retail & Duty-Free Market by Product (Beauty & Cosmetics, Alcohol, Fashion & Accessories, Tobacco Items, Confectionery & Catering, Electronics, and Others), and by Distribution Channel (Airports, Railway Stations, Military and Diplomatic, Seaports

Travel Retail & Duty-Free Market by Product (Beauty & Cosmetics, Alcohol, Fashion & Accessories, Tobacco Items, Confectionery & Catering, Electronics, and Others), and by Distribution Channel (Airports, Railway Stations, Military and Diplomatic, Seaports & Cruise Ships, Ferries, Border Shops, Downtown DF Shops, and Others) – Global Opportunity Analysis and Industry Forecast, 2023–2030

The Travel Retail & Duty-Free Market size was valued at USD 64.79 billion in 2022, and is predicted to reach USD 156.28 billion by 2030, with a CAGR of 10.7% during the forecast period, 2023–2030.

The demand for luxury goods, such as high-end fashion, accessories, cosmetics, and spirits, heavily influences the travel retail & duty-free industry. The purchasing power and preferences of luxury consumers significantly impact the product mix and sales performance of duty-free stores.

However, duty-free operators must follow the government and customs regulations, which can affect the products they can sell and how they can operate their businesses. These are expected to restrain the market growth during the forecast period. On the contrary, the duty-free industry has significant opportunities due to the increasing number of middle-class individuals in emerging economies, rising disposable income, the growing desire for international travel, and the expansion of international airports worldwide.

Segment Overview
The global travel retail & duty-free industry is segmented on the basis of product, distribution channel, and region.
By product, the market is classified into beauty & cosmetics, alcohol, fashion & accessories, tobacco items, confectionery & catering, electronics, and others.
By distribution channel, the market is categorized into airports, railway stations, military and diplomatic, seaports & cruise ships, ferries, border shops, downtown DF shops, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Regional Analysis
Europe holds the dominant market share and is expected to maintain its position till 2030

The widespread demand for luxury cosmetics from some prominent brands such as Estée Lauder, MAC Cosmetics, and L’Oreal Paris drives the growth of the travel retail & duty-free industry. Moreover, Europe has a strong reputation in the fashion and luxury goods industry. For example, Italian fashion brands such as Gucci, Prada, Armani, and Versace are highly sought after worldwide, and duty-free shops allow travelers to purchase these luxury products at tax-free prices. The allure of Italian fashion and luxury goods contributes to the growth of the travel retail & duty-free market in Italy. All of these factors drive the market growth in this region.

Key Market Players
The key players in the global travel retail & duty-free market include:
• China Duty-Free Group
• Lotte Duty-Free
• The Shilla Duty-Free
• Dufry
• Lagardère Travel Retail
• Gebr Heinemann
• DFS Group
• Sinsegae Duty-Free
• Ever Rich Duty-Free
• Dubai Duty-Free

Recent Developments
May 2023

Heinemann launched a rebranded store at Kuala Lumpur International Airport. The revamped store aims to create a modern and inviting atmosphere while offering diverse products and services. By refreshing its presence at Kuala Lumpur International Airport, Heinemann reaffirms its dedication to the travel retail market and its ongoing efforts to cater to the needs of global travelers.

March 2023

Dufry partnered with L'Oréal and launched Valentino Make Up at Heathrow Airport. This collaboration brings the renowned Valentino brand to the travel retail & duty-free market, offering exclusive cosmetic products to passengers.

January 2023

Lagardère Travel Retail Belgium inaugurated the first automated store at Brussels Airport. The automated store incorporates state-of-the-art technologies, allowing passengers a convenient and contactless shopping experience. Introducing the automated store at Brussels Airport reinforces Lagardère Group's position as a leader in the travel retail & duty-free industry.

January 2023

DFS Group Ltd. launched the first phase of its concession at Chongqing Jiangbei International Airport's Terminal 3A. The newly unveiled concession features a diverse range of luxury brands, offering passengers a curated selection of fashion, beauty, and lifestyle products.

July 2022

Shinsegae Duty Free launched a cross-border e-commerce platform, expanding its reach beyond physical stores. This initiative demonstrates Shinsegae's commitment to leveraging digital technology to cater to the evolving needs of travelers. This expansion into the digital realm strengthens Shinsegae Duty Free's position in the travel retail market and showcases its dedication to innovation and customer satisfaction.

Key Benefits
• The travel retail & duty-free market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a comprehensive analysis of the travel retail & duty-free market trends, including current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the travel retail & duty-free market is provided in the report.
• The competitive analysis of the market players along with their market share in the travel retail & duty-free market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the role of stakeholders.