Asia pacific duty-free retail Market Overviews
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.
The items sold in a duty-free shop (or store) are exempt from paying certain local or national taxes and tariffs, provided that the customers are travelers who would be taking the goods outside of the country. Each jurisdiction has different rules on whether goods can be sold duty-free, how they can be sold, and how the duty is calculated or refunded.
Further, the Asia pacific duty-free retail market is segmented by Type, Sales Channel, and geography. Based on Type, the Asia pacific duty-free retail market is segmented into Perfumes, Cosmetics, Alcohol, Cigarettes, and Others. Based on the Sales Channel, the Asia pacific duty-free retail market is segmented under the channels of Airports, Onboard aircraft, seaports, train stations, and others. Based on the Distribution Channel, the Asia pacific duty-free retail market is segmented under the channels Online and Offline. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done based on (USD Billion).
Asia pacific duty-free retail Market Scope and Methodology:
The COVID-19 pandemic has damaged the growth of the Asia pacific duty-free retail business. The sudden decline in air traffic, most notably in 2021, hampered both aeronautical and non-aeronautical revenue as carriers reduced their capacity and customers postponed foreign trips. a Canadian-based international platform for promoting airport standards and market practices, total airport revenues fell by 35% to USD 14 billion in the first quarter of 2021 and by 90% to USD 39 billion in the second quarter. Due to trade tensions and trade protectionism between China and Australia, the United States, and other trading partners, duty-free sales between these countries are likely to suffer soon. To reduce social tensions or any unrest caused by the COVID-19 pandemic's effects on employment and social inequality, governments are likely to adopt a protectionist trade policy. The COVID-19 crisis has had a particularly negative impact on the tourism market. In the first three months of 2021, China International Travel Service (CITS), a Chinese travel agency business, reported a decrease of % to USD 1.08 billion (7.63 billion yuan), going from a profit of USD 0.36 to a net loss of USD 18.89 million (120.14 million yuan).
Asia pacific duty-free retail Market Regional Insights
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia pacific duty-free retail market. The report also analyses if the Asia pacific duty-free retail market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
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Asia pacific duty-free retail Market Segmentation
Cigarettes, alcohol, cosmetics, and perfumes are just a few of the types of products that are categorized on the market. The category for fragrances is likely to control the majority of the market share over the time frame. Asia pacific duty-free retailers all categorized under the world receive luxury fragrances through well-known international distribution networks. Affluent foreign travelers commonly go to Asia pacific duty-free retail chains to buy perfumes from internationally recognized brands including Giorgio Armani, Al Haramain Dazzle Intense, Belle, Signature Rose, Signature Silver, and Khulasat Al Oud. Major distribution channels offer all perfume varieties, including Perfume or De Perfume, Eau De Perfume (EDP), Eau De Toilette (EDT), and Eau De Cologne (EDC).
Asia pacific duty-free retail Market Key Players
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)
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Key questions answered in the Asia pacific duty-free retail Market are:
- What is Asia pacific duty-free retail ?
- What was the Asia pacific duty-free retail market size in 2023?
- What is the growth rate of the Asia pacific duty-free retail Market?
- Which are the factors expected to drive the Asia pacific duty-free retail market growth?
- What are the different segments of the Asia pacific duty-free retail Market?
- What growth strategies are the players considering to increase their presence in Asia pacific duty-free retail ?
- What are the upcoming industry applications and trends for the Asia pacific duty-free retail Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Asia pacific duty-free retail Market?
- Who are the leading companies and what are their portfolios in Asia pacific duty-free retail Market?
- What segments are covered in the Asia pacific duty-free retail Market?
- Who are the key players in the Asia pacific duty-free retail market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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