According to the research report titled ‘Duty Free Retailing Market to 2027 - Global Analysis and Forecasts by Product Type; Application, available with Market Study Report, global duty free retailing market was worth  USD 77.87 billion in the year 2018 and is predicted to be valued at USD 155.30 billion by 2027, expanding with a CAGR of 8.44% during the forecast period.
 

Rapid expansion of travel & tourism industry and growing demand for duty-free premium and luxury brands is a prime factor driving the growth of global duty free retailing market. Focus towards digitalizing retailing processes among duty-free vendors along with rising adoption of AR and VR technologies in order to enhance consumer experience are also aiding the market expansion.
 

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For those uninitiated, duty-free retailing refers to offering products to international travelers. It is a lucrative source of income and provides with various marketing opportunities. Moreover, it provides a temporary space that offers extra time for travelers after check-ins, which further allows them to engage with the ambiance and indulge in shopping.
 

Based on product landscape, global duty free retailing industry is segmented into confectionary and food stuff, fashion, tobacco and cigarettes, wine & spirits, alcohol, cosmetics & personal care products and others. In terms of application scope, the market is fragmented into seaports, on-board aircraft, aircrafts and others.
 

Regionally, Asia-Pacific accounted for a significant market share in 2018, which is anticipated to showcase similar expansion in the forthcoming years. The growth is primarily attributed to the increasing number of air routes and deployment of LCCs. Growing middle class population and rising per capita income are also favoring the market outlook in APAC.
 

Meanwhile, Europe held the second-largest market share in the year 2018 and will witness consistent growth throughout the study duration. Europe is considered to be a significant tourist destination owing to its rich heritage. Apart from this, high concentration of retail chains providing premium and luxury brands is further complementing the business outlook in Europe.
 

Dufry AG, Hyundai Duty Free Shops, Lagardère Travel Retail Co., LVMH Moët Hennessy – Louis Vuitton SE, The Shilla Duty Free Shop Co., Shinsegae Duty Free, Lotte Duty Free, The King Power International Group, Gebr. Heinemann SE & Co. KG, Duty Free Americas Inc., Dubai Duty Free, China Duty Free Group Co. Ltd., and Aer Rianta International cpt are the major companies operating in global duty free retailing market.