According to the industry analysis report titled ‘Global Duty Free and Travel Retail Market - Analysis By Location (Airlines, Airport Shops, Ferries, Others), By Product, By Region, By Country (2021 Edition): Market Insights & Forecast with Impact of COVID -19 (2021-2026)’ available with MarketStudyReport, global duty free and travel retail market, which generated revenues worth USD 29.89 billion in 2020, is estimated to expand substantially during 2021-2026.

Growing demand for retail chains and distribution channels offering value to passengers, enhancing their travel experiences, and adding value to economic activities are the major factors driving the growth of the global duty-free and travel retail market.

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The overall market is fragmented in terms of location type, product landscape, and regional contribution. Based on location type, the market is divided into airport shops, ferries, airlines, and other segments

Moving on to the product landscape, the market is segmented into fragrances & cosmetics, wines & spirits, fashion & accessories, tobacco goods, and others. Among these, the fragrances & cosmetics segment is estimated to expand at a strong CAGR during the forecast period, primarily attributed to unpredictable and continuously changing fashion trends. Additionally, various companies are focusing on introducing innovative products with new fragrances to attract more customers from across the globe.

Geographically, Asia Pacific market is expected to hold the largest market share over the forecast timeline, owing to the rising consumer base in the countries including India, China, and South Korea, increasing per capita income, and mounting travel expenditure.

The leading companies operating in the global duty free and travel retail market include Dufry AG, B&M European Value Retail S.A., Dublin Airport Authority, Tallink Group, Gebr. Heinemann SE & Co.KG, WHSmith plc, Kingfisher plc, Japan Airport Terminal Co., Duty Free Americas Inc., and Qatar Duty-Free.