The business intelligence 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, opines that global duty free and travel retail market, valued at USD 29.89 billion in 2020, is expected to witness a considerable growth rate through 2026.

Industry experts and analysts cite that escalating demand for premium, luxurious, and branded products is a major factor aiding the surge in global duty free and travel retail market.

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Notably, travel retail focus on enhancing travel experiences for consumers and subsequently contribute to economic growth. The focus among retailers to offer a wide array of luxury & premium products, along with preference among companies to launch their limited-edition products at duty-free stores will augment the industry outlook.

The market is classified in terms location (ferries, airport shops, airlines, others), product type (tobacco goods, fragrances & cosmetics, fashion & accessories, wines & spirits, others), and regional terrain (North America, Europe, Asia Pacific).

The fragrances & cosmetics segment is expected to exhibit a remarkable growth rate during the analysis timeframe, primarily attributable to changing fashion trends and frequent product launches.

From a geographical viewpoint, Asia Pacific duty free and travel retail industry is reckoned to account for a major revenue share during the study period, creditable to growing consumer base in nations such as China, India, and South Korea as well as mounting disposable income levels of individuals.

The competitive terrain of this business sphere is defined by key players such as Kingfisher plc, Qatar Duty Free, AS Tallink Grupp, B&M European Value Retail S.A., Japan Airport Terminal Company, Gebr. Heinemann & Co. KG, WHSmith, Duty Free Americas Inc., and Dufry AG.

These companies are focusing on improving their production capacity by diverting their resources towards R&D activities so as to meet the burgeoning demand of consumers and elevate their position in the worldwide duty free and travel retail marketplace.