According to the new research report published by The Insight Partners, titled “Duty Free Retailing Market— Global Analysis and Forecast to 2027”, the global duty free retailing market is expected to reach US$ 155.30 Bn in 2027, registering a CAGR of 8.44% during the forecast period 2019-2027.
In 2018, Asia-Pacific is estimated to account for holding the largest market share, growing at a CAGR of 10.2 %.
The global duty-free retailing market is highly fragmented. The flourishing travel & tourism industry is encouraging market players to establish new outlets and chains in the global duty-free retailing market. Moreover, growing focus on offering diverse and broad range of products may allow vendors to attract a vast number of customers and increase market shares. Further, the introduction of innovative promotional campaigns may offer lucrative growth opportunities to these players.
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The top five market leaders in this market include Dubai Duty Free, Lotte Duty Free, LVMH, DUFRY AG, and LAGARDèRE TRAVEL RETAIL. The above listing of top players is based on multiple factors such as overall sales, current portfolio, investment in technology up-gradation, and industry activities.
Companies have taken several market initiatives to expand their footprint, service portfolio across the world and to fulfill the growing demand of the market. In 2019, Dufry, signed a new contract to expand its presence at the Florianopolis International Airport, managed by Flughafen Zürich AG. The new contract comprising two duty-free and one duty-paid shop totaling 650 m2 of additional sales space in the new airport terminal, which opened in October 2019. In 2018, China Duty Free Group successfully secured the duty-free operating right on the Atlantica cruise of Costa Crociere S.p.A.(“Costa Crociere”) and signed the cooperation memorandum with the latter, thus initially reaching an agreement with its parent Carnival on future full-scale cooperation.
Key findings of the study:
In 2018, the Asia-Pacific region accounted for the largest market share due to the significant presence of a strong aviation sector in the region. Moreover, the growing passenger size in the region is growing, which is supporting the demand for new aircraft. Therefore, the growing aircraft fleet size would require repair and maintenance services, which is supporting the growth of aircraft MRO in the region.
In Asia-Pacific, India is among the fastest-growing economies in APAC, and the aviation industry in the region is growing. In India, the maintenance, repairs, and overhaul market is at an emerging stage and has incredible growth opportunities. India is one of the fastest-growing aviation industries in the world and would continue to grow at a swift pace in the coming years. The country is developing as a potential international hub for manufacturing and MRO.
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