Duty Free Retail Market to Reach USD 78.78 Billion by 2032; Global Duty-Free Stores Thrive as Traveler Destinations, Catering to Diverse Product Offerings

The global duty free retail market size was valued at USD 42.65 billion in 2023. The market is projected to grow from USD 46.67 billion in 2024 to USD 78.78 billion by 2032, exhibiting a CAGR of 6.76% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Duty Free Retail Market Size, Share & Industry Analysis, By Type (Perfumes, Cosmetics, Alcohol, Cigarettes, and Others), By Sales Channel (Airports, Onboard Aircraft, Seaports, Train Stations, and Others), and Regional Forecast, 2024-2032”.

Duty-free stores, commonly found in seaports, airports, and railway stations, specialize in selling cosmetics, alcohol, perfumes, and other products to travelers. These stores offer duty-free goods exempt from specific duties or taxes, with market growth fueled by the increasing number of travelers and the expansion of duty-free retail stores worldwide.

The COVID-19 pandemic negatively impacted the market growth. The decrease in the number of travelers due to the travel restrictions and lockdowns across nations during the pandemic decreased product sales through duty-free stores.

Delhi Duty Free Services (DDFS) Introduces Exclusive Access to Creed Fragrances at Indian Airports

Delhi Duty Free Services (DDFS) unveiled the luxury fragrance brand Creed on July 2023, exclusively accessible at their outlets within Indian airports. Travelers transiting through Delhi International Airport, including the flagship store at the Indira Gandhi International Airport, will enjoy exclusive opportunities to acquire these fragrances. Through the partnership between DDFS and Creed's exclusive distributor in travel retail, Be Keen, customers gain access to the brand's array of scents.

Growing International Tourism to Boost Market Growth

The increasing expansion of international tourism and the number of travelers across countries create lucrative business opportunities for industry participants to boost the duty free retail market growth. For instance, according to Eurostat, a government statistical agency based in Luxembourg, the European Union's tourism industry experienced significant growth in 2023 along with approximately 1,193 million overnight stays in tourist accommodations.

However, the fluctuating exchange rates owing to economic and political factors will impede market expansion.

Growing Launch of Key Players on New Product Launches to Boost Market Expansion

The duty free retail market comprises key players, such as Shinsegae Duty-Free, Lotte Duty-Free, and others. The increasing focus of these key players on adopting different competitive strategies, such as new product launches and collaborations to maintain a competitive edge, drives market growth.

Notable Industry Development

• December 2023 – Innokin, a vape brand based in China, partnered with Bahrain Duty-Free, a retailer based in the Middle East. The new partnership aims at the launch of the brand’s INNOBAR products across the premium stores of retailers.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/duty-free-retail-market-106652

List of the Companies Profiled in the Report:

• Avolta (Dufry AG) (Switzerland)


• DFS Group (China)


• Gebr. Heinemann SE & Co. KG (Germany)


• Lagardère Group (France)


• Dubai Duty Free (UAE)


• China Duty Free Group (China)


• Lotte Duty Free (South Korea)


• The Shilla Duty Free (South Korea)


• Shinsegae Duty Free Inc. (South Korea)


• King Power International Group (Thailand)

Further Report Findings

• Asia Pacific is projected to witness the highest growth during the forecast period. The growth in the region is attributed to the growing development across several Asian countries that could provide opportunities for several duty free retail stores to launch new products.


• Europe is expected to witness significant growth during the projected period due to the rising tourist expenditure on luxury products.


• The growing number of tourists integrated with the high travel spending in the U.S. is expected to propel market growth across North America.


• The perfumes type segment is expected to hold the largest duty free retail market share during the forecast period. The segment’s growth is attributed to the products offered by premium luxury brands, such as Prada, Gucci, Signature Rose, and Giorgio Armani, via duty free retail stores across.


• The airports sales channel segment is leading the market. The increasing number of international and domestic airports across different nations accelerates product sales through airports and propels segment growth.

Table of Segmentation: