Airport Duty-Free Liquor Market: Global Industry Analysis and Forecast (2023-2029)

Airport Duty-Free Liquor Market size was valued at US$ 3.81 Bn in 2022 and the total Airport Duty-Free Liquor revenue is expected to grow at 22.22% through 2023 to 2029, reaching nearly US$ 15.53 Bn.
Airport Duty-Free Liquor Market Overview:
Airport duty-free liquor is alcohol that is free from national taxes, tariffs, and some local charges and is available at airports. Airport Duty-Free Liquor stores at international airports offer a modest 10% to 20% discount on liquor bottles. Travellers, who are traveling from one nation to another can purchase duty-free liquor at the airport. The government of Singapore maintains severe regulations regarding the purchase of duty-free liquor. However, India permits passengers to purchase up to three liters of liquor from duty-free shops at airports. Thus the rules and regulations for duty-free liquor vary country-wise. The Global Airport duty-free liquor market is expected to grow at a CAGR of 22.2% during the forecast period (2023-2029).To know about the Research Methodology:- Request Free Sample Report

In this report, the Airport Duty-Free Liquor market's growth reasons and the market's many segments (Type, Source, and Region) are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the wiring duct market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Airport Duty-Free Liquor market situation.
Airport Duty-Free Liquor Market Dynamics:
Airport Duty-Free Liquor sales have been lead the market with 80% of revenue during the forecast. Duty-free stores have become a popular shopping option for visitors who want to do some shopping before starting their journey. This is due to the elimination of local import taxes and the increase of government-imposed taxes. Rapid population growth is propelling the growth of the worldwide duty-free liquor market in the coming years. Changes in lifestyle, increased tourism marketing, an increase in the number of passengers and international travelers, and other factors increase the growth of the travel and tourism business, which is expected to fuel the growth of the duty-free liquor market. Consumers prefer to buy liquor at duty-free stores placed at airports, railway stations, cruise lines, and other locations because it is cheaper than liquor purchased from regular stores. In addition, an increase in disposable income will be a key factor in driving the duty-free liquor industry forward in the next years.

The COVID-19 outbreak has had a negative impact on the expansion of the duty-free liquor sector. To prevent the transmission of the virus, people are required to remain at home. In order to prevent the spread of the disease, governments have been forced to maintain social and movement restrictions. The airport duty-free liquor shops have been closed during pandemics. During the curfew, several foreign flights were canceled, putting a stop to the rise of the airport duty-free liquor sector.

The government has made strict baggage rules for air travel passengers that limit the baggage capacity or charge extra for excess baggage are expected to hamper the growth of the airport duty-free liquor market during the forecast period.
Airport Duty-Free Liquor Market Segment Analysis:
By Type, the whiskey segment is expected to grow at a CAGR of 12.20% during the forecast period. The whisky segment is contributed to more than one-third of the global duty-free liquor market share in 2022 and is projected to lead the market by the end of 2029 owing to the demand for whiskey is also increased in females. Furthermore, whiskey is considered a premium liquor and an indication of taste and sophistication.

The wine segment is would also register the fastest CAGR of 10.2% throughout the forecast period because many individuals buy premium and expensive wine from airport duty-free liquor shops for the status quo, rather than for the enjoyment of drinking. Changes in consumers ’ tastes, as well as an increase in demand for new and exotic flavors like Riesling wine and other tropical fruit wines, are predicted to propel the wine segment during the forecast period.
Airport Duty-Free Liquor Market Regional Insights:
In the Asia-Pacific region, the Airport Duty-Free Liquor market is expected to grow at a CAGR of 13.4% during the forecast period owing to improvement in living standards and a rise in disposable income among consumers. An increase in globalization and cheap airlines contribute to growth in the number of travelers that use airways and cruise liners in the Asia-Pacific region. These factors augment the market growth during the forecast period.

Europe accounted for the highest revenue in 2022. Germans' love for travel is always on an upward trend. They love to try different types of liquor, which significantly boosts the Airport Duty-Free Liquor Market.

The objective of the report is to present a comprehensive analysis of the Airport Duty-Free Liquor market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps understand the Airport Duty-Free Liquor market dynamics and structure by analyzing the market segments and projecting the Airport Duty-Free Liquor market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Airport Duty-Free Liquor market make the report investor’s guide.
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Airport Duty-Free Liquor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.81 Bn.


Forecast Period 2023 to 2029 CAGR:
22.22%
Market Size in 2029:
US $ 15.53 Bn.


 Segments Covered:
by Type
• Beer
• Wine
• Vodka
• Cognac
• Whiskey


by Source
• Grain
• Corn
• Sugarcane
• others



Airport Duty-Free Liquor Market, by Region:
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Airport Duty-Free Liquor Market Key Players are:
• Brown-Forman
• Diageo
• Erdington
• Bacardi
• Heineken
• Glen Moray
• Accolade Wines
• Constellation Brands, Inc.
• REMY COINTREAU
• Pernod
• Ricard
FAQs:
1. What are the key drivers of the Airport Duty-Free Liquor Market?
Ans. Changes in lifestyle, increased tourism marketing, an increase in the number of passengers and international travelers, and other factors increase the growth of the travel and tourism business, which is expected to fuel the growth of the duty-free liquor market.

2. What is the restraint in Airport Duty-Free Liquor Market during the forecast period?
Ans. The government has made strict baggage rules for air travel passengers that limit the baggage capacity or charge extra for excess baggage are expected to hamper the growth of the airport duty-free liquor market during the forecast period.

3. What is the projected market size & growth rate of the Airport Duty-Free Liquor Market?
Ans. Airport Duty-Free Liquor Market size was valued at US$ 3.81 Bn. in 2022 and the total Airport Duty-Free Liquor revenue is expected to grow at 22.22% through 2023 to 2029, reaching nearly US$ 15.53 Bn.

4. What segments are covered in the Airport Duty-Free Liquor Market report?
Ans. The segments covered are by Type, Source and Region