Duty-Free Liquor Market - Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning / Landscape Review & Global Market Size Forecast to 2030
Overview
Duty-Free liquor Market size was valued at US$ 10.50 Bn in 2023 and the total revenue is expected to grow at 10.8% through 2024 to 2030, reaching nearly US$ 21.53 Bn.
The duty-Free liquor market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global duty-Free liquor market report also provides trends by market segments, technology, and investment with a competitive landscape.
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Duty-Free liquor Market Overview:
The Duty-free alcohol refers to liquor that is relieved from paying federal taxes and duties, as well as local taxes. Duty-free alcohol is sold to travellers heading to different countries. These stores or retail outlets can be found at various places like airport, railway station, cruise liner, frontier, downtown, and hotel town. Citizens often buy liquor from duty-free shops before returning to their home country to invest in foreign currency surplus. Duty-free shops have become the favourite destination for travellers who enjoy their shopping before their journey begins.
Duty-Free liquor Market Dynamics:
Rapid growth in urbanizations, development of the travel and tourism industry, and rise in disposable income fuel the growth of the duty-free liquor market. The rise in lifestyle changes and increase in the number of frequent fliers and rise in tourism promotion are boosting the market. Consumers tend to buy liquor from duty-free shops located at the airport, railway station, cruise liners, and others, as is it available at a lower price than liquor in a regular store.
High growth in disposable income in individuals in Europe, and in the Asia Pacific, driving the overall growth of the duty-free liquor industry. On the other hand, stringent government rules for Airport retailing restrain the growth to some extent. Strict baggage rules which restrict the baggage capacity or charge extra for extra baggage for the passenger.
COVID-19 crisis international travel has slowdown, which has affected duty-free sales in large proportion. As the lockdown continues much of the world, duty-free retailers have unsold stock, while some retailers are finding an imaginative way to keep trading. As the travel retail sector market is temporarily on hold, duty-free liquor has seen crucial sales channel cutoff. Duty-free liquor sales declined due to a large proportion of disclosure in international flights.
Duty-Free liquor Market Segment Analysis:
By Type, the segment is categorized into Beer, Wine, Vodka, Cognac, and whiskey. The segment Whiskey is dominating the market with the highest growth, registering a CAGR of 12.20% during the forecast period. The whiskey segment accounted for the maximum share in duty-free liquor market size. Owing to an increase in consumers based across the globe. Furthermore, Whiskey is considered a premium product and an indication of sophistication.
By Distribution Channel, the segment is divided by cruise liner, airport, railway station, border, downtown, and hotel shops. The airport segment has witnessed the fastest growth, registering a CAGR of 12.00% in the forecast period. The airport category garnered the highest share in 2023. Due to continuing growth in global aviation and air traffic. Also rise in the tourism industry is one of the key factors in the growth of duty-free liquor industry.
Duty-Free liquor Market Regional Insights:
Europe, by region has accounted for the highest revenue in 2023 thus dominating the region, owing to the wealthy tourist from the Middle East, China, US. And Russia contributing a significant part of the market. Also, the love for travel is an upward trend among Germans, which significantly contributes to the growth of duty-free liquor. And European segment witnesses the highest growth, registering a CAGR of 11.50% during the forecast period.
North America is among one of the most urbanized regions with nearly 80% urban population respectively. Africa and Asia have comparatively lower shares, with 40% and 48% urban population. As per the WHO and other organizations, Africa and Asia are the major regions that are expected to witness rapid urbanization trend and are projected to account for 56% and 64% urbanization rate, respectively, by 2050.
The objective of the report is to present a comprehensive analysis of the global 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, SVOR, 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 in understanding the global Duty-Free liquor market dynamics, structure by analyzing the market segments and project the global Duty-Free liquor market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the global Duty-Free liquor market make the report investor’s guide.
Key Highlights:
Global market analysis and forecast, in terms of value.
Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Duty-Free liquor Market
Global Duty-Free liquor Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
Duty-Free liquor Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
Global market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global market are also profiled.
Duty-Free liquor Market Scope: Inquire before buying
| Duty-Free liquor Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 10.50 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 10.8% | Market Size in 2030: | US $ 21.53 Bn. |
| Segments Covered: | by Type | Beer Wine Vodka Cognac Whiskey |
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| by Distribution Channel | Cruise Liner Airport Railway Station Border Downtown Hotel Shop |
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Duty-Free liquor Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Duty-Free liquor Market, Key Players are:
1. Brown Forman
2. Erdington
3. Bacardi
4. Heineken
5. Glen Moray
6. Accolade Wines
7. Constellation Brand Inc.
8. Remy Cointreau
9. Pernod
10.Richard
11.Diageo
12.The Famous Grouse
Frequently Asked Questions:
1. Which region has the largest share in Global Duty-Free liquor Market?
Ans: North America region held the highest share in 2023.
2. What is the growth rate of Global Duty-Free liquor Market?
Ans: The Global market is expected to grow at a CAGR of 10.8% during forecast period 2024-2030.
3. What is scope of the Global Duty-Free liquor market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Duty-Free liquor market?
Ans: The important key players in the Global market are – , Brown Forman, Erdington, Bacardi, Heineken, Glen Moray, Accolade Wines, Constellation Brand Inc., Remy Cointreau, Pernod, Richard, Diageo, and The Famous Grouse.
5. What is the study period of this market?
Ans: The Global market is studied from 2023 to 2030.