Global Duty-Free liquor Market size was valued at US$ 13.7 billion in 2019 and the total revenue is expected to grow at 11.10% through 2020 to 2026, reaching nearly US$ 16.01% billion.
The global 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.
To Know About The Research Methodology :- Request Free Sample Report
Global Duty-Free liquor Market Overview:
Duty-free alcohol refers to liquor that is exempt 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 Cn 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.
Global 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.
Global 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 2019. 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.
Global Duty-Free Liquor Market2
Global Duty-Free liquor Market Regional Insights:
Europe, by region Europe has accounted for the highest revenue in 2019 and the dominating 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.
Global Duty-Free Liquor Market4
The objective of the report is to present a comprehensive analysis of theglobalDuty-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 liquormarket dynamics, structure by analyzing the market segments and project the global Duty-Free liquormarket 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 liquormarket make the report investor’s guide.
Global Duty-Free liquor Market Scope: Inquire before buying
Global Duty-Free liquor Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Duty-Free liquor Market Key Players
• Brown Forman
• Erdington
• Bacardi
• Heineken
• Glen Moray
• Accolade Wines
• Constellation Brand Inc.
• Remy Cointreau
• Pernod
• Richard
• Diageo
• The Famous Grouse
For More Information Visit @:https://www.maximizemarketresearch.com/market-report/global-duty-free-li...
This Report Is Submitted By : Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.