Global Airport Duty Free Liquor Market: Industry Analysis and Forecast (2020-2026)
Global Airport Duty Free Liquor Market was valued $ 8.9 Bn in 2019 and is expected to reach $9.4 Bn by 2026, at a CAGR of xx% during the forecast period.
Global Airport Duty Free Liquor Market Introduction
Duty-free alcohol refers to liquor that is exempt from paying federal taxes and duties, as well as other local taxes. Duty-free alcohol is sold at airports to travellers heading to different countries. These stores or retail outlets can be found at otaher channels such as railway stations, cruise liners, frontiers, and hotel shops. Citizens often buy liquor from duty-free shops to invest the foreign currency.
Global Airport Duty Free Liquor Market Dynamics
Changes in lifestyle, increase in tourism promotion, and surge infrequent fliers have boosted the growth of the global airport duty-free liquor market. The airport duty-free shops have become a favourite destination for travellers who like to shop before starting their journey. This is due to the elimination of local import tax or the duties implemented by the government bodies. This results in lesser pricing of liquor or any other products such as cosmetics, perfumes, souvenirs, and others, which are available at duty-free shops. The global airport duty-free liquor market is driven by rising in the development of the travel & tourism industry, which is also anticipated to propel the market growth during the forecast period. This is because travel & tourism includes leisure tourism, business tourism, and others. Continuous growth in global aviation, air traffic, and the growth of the tourism industry are the key factors that boost the growth of the airport duty-free liquor industry.
The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in the number of passengers and frequent fliers, and others, which in turn are expected to fuel the growth of the airport duty-free liquor market.
Global Airport Duty Free Liquor Market Segment Analysis
Strong demand for wine from the millennial population is providing revenue growth opportunities for other segments. In addition, many people buy premium and expensive wine from airport duty-free liquor stores, not for the experience of drinking, but for the status quo. Changes in tastes and new preferences among consumers along with the increase in demand for new and exotic flavors, such as Riesling wine and other tropical fruit wines are expected to fuel the growth of the wine segment in the airport duty-free liquor market.
Globally, travel retail volume for spirits is estimated to reach around $10.4 Bn by 2023, the growth being led by cane spirits, Japanese whiskey, and gin, according to IWSR (International wine and spirit research). Some of the top-selling brands in global travel include Johnnie Walker Scotch, Jack Daniel’s Whiskey.
Whiskey the segment accounted for the second maximum share in 2019, owing to an increase in demand for whiskey across the globe.
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Global Airport Duty Free Liquor Market Regional Insights
Asia-Pacific dominated global airport duty-free liquor market followed by Europe and North America, in 2019, contributing to more than two-fifths of the market. In addition, the region is expected to register the highest CAGR of 27.3% during the forecast period, due to rise in number of new air routes and advent of LCC carriers.
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Global Airport Duty Free Liquor Market Report Scope: Inquire before buying
Global Airport Duty Free Liquor Market, by Region
• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Airport Duty Free Liquor Market Key Players
• Brown-Forman
• Diageo
• Erdington
• Bacardi
• Heineken
• Glen Moray
• Accolade Wines
• Constellation Brands, Inc
• REMY COINTREAU
• Pernod
• Ricard
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