# Global Travel Retail & Duty-Free Market: Growth Projections and Key Drivers

As per the analysis by Next Move Strategy Consulting, the global travel retail and duty-free market was valued at USD 64.79 billion in 2022. It is anticipated to reach **USD 156.28 billion by 2030**, exhibiting a **Compound Annual Growth Rate (CAGR) of 10.7%** from 2023 to 2030. This surge is primarily attributed to the increasing number of international travelers worldwide.

The expanding global travel population, coupled with a rising influx of international tourists and business travelers embarking on journeys for various purposes, is propelling the market's growth. The availability of budget-friendly airfare options and improved transportation infrastructure have significantly enhanced the accessibility and affordability of international travel. Consequently, there has been a noteworthy surge in the demand for retail services within travel settings, including duty-free shops.

However, heightened security measures at airports and border crossings may lead to longer wait times and stricter regulations, potentially reducing the time available for travelers to shop at duty-free stores. These delays and limitations can negatively impact the overall travel experience, discouraging shoppers and resulting in lower sales in duty-free retail areas.

Conversely, the growing popularity of pre-ordering duty-free products online presents an opportunity for the travel retail and duty-free market. Companies offering online duty-free platforms or digital marketing services in the e-commerce space have promising prospects. Many duty-free retailers now offer pre-order services, enabling travelers to browse and reserve products online before their trip. This not only saves time but also ensures product availability, as customers can pick up their desired items at the airport or other designated locations.

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The report categorizes the global travel retail and duty-free market based on product into beauty & cosmetics, alcohol, fashion & accessories, tobacco items, confectionery & catering, electronics, and others. Regarding distribution channels, the market is classified into airports, railway stations, military and diplomatic, seaports & cruise ships, ferries, border shops, downtown duty-free shops, and others.

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In terms of regions, Europe stands as a coveted destination for many travelers due to its rich history, culture, and natural beauty. This factor contributes to the upswing in duty-free sales. Additionally, the presence of prominent players like Dufry, Lagardère, LVMH Moët Hennessy, and others, who are continually adopting strategies for business expansion, fuels industry growth.

North America is poised to witness substantial growth in the travel retail and duty-free market in the upcoming years, driven by the increasing popularity of duty-free alcohol and tobacco products. Duty-free shops located in airports and border crossings offer travelers the opportunity to purchase these items at tax-free prices, making them an appealing choice. Moreover, the number of international passengers is on the rise in countries such as the U.S. and Canada, largely due to business-related visits.

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Key players in the travel retail and duty-free market include China Duty-Free Group, Lotte Duty-Free, The Shilla Duty-Free, Dufry, Lagardère Travel Retail, Gebr Heinemann, DFS Group, Sinsegae Duty-Free, Ever Rich Duty-Free, Dubai Duty-Free, among others. The report provides an in-depth analysis of the competitive landscape.

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