Global Airport Duty-Free Liquor Market Overview
The key driver impacting the airport duty-free liquor market is the growth in the expanding Travel & Tourism industry. For instance, According to the World Travel and Tourism Council, the Travel & Tourism sector experienced a 3.5% rise in 2019. It added around US$8.9 trillion to the world's GDP and 10.3% to worldwide GDP. The United Nations World Tourism Organization (UNWTO) report estimates that internationally there were just 25 million tourist arrivals in 1950, which climbed to 1.4 billion international arrivals per year. It shows a 56-fold growth. Earlier Asia Pacific did not have much importance as a tourist destination but in 2018 every fourth tourist arrived in the region. Moreover, the removal of local import tax or the duties implemented by the government bodies contributes to the airport duty-free liquor market growth in the coming years.
According to Value Market Research, the global airport duty-free liquor market size was valued at around USD 8000 million in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period 2021 to 2027.
The increase in disposable income and living standard with high economic growth is likely to augment the airport duty-free liquor demand in the forecast period. For instance, the World Bank report shows that in 2014 net national income per capita was 8967.271 USD and it is raised to 8865.384 USD,9290.346 USD respectively in the year 2017 and 2018. However, the stringent government rules for airport retailing may hamper the market in the extended years. The recent industry trends, such as rapid growth in urbanization and growing air traffic, are expected to offer several lucrative market opportunities for the key players.
The Airport duty-free liquor market is vast, with many local and global players. The Airport duty-free liquor market is extensive, with many regional and international players. The key market leaders follow numerous strategies, such as product upgrades, acquisitions, mergers, contracts, extending product base to amplify their market share worldwide. The important players studied in the report include Accolade Wines, Brown-Forman, BACARDÍ, Constellation Brands, Inc, Glen Moray, Rémy Cointreau, Chivas Brothers(Pernod Ricard), Diageo, Heineken Holding NV. (Heineken N.V.), and The Famous Grouse(The Edrington Group Limited).
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In this research report, the airport duty-free liquor market is segmented by type and region.
Analysis by Type:
By type, the report is categorized into Beer, Wine, Vodka, Cognac, and whiskey. The whiskey segment dominates the type segment with over 30% in the forecast period. It is due to the increase in demand for whiskey across the globe. Moreover, the availability of its superior quality and premium products contributes to the whiskey segment growth in the forecast period.
Analysis by Region:
In the regional outlook of the global airport duty-free liquor market, the Europe region dominates globally with a 30% market share in the forecast period. It is due to the growing number of tourists coming from the U.S., Middle East, China, and Russia. Moreover, a growing liking for travel among Germans contributed to tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Type
- Beer
- Wine
- Vodka
- Cognac
- Whiskey
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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