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Dublin, January 12, 2022 (GLOBE NEWSWIRE) — “Global Duty Free and Travel Retail Market – Analysis by Location (Airlines, Airport Stores, Ferries, etc.), By Product, By Region, By Country (2021 Edition): Market Insights and Forecasts with COVID-19 Impact (2021) -2026) )” report added to ResearchAndMarkets.com’s supply.
Global Duty Free and Travel Retail Market Valued at USD 29.89 Billion in 2020
Growing demand for retail chains of luxury and premium brands offering a wide range of products has contributed to the growth of the duty-free and travel retail market. Distribution channels provide value to passengers, enhance their travel experience, and add value to economic activities, thereby paving the way for market growth during the forecast period 2021-2026.
On the basis of product, the market is segmented into wines and spirits, fashion and accessories, fragrances and cosmetics, tobacco products, and others. The fragrance and cosmetics segment is expected to grow at a higher CAGR during the forecast period. The growth of fragrances and fragrances in the travel retail market is mainly influenced by unpredictable and changing fashion trends. As a result, key market players are focusing on developing exciting, unique and new fragrances to appeal to diverse consumer groups across the globe.
Asia Pacific is expected to hold the largest market share in the global duty-free and travel retail market by 2026. Asia Pacific is also expected to be the fastest growing region due to the growing consumer base in countries such as India, China and South Korea. Furthermore, increasing travel spending by consumers in the region owing to rising per capita income will drive the market growth in the duty-free and travel retail market forecast period 2021-2026.
Growing demand from retail chains of luxury and premium brands offering a wide range of products is fueling growth…
The full story is available on Benzinga.com
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