Duty-Free Liquor Market to Reach $16.10 Bn, Globally, by 2027 at 11.1% CAGR Allied Market Research
Changes in lifestyle, rise in tourism promotion, increase in disposable income, and surge in the number of frequent fliers drive the growth of the global duty-free liquor market
PORTLAND, Ore., March 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Duty-Free Liquor Market by Type (Beer, Wine, Vodka, Cognac, and Whiskey) and Channel (Cruise liners, Airport, Railway Station, Border, downtown, and hotel shops): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global duty-free liquor industry was estimated at $13.78 billion in 2019, and is expected to hit $16.10 billion by 2027, registering a CAGR of 11.1% from 2021 to 2027.
Drivers, restraints, and opportunities-
Changes in lifestyle, rise in tourism promotion, increase in disposable income, and surge in the number of frequent fliers drive the growth of the global duty-free liquor market. On the other hand, stringent government rules, especially for airport retailing impede the growth to some extent. However, rapid urbanization is expected to create multiple opportunities in the industry.
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- The outbreak of the pandemic led to slowed down international travels, which in turn affected the duty free sales to a significant extent.
- The travel retail sector market was temporarily on hold during the first phase of the lockdown; accordingly, duty free liquor had seen crucial sales channel cutoff.
- However, the situation has started ameliorating and the global duty-free liquor market is expected to revive soon.
The whiskey segment to dominate by 2027-
Based on product, the whiskey segment contributed to more than one-third of the global duty-free liquor market share in 2019, and is projected to lead the trail by the end of 2027. The same segment would also register the fastest CAGR of 12.20% throughout the forecast period, owing to rise in demand for blended whiskey.
The airport segment to retain its top share during the forecast period-
Based on channel, the airport segment accounted for nearly three-fourths of the global duty-free liquor market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 12.00% from 2021 to 2027. At airports, duty-free liquor stores are mostly located in central areas with high passenger flow. Both departure and arrival areas can be fitted with this shop concept that attracts the customers to visit the stores. These factors fuel the growth of the segment.