Asia-Pacific Duty-Free Retail Market by Sector Analysis, Tourism Landscape, Opportunities, Innovations, Key Players and Forecast to 2026
Asia-Pacific (APAC) Duty-Free Retailing Market Overview
The APAC duty-free retailing market size was valued at $32.7 billion in 2022. The market is projected to grow at a CAGR of more than 13% during the period 2023-2026, making it the fastest-growing region, ahead of Europe. To cater to the rising demand in the region, many airports in the Asia-Pacific region are expanding and modernizing, giving duty-free stores greater space enabling them to attract more customers. Moreover, the demand for premium and luxury goods has been increasing in the Asia-Pacific region due to rising consumer wealth, creating new business prospects for duty-free merchants.
APAC Duty-Free Retailing Market Overview (2022-2026)
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APAC duty-free retailing market report provides an overview of the Asia-Pacific duty-free retailing which includes Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape.
| Market size (Year – 2022) | $32.7 billion |
| CAGR (2023-2026) | >13% |
| Key sectors | · Cosmetics and Toiletries
· Drinks · Jewelry and Watches · Food · Tobacco · Accessories · Womenswear · Communications Equipment · Menswear · Printed Media · Children Wear · Computer Hardware & Software · Stationery and Cards |
| Key Countries | · Australia
· China · Hong Kong · India · Indonesia · Japan · Malaysia · New Zealand · Philippines · Singapore · South Korea · Thailand |
| Key Retailers | · Lotte Duty Free
· Shinsegae DF · DFS · King Power · Dufry · Loax · Aelia Duty Free · Daikoku Duty Free · Heinemann · Flemingo · Duty-Free Americas |
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APAC Duty-Free Retailing Market Drivers
Relaxation of China’s Zero COVID-19 Policy, brand collaborations and new ventures, favorable government initiatives to boost tourism and retail space expansion are some of the key drivers impacting the APAC duty-free retail market.
For instance, the duty-free market in the Asia Pacific is largely driven by Chinese consumers. In January 2023, China relaxed quarantine restrictions for inbound travelers to the country. As a result, the increasing number of tourists to the country should significantly push up duty-free sales.
APAC Duty-Free Retailing Market Segmentation by Countries
Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, and Thailand are the key countries in the APAC duty-free retailing market. Among them China had the highest share in 2021, followed by South Korea.
China’s duty-free retail market has registered a strong recovery post the pandemic. Looking ahead, the designation of Hainan as a free-trade port and a duty-free hub is expected to significantly propel growth in the upcoming period. Hainan free trade port is being promoted by the Chinese government as an international tourism consumption center to improve the competitiveness of China’s offshore duty-free sales. Additionally, South Korea will be the largest duty-free market in 2026 with its diversified channels and demand for beauty products.
APAC Duty-Free Retailing Market, by Country (%)
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APAC Duty-Free Retailing Market Segmentation by Sectors
The key sectors in the duty-free retailing market are cosmetics and toiletries, drinks, jewelry and watches, food, tobacco, accessories, womenswear, communications equipment, menswear, printed media, children wear, computer hardware & software, and stationery and cards. Cosmetics and toiletries continue to be the largest contributor to overall growth in the Asia-Pacific, followed by drinks and accessories.
APAC Duty-Free Retailing Market, By Sectors (%)
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APAC Duty-Free Retailing Market Segmentation by Retailers
The key retailers in the duty-free retailing market are Lotte Duty Free, Shinsegae DF, DFS, King Power, Dufry, Loax, Aelia Duty Free, Daikoku Duty Free, Heinemann, Flemingo, and Duty-Free Americas. Lotte Duty Free led the market in 2021.
APAC Duty-Free Retailing Market, By Retailers (%)
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Segments Covered in the Report
APAC Duty-Free Retailing Market Outlook by Country
- Australia
- China
- Hong Kong
- India
- Indonesia
- Japan
- Malaysia
- New Zealand
- Philippines
APAC Duty-Free Retailing Market Outlook by Sectors
- Cosmetics and Toiletries
- Drinks
- Jewelry and Watches
- Food
- Tobacco
- Accessories
- Womenswear
- Communications Equipment
- Menswear
- Printed Media
- Children Wear
- Computer Hardware & Software
- Stationery and Cards
Reasons to Buy
- Gain a comprehensive knowledge on Asia-Pacific Duty Free market and develop a competitive advantage.
- Investigate current trends in the Asia-Pacific duty free market to identify the best opportunities to exploit.
- Analysis of key duty free players operating in Asia-Pacific region.
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the duty free market in Asia-Pacific region.
- Analyze the recommended actions to align your marketing strategies with the crucial trends influencing consumer behavior.
- Analysis of key international players operating in Asia-Pacific Duty Fee retail market — including store counts and revenues that give you a competitive edge and identify opportunities to improve your market share.
Key Players
Table of Contents
Frequently Asked Questions
The APAC duty-free retailing market size was valued at $32.7 billion in 2022.
The APAC duty-free retailing market is projected to grow at a CAGR of more than 13% during the period 2023-2026.
China was the leading country in the APAC duty-free retailing market in 2021.
Cosmetics and toiletries had the highest share in 2021 in the duty-free retailing market.
The key retailers in the duty-free retailing market are Lotte Duty Free, Shinsegae DF, DFS, King Power, Dufry, Loax, Aelia Duty Free, Daikoku Duty Free, Heinemann, Flemingo, and Duty-Free Americas.
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