PORTLAND, OR, UNITED STATES, August 17, 2021 /EINPresswire.com/ — Allied Market Research recently published a report, titled, "Airport Duty-free Liquor Market by Type (Whiskey and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global airport duty-free liquor industry was pegged at $8.9 billion in 2019, and is projected to garner $10.4 billion by 2027, growing at a CAGR of 22.2% from 2021 to 2027.
Travel & tourism includes leisure tourism, business tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in number of passengers and frequent fliers, and others, which in turn are expected to fuel the growth of the airport duty-free liquor market. Therefore, these factors are expected to propel the growth of the airport duty-free liquor market in the near future. Continuous growth in global aviation, air traffic, and rise in the tourism industry are the key factors that boost the growth of the airport duty-free liquor market.
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Major market players:
Constellation Brands, Inc
Drivers, restraints, and opportunities
Changes in lifestyle, increase in tourism promotion, and surge in frequent fliers have boosted the growth of the global airport duty-free liquor market. However, strict government rules regarding airport retailing hamper the market growth. On the contrary, surge in disposable income, especially in developing countries is expected to create lucrative opportunities for the market players in the future.
Due to the Covid-19 outbreak, several governments imposed complete lockdown and international travel was halted. This affected airport duty-free liquor sales significantly.
Moreover, the prolonged lockdown resulted in unsold stock of duty-free liquors and some retailers have found imaginative ways to keep trading.
However, as some countries have lifted lockdown regulations, the sales of airport duty-free liquor would rise.
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The others segment held the lion's share
By product, the others segment, which includes beer, wine, vodka, and cognac, held the largest share in 2019, accounting for around 90% of the global airport duty-free liquor market. Moreover, the segment is projected to manifest the highest CAGR of 22.8% during the forecast period, owing to increase in air passenger traffic and rise in female drinkers. The report includes an analysis of the whiskey segment.
Asia-Pacific, followed by Europe and North America, held the largest share
By region, the global airport duty-free liquor market across Asia-Pacific, followed by Europe and North America, dominated in 2019, contributing to more than two-fifths of the market. In addition, the region is expected to register the highest CAGR of 27.3% during the forecast period, due to rise in number of new air routes and advent of LCC carriers.
Key Findings Of The Study
By region, Europe led the market in 2019.
By type, the whiskey category occupied the maximum share in the market in 2019
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Source: EIN Presswire