Rapid growth in urbanization, development of the travel & tourism industry, and rise in disposable income propel the growth of the global duty-free liquor market
PORTLAND, Oregon, Sept. 23, 2019 /PRNewswire/ -- Allied Market Research recently 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, 2019-2026." The report provides a detailed analysis of the market, including key winning strategies, industry drivers &restraints, market size & forecast, top investment pockets, competitive landscape, and wavering market trends. As per the report, the global duty-free liquor industry was estimated at $2.94 billion in 2019 and is anticipated to register $3.74 billion by 2026, registering a CAGR of 9.4% during the forecast period.
Drivers, restraints, & opportunities-
Rapid growth in urbanization, development of the travel & tourism industry, and rise in disposable income fuel the growth of the global duty-free liquor market. On the other hand, stringent government rules for airport retailing restrain the growth to some extent. However, growth in Asia-Pacific and LAMEA economies is expected to create a number of lucrative opportunities for the key players in the industry.
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The whiskey segment garnered the lion's share in 2019-
Based on type, the whiskey segment contributed to more than one-third of the global duty-free liquor market share in 2019 and is expected to dominate throughout 2019-2026. This is attributed to rising consumer base across the globe coupled with increase in tourism and passengers. The same segment is also projected to grow at the fastest CAGR of 4.1% during the study period. High demand for Irish whiskey coupled with growing demand for whiskey from the millennial population has spurred the growth.
The airport segment to lead the trail by 2026-
Based on channel, the airport segment accounted for nearly three-fourths of the global duty-free liquor market revenue in 2019 and is anticipated to rule the roost during 2019-2026. The fact that consumers mostly prefer to buy premium brands of liquor at airports has resulted in the outstripped sales of finest brands at air stations. The same segment would also showcase the fastest CAGR of 8.4% till 2026. The continuous growth in global aviation and air traffic is expected to propel the growth of the segment.
Europe to dominate followed by Asia-Pacific and North America-
Based on geography, Europe garnered the major share in 2019, holding nearly two-fifths of the global duty-free liquor market. And, the region is expected to dominate followed by Asia-Pacific and North America. Germans' love for travel has contributed to the growth of the market. Also, tourists from other regions, such as China and Middle East account for Europe's duty-free liquor market, as they tend to purchase liquor from duty-free stores at airports. At the same time, the Asia-Pacific region would cite the fastest CAGR of 6.2% throughout the estimated period. The budget airline boom and democratization contribute to the growth of number of travelers through airways and cruise liners in the Asia-Pacific region.
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Frontrunners in the industry-
- Diageo
- Bacardi
- Ricard Heineken
- Brown-Forman
- REMY COINTREAU
- Pernod
- Glen Moray
- Accolade Wines
- Erdington
- Constellation Brands, Inc.
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