CARIBBEAN DUTY FREE RETAILING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2021 to 2028)

Duty-free shops sell various products to overseas travelers and thus offer items free from some local and national taxes and levies. However, taxes may be imposed if the buyer reaches their destination country or the value or quantity of the products exceeds certain limits. Such retailers can be located in international airports, border towns, seaports, train stations, and even onboard planes and ships. Cigarettes, chocolates, electronics, and accessories, as well as perfumes, cosmetics, and alcohol are among the products sold in duty-free shops.

Market Dynamics

The expansion of airports is driving the Caribbean duty free retailing market. Due to rising footfall at airports, airport authorities are looking for ways to increase their revenue from non-aeronautical streams. Many airports are planning to increase their retail space, as the demand for duty-free products is increasing. For instance, according to the data of the World Bank, 21.19 million travelers were carried in and out across Chile in 2019, as compared to 19.51 million in 2018. Moreover, favorable governmental policies for the expansion of airports are propelling growth of the duty-free retail market across the Caribbean region. In May 2020, the Board of Executive Directors at the World Bank provided a fund of US$ 159 million for carrying out Caribbean Regional Air Transport Connectivity Projects across four countries including Dominica (US$ 13 million), Grenada (US$ 17 million), Haiti (US$ 84 million), and Saint Lucia (US$ 45 million). The completion of these projects is expected to enhance the air transport industry growth and attract many international tourists. This is expected to increase duty free retailing at these airports.

The increasing brand awareness among the millennial population and initiatives undertaken by governing authorities such as ACI-LAC (Airports Council International – Latin America and Caribbean) and ASUTIL (South American Association of Free Stores) for increasing the sales of locally manufactured products are expected to contribute towards the growth of the Caribbean duty-free retailing market.

Due to the rapid drop in tourism caused by the COVID-19 epidemic, the Caribbean duty free retailing market was heavily damaged in 2020. The tourism industry has already begun to feel the effects of the pandemic on its performance. Travel restrictions and precautions began in January 2020. Due to the fear of contracting the COVID-19, domestic and international visitors limited their trips, reducing the number of local and international clients for this retail channel.

Key features of the study:

• This report provides an in-depth analysis of the Caribbean duty free retailing market, market size (US$ Million), and compound annual growth rate (CAGR %) for the forecast period (2021 – 2028), considering 2020 as the base year
• It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights into market drivers, restraints, opportunities, new product launches or approval, country outlook, and competitive strategies adopted by the leading players
• It profiles leading players in the Caribbean duty free retailing market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, and strategies, and future plans
• Key companies covered as a part of this study include Dufry AF, Duty Free Caribbean Holdings, Evelop, Cave Shepherd & Co. Ltd., Pure Grenada, Habanos S.A., and Duty Free Pointe Seraphine
• Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding their future product launches, Product Type up-gradation, market expansion, and marketing tactics
• Caribbean duty free retailing market report caters to various stakeholders in this industry including investors, suppliers, hair styling product formulations manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analysing the Caribbean duty free retailing market

Detailed Segmentation:

• Caribbean Duty Free Retailing Market, By Product Type:
  • Fragrance & Cosmetics
  • Wines & Spirits
  • Fashion & Accessories
  • Tobacco
  • Watches & Jewelry
  • Confectionary & Fine Foods
  • Gifts and Others
• Caribbean Duty Free Retailing Market, By Sales Channel:
  • Air Terminals
  • Ports
  • Others
• Caribbean Duty Free Retailing Market, By Region:
  • Caribbean
    • By Country:
      • Cuba
      • Trinidad and Tobago
      • Barbados
      • Bahamas
      • Dominican Republic
      • Rest of Caribbean
•  Company Profiles
  • Dufry AF *
    • Company Overview
    • Product Portfolio
    • Financial Performance
    • Key Strategies
    • Recent Developments
    • Future Plans
  • Duty Free Caribbean Holdings,
  • Evelop
  • Cave Shepherd & Co. Ltd.
  • Pure Grenada
  • Habanos S.A.
  • Duty Free Pointe Seraphine

 “*” marked represents similar segmentation in other categories in the respective.