The sales of spirits in global travel retail are expected to grow
According to the latest report by Allied Market Research, retail sales of spirits in the Travel Retail sector may reach over $ 16 billion by 2027. The greatest impact on sales growth is to be the growing demand for blended whisky in the Asia-Pacific region.
According to the authors of the report "Duty-Free Liquor Market by Type and Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027," global sales of spirits in duty free zones in 2019 amounted to $ 13.78 billion. Sales are projected to reach a compound annual growth rate (CAGR) of 11.1% between 2021 and 2027.
The report states that whisky accounted for over a third of the global market share of duty-free alcohol in 2019. The growing demand for whisky is expected to make it the fastest growing category, growing 12.2% annually until 2027. In regional terms, Europe has the largest market share, followed by Asia and the Pacific and North America, generating approx. 40% of the world market.
Allied Market Research estimates, however, that the Asia-Pacific region will have the fastest CAGR of 13.4% by 2027.
Despite the outbreak of the Covid-19 pandemic, which affected international travel and significantly impacted retail sales in duty free zones, Allied Market Research predicts that global tourism will soon recover, and with the growing number of travelers, alcohol sales in the Travel Retail sector will also grow .
Source: www.thespiritsbusiness.com
