Global Travel Retail Market Anticipated to Gather $225,663.8 Million and Grow at 16.0% CAGR in the 2022-2031 Forecast Timeframe [250-Pages] | Divulge by Research Dive
Travel retail market is expected to prosper by 2031 due to rising number of international travelers. Airports sub-segment is predicted to be highly dominant. Market in Asia-Pacific region is projected to witness more growth opportunities by 2031.
NEW YORK, Aug. 11, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Travel Retail Market by Product Type (Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, and Others), Sales Channel (Airports, Cruise Liners, Railway Stations, Border, and Down-Town & Hotel Shop), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031".
According to the report, the global travel retail market is anticipated to gather a revenue of $225,663.8 million and grow at 16.0% CAGR during the 2022-2031 forecast timeframe.
Dynamics of the Travel Retail Market
Drivers: Rapidly increasing travel and tourism across the globe along with the growing demand for cosmetics, garments, food, and electronics in the travel retail sector are some factors estimated to drive the growth of the global travel retail market during the forecast period. Moreover, rise in urbanization and changes in lifestyle are also expected to boost the market growth during the 2022-2031 analysis timeframe.
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Opportunities: The increasing use of mobiles and laptops to book airplane tickets and other travel itineraries as well as the adoption of digitalization by travel retailers as an evolved mode for their product sales are some factors to create abundant growth opportunities for the global travel retail market by 2031.
Restraints: Shifting socio-economic conditions brought by different events like riots, terrorist attacks, etc. is the major hampering factor for the market growth.
Covid-19 Impact on the Travel Retail Market
The onset of the devastating covid-19 pandemic has had an adverse impact on the global travel retail market mainly due to travel restrictions and social distancing norms imposed by governments. Economic slowdown across several countries forced people to cancel their travel plans that created a negative impact on the industry. Moreover, retail stores present in the airports were prone to face several financial issues because of no travelers that led to no source of income. These factors are predicted to decline the market growth amid the catastrophic stress.
Segments of the Travel Retail Market
As per the report, the global ravel retail market has been divided into multiple segments based on product type, sales channel, and regional analysis.
- By product type, the perfume and cosmetics sub-segment is projected to hold a dominant market share and garner a revenue of $81,414.5 million during the analysis years. Cosmetics like skin cream, nail polish, perfumes, makeup products, soaps, shampoos, shaving creams, essential oils, etc. are easily available at various travel terminals. Moreover, retailers also provide discounts, cashbacks, and sale offers on particular goods. These factors are estimated to bolster the sub-segment's growth by 2031.
- By sales channel, the airports sub-segment of the global travel retail market is anticipated to have the highest growth rate and register a revenue of $137,236.9 million during the analysis timeframe because air travel is becoming more affordable and convenient for people. In addition, high availability of customer-focused cosmetics and beverage products by airport retailers is also expected to propel the sub-segment's growth during the 2022-2031 analysis period.
- By regional analysis, the travel retail market in the Asia-Pacific region is predicted to have a noteworthy growth rate of 16.6% CAGR during the forecast period since many foreign investors prefer travelling to Malaysia, Hong Kong, and other Asian countries to shop tax-free. Moreover, the airports in the region have advanced in terms of infrastructure, technology, and also offer various customer-focused goods which is further projected to uplift the market growth in the Asia-Pacific region by 2031.
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Key Travel Retail Market Players
Some key travel retail market players are
1. Aer Rianta International
2. China Tourism Group Duty Free Corporation Limited
3. DUFRY GROUP
4. Duty Free Americas, Inc
5. Gebr. Heinemann SE & Co. KG
6. King Power International.
7. Lotte hotel
8. Lagardère sca (lagardère travel retail)
9. LVMH Group
10. THE SHILLA DUTY FREE, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here before buying the full report
For example, in August 2021, Diageo Global Travel, a multinational beverage alcohol company, announced its partnership with Delhi Duty Free, an alcohol retail outlet where some products are exempted from the payment of certain local or national taxes and duties, to launch its exclusive digital whisky store and address the surging demand for e-commerce solutions in the travel retail sector.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Travel Retail Market:
- Global Travel Retail Market's Growth to Experience Boom due to Flourishing Travel and Tourism Sector
- A Guide on Travel Retail: Definition, Growth Factors, and Future Prospects
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