The travel retail market is expected to flourish by 2031 due to the increase in the number of international travelers. The airport sub-segment is expected to be very dominant. market in Asia Pacific The region is expected to experience more growth opportunities by 2031.
NEW YORK, August 11, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled “Retail Market by Product Type (Fragrance & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods and Others). )”, Sales Channel (Airports, Cruise Ships, Railway Stations, Border, Downtown and Hotel Shop) and Regional Analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2022-2031″.
According to the report, the global travel retail market is planned to collect a income from $225,663.8 million and grow to CAGR of 16.0% over the period 2022-2031 estimated time.
Dynamics of the Travel Retail market
Drivers: Rapid increase in travel and tourism across the globe, along with rising demand for cosmetics, apparel, food, and electronics in the travel retail sector, are factors that are expected to boost the growth of the global market travel retail over the forecast period. Moreover, increasing urbanization and lifestyle changes are also expected to drive the market growth over the analysis period 2022-2031.
Opportunities: The increasing use of mobile phones and laptops to book air tickets and other travel itineraries as well as the adoption of digitalization by travel retailers as an advanced mode for their product sales are factors that will create abundant growth opportunities for the global travel retail market by 2031.
Constraints: Changing socio-economic conditions caused by different events such as riots, terrorist attacks, etc. is the major factor hindering the growth of the market.
Impact of Covid-19 on the Travel Retail market
The onset of the devastating covid-19 pandemic has had a negative impact on the global travel retail market, primarily due to travel restrictions and social distancing norms imposed by governments. The economic downturn in several countries has forced people to cancel their travel plans, which has had a negative impact on the industry. Moreover, the retail stores present in the airports were likely to face several financial problems due to the absence of travelers, which resulted in no source of income. These factors are expected to slow market growth amid catastrophic stress.
Travel Retail Market Segments
According to the report, the global ravel retail market has been bifurcated into several segments on the basis of product type, sales channel and regional analysis.
- By product type, the perfumes and cosmetics sub-segment is expected to hold a dominant market share and gain a income from $81,414.5 million during the years of analysis. Cosmetic products like skin cream, nail polish, perfumes, makeup products, soaps, shampoos, shaving creams, essential oils, etc. are readily available at the various travel terminals. Additionally, retailers also offer discounts, cashback, and sale offers on particular products. These factors are expected to support the growth of the sub-segment through 2031.
- By sales channel, the airports sub-segment of the global travel retail market is expected to have the highest growth rate and record a turnover of $137,236.9 million during the analysis period because air travel is becoming more and more affordable and convenient for people. Additionally, the wide availability of customer-oriented cosmetics and beverages by airport retailers is also expected to propel the growth of the sub-segment over the analysis period 2022-2031.
- In regional analysis, the travel retail market in Asia Pacific the region should have a notoriety CAGR growth rate of 16.6% over the forecast period since many foreign investors prefer to visit Malaysia, hong kong, and other Asian countries to shop duty free. Additionally, the airports in the region have advanced in terms of infrastructure, technology and also offer various customer-oriented products which is further expected to drive the market growth in the Asia Pacific region by 2031.
Main players in the travel retail market
Some key players in the travel retail market are
1. Air 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 purchasing the full report
For instance, in August 2021Diageo Global Travela multinational liquor company, announced its partnership with Delhi Duty Free, an alcohol retail outlet where certain products are exempt from payment of certain local or national taxes and duties, to launch its exclusive digital whiskey store and meet the growing demand for e-commerce solutions in the travel retail sector.
The report also summarizes many important facets including financial performance of key market players, SWOT analysis, product portfolio, and latest strategic developments.
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