Travel Retail Market Trends and Segments Forecast To 2029
The global travel retail market size was valued at USD 62.3 billion in 2022 which is expected to grow at a CAGR of 13.2% during the forecast period 2023-2029. The primary factors that drive the market are the increasing number of international tourists, inexpensive travel selections, and the growing middle-class population in developing Asian countries.
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The global travel retail market segmentation:
1) By Product Type: Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery and Catering, Tobacco, and Others.
2) Sales Channel: Airport, Cruise Liner, Railway Station, Border, Downtown, and Hotel Shop.
Sector: Duty-Free and Duty Paid.
3) End Users: Children (Less Than 18 Years Old), Youth (18-30 Years Old), Middle-Aged (18-59 Years Old), and The Elder (Greater Than 60 Years Old
Airport to Dominate the Travel Retail Market
Based on sales channel type, the airport holds the highest market share. The primary factor for the rise of this segment is the growing number of air travelers because of enhanced living conditions and lower costs. Initiatives by various airports to surge profitability from non-aeronautical properties can drive the global travel retail market growth. Apart from this, a seamless shopping experience in the flight due to in-build wifi services can also cause the development of the market.
Asia Pacific Travel Retail Market
The Asia Pacific region is expected to grow significantly in the global travel retail market over the forecast period. The Asia Pacific region is expanding due to many foreign stockholders visiting countries such as Malaysia and Hong Kong to enjoy tax-free shopping. China is one of the largest traders of apparel and cosmetics. Apart from this, the surge in the living standards of the people due to high disposable incomes, upgrading in lifestyle, and a surge in corporate culture are some of the reasons for the potential growth of the market in these regions.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global travel retail market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.
In April 2021, Star Brands Travel Retail announced the launch of its procedures in China’s travel retail market.
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Key players’ profiles in the Travel Retail market report are Aer Rianta International, China Tourism Group Duty-Free Corporation Limited, DUFRY GROUP, Duty-Free Americas, Inc, Gebr. Heinemann SE & Co. KG, King Power International, Lotte hotel, Lagardère sca (lagardère travel retail), LVMH Group, and THE SHILLA DUTY-FREE
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