New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global travel retail market is expected to generate a revenue of $225,663.8 million and go up to a 16.0% CAGR during the forecast period from 2022 to 2031.
According to our analysts, with the rapid increase in travel and tourism among people across the globe, the travel retail market is expected to witness progressive growth over the estimated time period. In addition, increasing urbanization and changing lifestyles among people are the factors that are anticipated to boost the growth of the market throughout the analysis period. In addition, increasing digitization of the retail sector is expected to fuel market growth during the forecast period. However, various socio-economic factors may restrain the growth of the market during the analysis period.
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Travel Retail Market Segments
The report has segmented the market based on type, sales channel, and region.
By Type: The perfume and cosmetic gases sub-segment will be the most profitable
The perfume and cosmetic gases sub-segment is expected to generate revenue of $81,414.5 million during the forecast period. This is mainly because retailers offer customer-centric regulations such as cashback, discounts on specific products and many others. The growing interest of people in internationally recognized brands that are difficult to find in their native locations is expected to boost the growth of the market sub-segment during the estimated period.
By sales channel: the airports sub-segment will be the most productive
The airport sub-segment is expected to generate revenue of $137,236.9 million during the analysis period. This is mainly because air travel is becoming more and more affordable and convenient for people all over the world. Additionally, the availability of customer-centric cosmetic and beverage products by airport retailers is expected to drive the growth of the market sub-segment during the forecast period.
By region: The Asia-Pacific region has great growth opportunities
The Asia-Pacific region of the travel retail market is projected to grow at a CAGR of 16.6% during the estimated time period. This is mainly due to the growing popularity of travel and tourism and the growing millennial population in this region. In addition, airports in this region are expanding their offerings to non-aeronautical sectors such as retail, cafes, and restaurants, which is expected to drive regional market growth over the forecast period.
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Impact of Covid-19 on the travel retail market
The outbreak of the Covid-19 pandemic has had a negative impact on the travel retail market, as well as several other industries. This is mainly due to international travel restrictions and the economic slowdown in many nations. In addition, the strict regulations imposed by the government of many nations to maintain social distancing have slowed down the market growth during the pandemic period. In addition, the pandemic caused customers to switch to Internet sales channels to buy the most choice things has had a serious impact on the growth of the market during the crisis period.
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Key players in the travel retail market
Major players in the travel retail market include
- Air Rianta International
- China Tourism Group Duty Free Corporation Limited
- DUFRY GROUP
- Duty Free Americas, Inc
- Feb. Heinemann SE & Co. KG
- King Power International.
- Lotte Hotel
- Lagardère sca (lagardère travel retail)
- LVMH Group
- THE SHILLA DUTY FREE., and many more.
These players work extensively in developing new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leadership position in the global industry. – To access the Strategic Report on the development of key companies
For example, in June 2022, Hudson Global, Inc., one of the most recognized travel retailers in North America, announced its partnership with The House of LR&C, a developer of an e-commerce platform to sell conventional and sustainable consumer goods. With this partnership, the companies aimed to connect travelers by offering a better shopping experience and combining fashion with sustainability at an accessible price.
In addition, the report also presents other important aspects such as SWOT analysis, latest strategic development, product portfolio and financial performance of key players.
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