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.
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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.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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