Travel Retail Market Expected to Surpass $187.1 Billion by 2031, with a Robust 9.6% CAGR
Travel Retail Market, 2031
The airports segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, July 13, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Travel retail Market by Product Type (Perfume & Cosmetics; Electronics; Wine & Spirits; Food, Confectionery, & Catering; Tobacco; Luxury Goods; and Others), and Sales Channel (Airports; Cruise Liners; Railway Stations; and Border, Downtown, & Hotel Shop): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global travel retail industry generated $52.7 billion in 2021 and is anticipated to generate $187.1 billion by 2031, witnessing a CAGR of 9.6% from 2022 to 2031.
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The global travel retail market is driven by factors such as the development of the travel & tourism industry, the rise in the purchase of luxury products among travellers, and an increase in the purchase of duty-free products. On the other hand, rigid government regulations and policies and restrictions on baggage hampered the global travel retail industry. Moreover, the growth in the LAMEA and Asia-Pacific economies will create lucrative opportunities for the global travel retail market.
The imposition of travel restrictions, border closures, and lockdown measures severely limited international and domestic travel. This led to a sharp decline in passenger traffic at airports, train stations, and other travel hubs, resulting in a significant reduction in footfall and sales for travel retailers.
The pandemic has caused a shift in consumer behavior, including a preference for online shopping and contactless transactions. Travel retail, traditionally reliant on in-person shopping experiences, faced challenges adapting to these changing preferences. However, e-commerce platforms and pre-ordering services gained prominence, necessitating a digital transformation for travel retail market players, creating a lucrative opportunity for the travel retail industry's growth.
The Perfume and Cosmetics segment to maintain its leadership status throughout the forecast period:
Based on product type, the perfume and cosmetics segment held the highest market share in 2021, accounting for nearly one-third of the global travel retail market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is driven by sustainability among the perfume & cosmetic products. However, the luxury goods segment is projected to manifest the highest CAGR of 11.8% from 2022 to 2031, This is attributed to the efforts of the key players to stand up to the customer expectation and identify purchasing trends & behaviors.
The Airports segment to maintain its leadership status throughout the forecast period:
Based on distribution channel, the airports segment held the highest market share in 2021, accounting for nearly three-fifths of the global travel retail market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 9.9% from 2022 to 2031. Ease for travelers to purchase foreign brands of cigarettes, cigars, perfumes, watches, and cosmetics, under a single roof, is leading to rise in purchase of products from airport channel. In addition, upsurge in product launches related to liquor, tobacco, and cosmetics, especially in travel retail market is expected to drive the growth of the market during the forecast period.
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Asia-Pacific to maintain its dominance by 2031:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global travel retail market, and its expected to maintain its dominance by 2031. Simultaneously, the same segment is expected to witness the fastest CAGR of 10.4% from 2022 to 2031. Owing to the rise in number of international routes is majorly driving market for duty-free retailing in Asia-Pacific. Increase in levels of urbanization along with the advent of low-cost carrier airlines are driving the sales of duty-free travel retail products in the region. The market is further driven by growth and emergence of duty-free stores around the various international seaports and airports.
Leading Market Players:
DFS Group
Dufry, LS travel retail
Lotte Duty Free
King Power International Group
The Shilla Duty Free, Gebr
Heinemann, China Duty Free Group (CDFG)
Aer Rianta International (ARI)
The Naunace Group
The report provides a detailed analysis of these key players of the global travel retail market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits For Stakeholders:
> This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel retail market analysis from 2021 to 2031 to identify the prevailing travel retail market opportunities.
> The market research is offered along with information related to key drivers, restraints, and opportunities.
> Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
> In-depth analysis of the travel retail market segmentation assists to determine the prevailing market opportunities.
> Major countries in each region are mapped according to their revenue contribution to the global market.
> Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
> The report includes the analysis of the regional as well as global travel retail market trends, key players, market segments, application areas, and market growth strategies.
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐆𝐨𝐨𝐝𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:-
> Bleisure Travel Market is projected to reach $731.4 billion by 2032
https://www.alliedmarketresearch.com/bleisure-travel-market-A06357
> Leisure Travel Market is projected to reach $1,737.3 billion by 2027
https://www.alliedmarketresearch.com/leisure-travel-market
> Business Travel Market is expected treach $2,001.1 billion by 2028
https://www.alliedmarketresearch.com/business-travel-market
> Travel Accommodation Market is projected to reach $1,974.30 billion by 2031
https://www.alliedmarketresearch.com/travel-accommodation-market
> Travel Accessories Market is projected to reach $95.7 billion by 2031
https://www.alliedmarketresearch.com/travel-accessories-market-A16837
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