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PUNE, India, May 03, 2023 (GLOBE NEWSWIRE) — The size of the travel retail market in 55.74 billion dollars In 2022. The global market is growing from applied 60.72 billion dollars In 2023 to 117.18 billion dollars In the year By 2030, showing CAGR 9.85% During the forecast. Leading players in this market are launching promotional campaigns to boost sales of duty-free products. Moreover, they offer high-quality products at airports to entertain high-income travelers during the waiting period. This information is provided by Fortune business insights” in the report titledTravel Retail Market, 2023-2030He said.
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List of Key Players Profiled in Travel Retail Market Report:
- Lagarde Travel Retail (Lagarde Group) (France)
- DFS Group Limited (Hong Kong)
- Dufry AG (Switzerland)
- King Power International Group (Thailand)
- Airlines International (Ireland)
- The Nuance Group AG (Switzerland)
- Lotte Duty Free (Lotte Hotel) (South Korea)
- Gebr. Heinemann SE & Co. KG (USA)
- China Duty Free Group Company (CDFG) (China)
- Samsung Group (South Korea)
Report scope and division:
| Report features | Details |
| Forecast time | 2023-2030 |
| Forecast CAGR | 9.85% |
| 2030 value forecast | 117.18 billion dollars |
| Market size in 2022 | 55.74 billion dollars |
| Historical data | 2019-2021 |
| Number of pages | 175 |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Covered parts |
|
| Covered regions |
|
| Drivers of travel retail market growth | The number of international travelers is increasing to drive market growth. |
| Continuous delivery of duty-free campaigns by retailers to improve product demand |
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Division:
Cosmetics and perfumes segment supported by high demand from women
On the basis of product type, the global market report is segmented into cosmetics and perfumes, wine and spirits, confectionery and fine foods, tobacco products, fashion and accessories, and others. Among them, the cosmetics segment will hold the dominant market share by 2022 due to the increasing demand of women and millennials, making it difficult for globally renowned brands to gain access to their home regions.
Duty free shopping to capture a large share of the growing number of international travelers
Based on the sector, the global market is bifurcated into duty-free and duty-free. Among these, the duty-free segment led the market by 2022 due to increased tax benefits compared to duty-paid stores.
With strong in-flight Wi-Fi connectivity, airport and airline shops will dominate
According to the sales channel, the market is organized into airport and airline shops, seaport and cruise line shops, cross-border hotel shops and others. Among these, the airport and airline shops segment held the largest market share due to the ease of in-flight Wi-Fi connectivity and seamless online shopping experience for consumers.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Effects of Covid-19:
During the pandemic, the popularity of stress reduction products improved market growth
The worldwide spread of COVID-19 and rising death tolls in several economies have forced governments to impose strict lockdowns and travel restrictions. The number of air and sea passengers has decreased which has greatly affected the travel and tourism sectors. However, increasing demand for stress-relieving products and health-related products has created new opportunities for market players.
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Report Coverage:
The report includes the following
- List of major companies in the market
- Recent developments such as partnerships, mergers and acquisitions and collaborations
- The impact of Covid-19 on market growth and revenue
- Drivers, restraints, opportunities and threats affecting the market dynamics.
Drivers and restraints;
The growth of the market is due to the growing number of domestic and international travelers
The growing number of international and domestic travelers is driving the growth of the travel retail market. According to the ‘Indian Tourism and Hospitality Industry Analysis’ report published by the Indian Brand Equity Foundation (IBEF), 10.89 million foreign tourists arrived in India in 2019, which is 3.2% higher than the previous year. In addition, retailers offer personalized loyalty programs and discounts to meet the changing shopping habits of air passengers. This will further increase the sales of duty free products and encourage the growth of the market. Moreover, increasing spending on travel and tourism by the millennial population will further aid market expansion.
On the other hand, rising prices of travel retail products have dampened demand from low-income earners and hindered market expansion.
Regional Insights:
As the number of economic tours offered by travel companies is increasing, Asia Pacific is going to have a large share
Asia Pacific will account for the largest share of the travel retail market in 2022, driven by rising spending on duty-free products by international tourists in the economies of South Korea, India, and China. The presence of a large number of economic visits has increased the rate of customer traffic and has also led to market growth in this region.
The European market is predicted to grow significantly in the coming years due to the presence of travel and tourism related infrastructure such as amusement parks, hotels and restaurants.
North America is expected to show positive growth due to increasing travel and tourism spending by the US and Canadian population. According to statistics provided by the American Travel Association, in 2019, US domestic and international travelers spent $1,127 million.
Competitive Landscape:
Launching new stores to promote market expansion
Leading players in the market are taking various decisions to strengthen their position and collect higher revenue. Additionally, continuous promotion of sales promotion offers to attract buyers towards their products is increasing the market share. Partnerships, collaborations, and mergers and acquisitions are some similar methods. For example, in January 2023, Lotte opened a shop for its beauty brand NONFICTION, which offers online and offline shoppers free items when they purchase duty-free products.
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Detailed Directory:
- Introduction
- Research scope
- Market segmentation
- Research methods
- Definitions and assumptions
- executive summary
- Market volatility
- Market drivers
- Market restrictions
- Market opportunities
- New trends
- Key insights
- Overview of parent/affiliate markets
- Industry SWOT analysis
- Supply chain and control analysis
- Recent industry developments – policies, partnerships, new product launches and mergers and acquisitions
- Qualitative analysis (in relation to covid-19)
- The impact of Covid-19
- Supply chain challenges
- Possible causes due to covid-19
- Global Travel Retail Market Analysis, Insights and Forecast, 2019-2030
- Key findings / summary
- Market size estimates and forecast
- By Product Type (Price)
- Cosmetics and perfumes
- Wine and spirits
- Sweets and good food
- Tobacco products
- Fashion and accessories
- Others
- by sector (value)
- By Sales Channel (Price)
- Airport and airline shops
- Seaport and cruise line shops
- Border Downtown Hotel Shops
- Others
- by region (price)
- North America
- Europe
- Asia Pacific
- south america
- Middle East and Africa
- By Product Type (Price)
TOC continues…!
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Key industrial development
- January 2023: Rittersport, the German chocolate bar brand, has announced plans to expand its vegan range by introducing the Travel Retail Edition Vegan Tower 5x 100g collection globally. The new product is available in five-packs of three non-dairy chocolate varieties. The travel version includes salted caramel, smooth chocolate and roasted peanut flavors.
Read related insights:
The duty free retail market will reach $72.23 billion by 2029 with the number of airlines increasing to accelerate industry growth.
The sportswear market will reach $271.77 billion by 2030 with a CAGR of 4.24%
Cashmere apparel market to reach $4.44 billion by 2030 | with a CAGR of 4.2%
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