New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global travel retail market is projected to generate a revenue of $225,663.8 million and rise at a CAGR of 16.0% during the forecast timeframe from 2022 to 2031.
As per our analysts, with the rapidly increasing travel and tourism among individuals worldwide, the travel retail market is expected to witness progressive growth over the estimated timeframe. Besides, the growing urbanization and changing lifestyles among individuals are the factors predicted to uplift the growth of the market throughout the analysis period. Moreover, the increasing digitalization in the retailing sector is expected to foster the growth of the market during the forecast period. However, the various socio-economic factors may restrain the growth of the market during the analysis timeframe.
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Segments of the Travel Retail Market
The report has divided the market into segments based on type, sales channel, and region.
By Type: Perfume & Cosmetics Gas Sub-Segment to be Most Profitable
The perfume & cosmetics gas sub-segment is expected to generate a revenue of $81,414.5 million over the forecast timeframe. This is mainly because, retailers provide customer-centric regulations such as cash backs, discounts on particular products, and many others. The increasing interest of individuals in internationally acclaimed brands that are difficult to find in their native locations is predicted to augment the growth of the market sub-segment during the estimated period.
By Sales Channel: Airports Sub-Segment to be Most Productive
The airport sub-segment is expected to garner a revenue of $137,236.9 million during the analysis period. This is majorly because air travel is becoming more affordable and convenient for people all across the globe. Furthermore, the availability of customer-focused cosmetics and beverage products by airport retailers is expected to propel the growth of the market sub-segment during the forecast timeframe.
By Region: Asia-Pacific Region to Have Huge Growth Opportunities
The Asia-Pacific region of the travel retail market is projected to grow at a CAGR of 16.6% throughout the estimated timeframe. This is mainly due to the increasing popularity of travel and tourism and the growing millennial demographic in this region. In addition, the airports in this region are extending their offerings to non-aeronautical sectors such as retail, cafeterias, and dining, which is expected to drive the regional growth of the market over the forecast timeframe.
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Covid-19 Impact on the Travel Retail Market
The outbreak of the Covid-19 pandemic has had a negative impact on the travel retail market, likewise several other industries. This is mainly due to the international travel limitations and economic slowdown across many nations. Moreover, the stringent regulations imposed by the government of many nations to maintain social distancing has declined the growth of the market during the pandemic period. In addition, the pandemic caused customers to switch to internet sales channels to purchase their choicest things has badly impacted the growth of the market during the period of crisis.
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Key Players of the Travel Retail Market
The major players of the travel retail market include
- 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
- THE SHILLA DUTY FREE., and many more.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. – To get access to the Key Companies’ Development Strategic Report
For instance, in June 2022, Hudson Global, Inc., one of the most travel recognizable travel retailers in North America, announced its partnership with The House of LR&C, a developer of an eCommerce platform to sell conventional and sustainable consumer goods. With this partnership, the companies aimed to connect travelers by delivering a better shopping experience and blending fashion with sustainability at an accessible price.
Further, the report also presents other important aspects including SWOT analysis, the latest strategic development, product portfolio, and the financial performance of the key players.
More about Travel Retail Market:
- Global Travel Retail Market’s Growth to Experience Boom due to Flourishing Travel and Tourism Sector
- A Guide on Travel Retail: Definition, Growth Factors, and Future Prospects
