New York, May 23, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the global Travel Retail Market size generated USD 64.8 billion in 2022 and is projected to generate USD 156.3 billion by 2030, witnessing a CAGR of 10.7% from 2023 to 2030. The study provides a detailed analysis of market drivers, constraints, and opportunities to highlight changing market dynamics. Furthermore, the research gives a thorough analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 246 pages, accompanied by 136 tables and 106 figures, the report aims to become a source of guidance for market players, investors, and startups to determine strategies for the next few years and achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 64.8 Billion |
| Market Size in 2030 | USD 156.3 Billion |
| CAGR | 10.7% |
| No. of Pages | 246 |
| Tables | 136 |
| Figures | 106 |
| Segments covered | Products, Distribution Channel, and Region |
| Drivers | Rising international travelers due to the development in the tourism industry |
| Growing cruise industry owing to personalized trips | |
| Opportunities | Increasing focus to offer leisure and entertainment including, spas and beauty salons, and sports activities creates opportunity |
The report offers a comprehensive analysis of the travel retail market dynamics based on drivers, restraining factors, and opportunities. The demand for travel retail is being fueled by retailers continuously providing duty-free campaigns, which results in increased demand for products. However, the high cost of products due to their brand value restrains the market growth.
Lead Analyst for Consumer Goods at Next Move Strategy Consulting, stated, “The introduction of online duty-free shopping that offers a wider selection of products and brands than traditional duty-free shops, which can appeal to a wider range of travelers in terms of convenience and saves time for the travelers is creating new avenues for growth.”
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Asia Pacific accounted for the highest share in 2022. This is attributed to factors such as the rapidly evolving tourism industry, as many foreign investors visit countries such as Hong Kong and Malaysia for tax-free shopping. Moreover, the high expenditure on duty-free products by international and domestic travelers across countries such as South Korea, India, and China thrives the market growth. In addition, the increase in tourist destinations, and tourist spending coupled with rising disposable income, and improved lifestyles fuel the market growth. On the other hand, North America is estimated to grow steadily during the forecast period, owing to the rising preference towards luxury liquor and cosmetics products that are offered by duty-free shops. Furthermore, the rapidly rising the international passengers across the world, owing to the business-related visits is driving the market growth in this region.
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate their presence in the travel retail industry. This analysis is also helpful in determining the highest revenue-generating and fastest-growing segments and taking the next steps accordingly.
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The report offers an extensive analysis of the competitive landscape of the global travel retail market. Some of the major market players in the travel retail market are China Duty-Free Group, Dufry, Lotte Duty-Free, The Shilla Duty-Free, Lagardère Travel Retail, Gebr Heinemann, DFS Group, Sinsegae Duty-Free, Ever Rich Duty-Free, and Dubai Duty-Free among others.
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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analyzed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enable them to move beyond time and have competitive edge in the industry.
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