Global Travel Retail Market Report
The global travel retail market size reached US$ 52.50 Bn in 2021. It is projected to reach a value of US$ 82.57 Bn, growing at a CAGR of 7.60% (2022-2027).
SHERIDAN, WYOMING, UNITED STATES, September 13, 2022 /EINPresswire.com/ — The latest research study “Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global travel retail market reached a value of US$ 52.50 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 82.57 Billion by 2027, exhibiting a CAGR of 7.60% during 2022-2027.
Travel retail refers to selling products to international travelers during transit. It is organized in travel environments such as airports, seaports, ferries, and cruises, where the consumer must submit proof of nationality and travel to access the trade area. It serves as an effective medium for travelers to buy specialty products after passing security checks. Some of the most commonly available products through travel retail include personal care products, luxury goods, perfumes and cosmetics, wine and tobacco, electronics, and food and confectionery.
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COVID-19 Impact on Market: (Positive Impact)
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Travel Retail Market Trends and Drivers:
The market is primarily driven by the significant growth in the travel and tourism industry as travel retail and duty-free stores are serving as one of the major revenue sources for airports. Additionally, several technological advancements, such as the development of touch screens and interactive retail booths that provide passengers with engaging and effortless ordering and payment solutions, represent another major growth-inducing factor. Besides this, the implementation of favorable government policies to promote international tourism, the inflating income levels of consumers, and the rising inclination toward premium wines and spirits among international travelers are some of the other factors creating a positive market outlook across the globe.
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Global Travel Retail Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
Aer Rianta International, China Duty Free Group Co. Ltd., Dufry AG, Duty Free Americas Inc, Gebr. Heinemann SE & Co. KG, KING POWER International, Lagardère S.A, Lotte Hotels & Resorts (Lotte Corporation), LVMH Moët Hennessy Louis Vuitton and The Shilla Duty Free (Hotel Shilla Co. Ltd.).
The report has segmented the market on the basis of region, product type, sector and distribution channel.
Breakup by Product Type:
• Perfume and Cosmetics
• Wine and Spirit
• Electronics
• Luxury Goods
• Food, Confectionery and Catering
• Tobacco
• Others
Breakup by Sector:
• Duty-Free
• Duty Paid
Breakup by Distribution Channel:
• Airports
• Cruise Liner
• Railway Station
• Border, Downtown and Hotel Shop
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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