New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global travel retail market is predicted to generate a revenue of $225,663.8 million and rise to a CAGR of 16.0% during the forecast timeframe from 2022 to 2031.
According to our analysts, with the rapid increase in travel and tourism among individuals worldwide, the travel retail market is expected to witness progressive growth over the estimated time period. Moreover, increasing urbanization and changing lifestyle among individuals are the factors that are projected to boost the market growth throughout the analysis period. Moreover, increasing digitization in the retail sector is expected to drive the market growth during the forecast period. However, various socio-economic factors may restrain the growth of the market during the analysis time period.
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Travel Retail Market Segments
The report has segmented the market based on type, sales channel and region.
By Type: Perfumes & Cosmetics Gas Sub-segment will be most profitable
The perfume and cosmetics gas sub-segment is expected to generate revenue of $81,414.5 million during the forecast period. This is mainly because, retailers offer customer-centric regulations such as cashbacks, discounts on specific products and many more. Increasing interest of individuals in internationally recognized brands that are difficult to find in their home countries is anticipated to boost the growth of the market sub-segment during the estimated period.
By sales channel: Airports Sub-Segment will be more productive
The airport sub-segment is expected to collect revenue of $137,236.9 million during the analysis period. This is mainly because air travel is becoming more affordable and convenient for people across the globe. Additionally, the availability of customer-centric cosmetics and beverages from airport retailers is expected to drive the growth of the market sub-segment over the forecast period.
By region: The Asia-Pacific region will have major growth opportunities
The Asia-Pacific region of the travel retail market is projected to grow at a CAGR of 16.6% throughout the estimated time period. This is largely due to the growing popularity of travel and tourism and the growing millennial demographic in this region. Additionally, airports in this region are expanding their offerings in non-aeronautical sectors such as retail, cafeterias, and dining, which is expected to drive regional market growth over the forecast period.
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The impact of Covid-19 on the travel retail market
The spread of the Covid-19 pandemic has adversely affected the travel retail market as well as several other industries. This is mainly due to international travel restrictions and the economic slowdown in many countries. Moreover, the strict regulations imposed by the government of many nations to maintain social distancing have reduced the market growth during the pandemic period. Moreover, the pandemic caused customers to switch to online sales channels to buy their most chosen things, has adversely affected the market growth during the crisis period.
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Major players of the travel retail market
Key players of the travel retail market include
- Air Rianta International
- China Tourism Group Corporation Free Duty Limited
- THE DUFRY GROUP
- Duty Free Americas, Inc
- Gebr Heinemann SE & Co KG
- King Power International.
- Lotte hotel
- Lagardère sca (Lagardère travel retail)
- LVMH Group
- SHILLA DUTY FREE., and many more.
These players are working extensively on developing new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leadership position in the global industry. – To get access to the Strategic Development Report of the main companies
For example, in June 2022, Hudson Global, Inc., one of the most popular travel retailers in North America, announced its partnership with The House of LR&C, a developer of an eCommerce platform to sell conventional and consumer goods. stable. With this partnership, the companies aimed to connect travelers by offering a better shopping experience and blending fashion with sustainability at an affordable price.
Further, the report also presents other important aspects including SWOT analysis, latest strategic development, product portfolio and financial performance of key players.
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