Travel Retail Market Size, Status, Competitive Landscape and Business Outlook 2021 to 2030

At an estimated value of over USD 87.06 billion in 2019, the Global Travel Retail Market is predicted to thrive at a CAGR of 7.4% and valued at over USD 190.93 billion over the forecast year 2020-2030.

Travel retail is the business of catering to shoppers while they're in transit. In recent times, various retailers and brands have started using travel retail to build their brand by targeting a much-focused audience. It is one of the highest growth business channels that covers duty-free environments such as airports, cruises, airlines, and downtown locations.

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Top Companies: DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), The Naunace Group.

Market Dynamics and Trends

Significant development in the tourism & travel industry is the major factor encouraging the demand for travel retail services. In addition to this, the factors such as rapid urbanization and expanding middle-class population fuel the growth of the travel retail market. Also, the growing number of low-cost carrier (LCC) airlines and increasing number of international tourists drive the market growth. Moreover. The rise in digitalization of the retailing process to enable companies maximize their profits, may further drive growth of the market.

However, strict government regulations relating to the airport retailing may hamper the growth of the market. Contradictorily, growing number of millennial travelers is expected to create lucrative opportunities to further propel the market growth.

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Market Segmentations and Scope of the Study:

The global Travel Retail market share is segmented on the basis of product, channel, and geography. On the basis of product, the market is segmented into perfume & cosmetics, luxury goods, wine & spirit, electronics, food, tobacco, confectionery & catering, and others. As per channel, the market is categorized into airport, railway station, cruise liner, and border, downtown, & hotel shop. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.

Geographical Analysis

In terms of geography, North America held major share of the market in 2019. This is due to the growing inclination of the people in the U.S. and Canada towards travel and tourism. However, Asia pacific is expected to grow rapidly during the forecast period due to expanding middle-class population and affordable travel choices in emerging countries such as India and China. In addition, improved living standards owing to the rising disposable income levels of consumer further fuels the travel retail market growth.

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