Travel Retail Market is Going to Boom with growth rate of 14.9% during the forecast period from 2021-2027 | Aer Rianta International (ARI), Lotte Duty Free, DFS Group

Report Ocean releases its latest report on the global Travel Retail Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Travel Retail Market.

The global travel retail market was valued at $47.7 billion in 2020 and is witness to reach at $126.2 billion in 2027. The global travel retail market is forecast to grow at a compound annual growth rate of 14.9% during the forecast period from 2021-2027. 

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Factors Affecting the Global Travel Retail Market

Travel and tourism have increased consumer demand for apparel, cosmetics, food, and electronic retail items in the travel retail market. The rise in urbanization and change in lifestyle - both factors contributing to the growth in the travel retail market - are expected to drive demand for travel retail during the forecast period.

In the forecast period, the growth of the travel retail market is expected to be driven by urbanization and changes in lifestyle.

A rising standard of living among middle-income families and improving economic conditions are largely responsible for the growth of the market.

Travel retail market opportunities will be hampered by a lack of local market organization and strict government regulations.
 
Market growth is attributed to an increase in millennials in the population.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Travel Retail Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Travel Retail Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Travel Retail Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Travel Retail Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Travel Retail Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Travel Retail Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Travel Retail Market provides insight into the factors influencing its growth. This market study breaks down the Travel Retail Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Travel Retail Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Travel Retail Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Travel Retail Market are:

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

Scope of the Report

The global Travel Retail Market segmentation focuses on:

Segmentation based on Channel

Airport
Cruise Liner
Railway Station
Border, Downtown & Hotel Shop

Segmentation based on Product Type

Perfume & Cosmetics
Wine & Spirit
Electronics
Luxury Goods
Food, Confectionery, & Catering
Tobacco
Others

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This release was published on openPR.