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%

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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Competitive Landscape

Lucrative growth opportunities make the travel retail market highly competitive. Some of the major players in the market are 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., and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in March 2020, Gebr Heinemann, one of the leading retailers launched Heinemann & Me loyalty program at Sheremetyevo International Airport in Moscow. This Heinemann & Me loyalty program at Moscow Sheremetyevo Airport increases the retailer’s digital shopping services in Eastern Europe.

Furthermore, in May 2019, Airports of Thailand Plc (AoT) announced that the King Power Group signed an agreement with Suvarnabhumi airport to operate duty-free shops at airport for another 10 years and six months.

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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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