Press release
Travel Retail Market Size is to Growing at a CAGR of 14.9% from 2021 to 2028
According to a new report published by Allied Market Research, titled, "Travel Retail Market by Product and Channel: Global Opportunity Analysis and Industry Forecast, 2018 - 2025″,the global travel retail market size was valued at $74.9 billion in 2017, and is projected to reach $153.7 billion by 2025, growing at a CAGR of 9.6% from 2018 to 2025.Download Sample Copy Of Report@ https://www.alliedmarketresearch.com/request-sample/1606
Perfumes & cosmetics segment has a strong customer base in the global travel retail market. Some of the leading companies, such as Estee Lauder, LOral, Rituals Cosmetics, Revlon, and others, are expanding their businesses by opening their outlets at every international airport with an exclusive and a wide range of fragrances and skin care products.
Development of the travel & tourism industry, rapid urbanization, and changes in lifestyle, owing to increased disposable income of consumers drive the growth of the travel retail market. In addition, increase in travel & tourism or international tourist arrivals in the emerging economies, such as Asia-Pacific and LAMEA is anticipated to create lucrative opportunities for the global travel retail market. However, unorganized local markets and stringent regulations in airport retailing hamper the growth of the travel retail market.
Wines & spirits is the second largest revenue contributor in the global travel retail market. The consumption of wines, particularly luxury wines and spirits has witnessed considerable growth in the past few years. Wines & spirits, of the total, have 15.9% of the travel retail market share. In addition, it has been observed that luxury wines & spirits are highly preferred by the international passengers, which leads to the growth of the market. Passengers travelling over distances mostly prefer wines & spirits. Also, the growth in culture of owning luxurious goods and consumption of expensive wines & spirits are driving the growth of the market.
Asia-Pacific is the largest travel retail market in the world, and is growing at the fastest rate owing to improvements in living standards, rise in disposable income, improvement in lifestyle, and development of the tourism industry.
Furthermore, Europe is one of the largest travel retail markets, owing to its stronger base of luxury products. It is anticipated to have the fastest travel retail market growth with a CAGR of 7.2% in the forecasted period.
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Based on the product type, the perfumes & cosmetics segment accounted for the largest market share in 2019, contributing to nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, the luxury goods segment is estimated to witness the fastest CAGR of 19.4% from 2021 to 2028.
Based on channel, the airport segment contributed to the highest market share in 2019, contributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 16.4% from 2021-2028. The report also covers other segments such as cruise liner, railway station, and border, downtown & hotel shop.
Based on region, Asia-Pacific, followed by Europe and North America contributed to the highest share in 2019, holding more than two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The same segment is expected to portray the fastest CAGR of 17.2% during the forecast period.
Key Findings of the Travel Retail Market :-
By channel, the airports segment accounted for the maximum market revenue in 2017, and is projected to grow at a CAGR of 9.6% during the forecast period.
By channel, the border, downtown, & hotel shops segment is expected to grow at the highest CAGR of 10.1%.
By product type, the perfumes & cosmetics segment accounted for more than 31% of travel retail market share in 2017, and is expected to dominate the global market by 2025.
By product type, the luxury goods segment is expected to grow at the highest CAGR of 12% during the forecast period.
China was the major shareholder in the Asia-Pacific travel retail industry, and accounted for around 67.4% share in 2017
The major players profiled in this report include :-
Aer rianta international
China duty free group co., ltd.
Dufry ag
Duty free americas, inc
Gebr. Heinemann se & co.kg
King power international
Lotte hotel
Lagardère sca (lagardère travel retail)
Lvmh group (dfs group limited)
The shilla duty free
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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