Press release
Global Travel Retail Market Surges, Anticipating a Growth of 9.2% to Reach US$ 108.82 Billion by 2029
Travel Retail Market
The Travel Retail Market demonstrated substantial strength in 2022, boasting a valuation of US$ 58.77 Billion. The market is expected to witness an impressive 9.2% growth from 2023 to 2029, reaching a total revenue of nearly US$ 108.82 Billion.
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Report Scope:
The "Global Travel Retail Market" report provides an in-depth analysis of various market segments, including product types, sectors, sales channels, and regions. It offers valuable insights into market dynamics, drivers, limitations, prospects, and barriers. The report utilizes a robust research methodology, integrating data from market participants and covering historical data from 2017 to 2022.
Research Methodology:
Our research methodology involves a comprehensive analysis of market trends, utilizing facts, figures, illustrations, and presentations to provide key data analysis for the historical period. The report explores drivers, limitations, prospects, and barriers in the Travel Retail Market, offering investor recommendations based on a thorough examination of the competitive landscape.
Market Overview:
The Travel Retail Market encompasses businesses that offer travel services and distribute travel-related goods. This retail channel, prevalent in contexts where customers verify travel, has been a significant source of income for the global aviation, travel, and tourist sectors. The report explores duty-free and travel retail, which play a pivotal role in generating revenue for these industries.
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Drivers:
The market is primarily driven by an increasing number of international travelers, with millennials seeking diverse travel experiences. Substantial growth in the tourism and travel industries, coupled with rising urbanization and an expanding middle-class population, contributes to the demand for travel retail services. Moreover, the report identifies the digitization of retailing processes as a driver for optimizing revenues.
Restraints:
High product prices pose a key restraint to the market, limiting product demand among lower-income traveler groups. Additionally, a lack of customer awareness of new product releases and improvements hinders market growth.
Regional Insights:
The Asia-Pacific region is poised for significant growth, with countries like South Korea, China, and Japan leading in duty-free and travel retail sales. The rising middle-class population and flourishing travel and tourist sectors in emerging Asian countries, particularly China, are expected to drive further industry growth. Other key regions include Latin America, where travel retail spending directly supports over 50,000 jobs.
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Market Segment Analysis:
Sales Channel:
Airport
Cruise Liner
Railway Station and Border
Downtown and Hotel Shop
In 2022, the airport sector dominated the market, driven by an increasing number of air passengers and initiatives to boost profitability from non-aeronautical resources. The border, downtown, and hotel stores category is expected to grow rapidly.
Product:
Fashion and accessories
Perfume and cosmetics
Electronics
Food
Confectionery products
Bakery products
Catering
Luxury goods
Watches
Jewelry
Wine & spirits
Tobacco
Others
Perfume & cosmetics accounted for the largest revenue share, followed by wine & spirits, fashion & accessories, and electronics.
Sector:
Duty-Free
Duty Paid
Duty-free and duty-paid sectors play crucial roles, with duty-free dominating the market.
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Key Players:
1. Dufry Group
2.Lotte Duty-Free
3. The Shilla Duty-Free
4. China Duty-Free Group
5. Lagardére Travel Retail
6. DFS Group
7. Gebr Heinemann
8. Shinsegae Duty-Free
9. King Power International Group (Thailand)
10. Ever Rich Duty-Free Shop
11. Dubai Duty-Free
12. Duty-Free Americas
13. Aer Rianta International
14. WHSmith
15. Japan Airport Terminal Co
16. Starboard Cruise Services
17. Flemingo International
18. 3Sixty Duty-Free
19. Hyundai Duty-Free
20. NAA Retailing
21. Qatar Duty-Free
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Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by segments with their sub-segments and region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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