Press release
Travel Retail Market 2024 : USD 187 Billion by 2031, Driven by an Increase in the Demand for Luxury Goods Among travelers
According to the report, the global travel retail industry generated $52.7 billion in 2021 and is anticipated to generate $187.1 billion by 2031, witnessing a CAGR of 9.6% from 2022 to 2031.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/1606
Prime Determinants of Growth:
The global travel retail market is driven by factors such as the development of the travel & tourism industry, the rise in the purchase of luxury products among travellers, and an increase in the purchase of duty-free products. On the other hand, rigid government regulations and policies and restrictions on baggage hampered the global travel retail industry. Moreover, the growth in the LAMEA and Asia-Pacific economies will create lucrative opportunities for the global travel retail market.
Drivers
Development of the travel & tourism industry
The rise in purchase of luxury products among travelers
An increase in purchase of duty-free products
Opportunities
The growth in the LAMEA and Asia-Pacific Economies
Restraints
Rigid government regulations and policies
Restrictions on baggage
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (299 ๐๐๐ ๐๐ฌ ๐๐๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐๐ฌ, ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ): hhttps://www.alliedmarketresearch.com/purchase-enquiry/1606
The Perfume and Cosmetics segment to maintain its leadership status throughout the forecast period:
Based on product type, the perfume and cosmetics segment held the highest market share in 2021, accounting for nearly one-third of the global travel retail market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is driven by sustainability among the perfume & cosmetic products. However, the luxury goods segment is projected to manifest the highest CAGR of 11.8% from 2022 to 2031, This is attributed to the efforts of the key players to stand up to the customer expectation and identify purchasing trends & behaviors.
The Airports segment to maintain its leadership status throughout the forecast period:
Based on distribution channel, the airports segment held the highest market share in 2021, accounting for nearly three-fifths of the global travel retail market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 9.9% from 2022 to 2031. Ease for travelers to purchase foreign brands of cigarettes, cigars, perfumes, watches, and cosmetics, under a single roof, is leading to rise in purchase of products from airport channel. In addition, upsurge in product launches related to liquor, tobacco, and cosmetics, especially in travel retail market is expected to drive the growth of the market during the forecast period.
Asia-Pacific to maintain its dominance by 2031:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global travel retail market, and its expected to maintain its dominance by 2031. Simultaneously, the same segment is expected to witness the fastest CAGR of 10.4% from 2022 to 2031. Owing to the rise in number of international routes is majorly driving market for duty-free retailing in Asia-Pacific. Increase in levels of urbanization along with the advent of low-cost carrier airlines are driving the sales of duty-free travel retail products in the region. The market is further driven by growth and emergence of duty-free stores around the various international seaports and airports.
๐๐ฉ๐๐๐ค ๐ญ๐จ ๐ฒ๐จ๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ: https://www.alliedmarketresearch.com/connect-to-analyst/1606
Leading Market Players:
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
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
By product type, the perfumes & cosmetics segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
As per distribution channel, the airports segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
Region wise, Asia-Pacific was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐ ๐จ๐ซ ๐๐ญ๐๐ค๐๐ก๐จ๐ฅ๐๐๐ซ๐ฌ
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel retail market analysis from 2021 to 2031 to identify the prevailing travel retail market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the travel retail market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global travel retail market trends, key players, market segments, application areas, and market growth strategies.
๐๐ง๐จ๐ฐ ๐๐จ๐ซ๐- https://www.prnewswire.com/news-releases/travel-retail-market-to-reach-187-1-billion-globally-by-2031-at-9-6-cagr-allied-market-research-301834677.html
๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ ๐๐จ๐จ๐๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ (๐๐จ๐จ๐ค ๐๐จ๐ฐ ๐ฐ๐ข๐ญ๐ก 10% ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ):
๐๐๐ฅ๐๐ฏ๐ข๐ฌ๐ข๐จ๐ง ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/television-services-market-A07199
๐๐๐ญ ๐๐๐๐ฎ๐ฎ๐ฆ ๐๐ฅ๐๐๐ง๐๐ซ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/wet-vacuum-cleaner-market-A06115
๐๐๐ข๐ซ ๐๐๐ฌ๐ญ๐จ๐ซ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/hair-restoration-services-market
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