Press release
Global Travel Retail Market: Exploring the $100.73 Billion Forecast for 2025 and Key Growth Drivers
"Projected Market Size And Growth Of The Global Travel Retail Market?
•The travel retail market size has grown rapidly in recent years.
•It is expected to grow from $88.76 billion in 2024 to $100.73 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%.
•The growth in the historic period can be attributed to increased disposable income, rise in global urbanization, growing leisure and tourism industry, expansion of airports and other travel hubs, and growing demand for luxury goods.
•The travel retail market size is expected to continue its rapid growth in the coming years, reaching $169.64 billion in 2029 with a compound annual growth rate (CAGR) of 13.9%.
•The growth in the forecast period can be attributed to increasing globalization, growing demand for personalized shopping experiences, increasing use of technology to enhance customer experience, growing demand for sustainable and eco-friendly products, and increasing demand for online travel retail.
What Is Driving The Growth In The Travel Retail Market?
The principal driver of the travel retail market's growth is the rising number of international travelers. With mass tourism and package holidays opening markets to vast numbers of individuals, travel retail allows international travelers to effortlessly book their tickets anywhere via the internet, making their travel more convenient. This in turn increases the demand for travel retail. As per data published by the UN Tourism in September 2024, approximately 790 million tourists traveled internationally in the first seven months of 2024, representing an 11% increase compared to the same period in 2023. This uptick in international travel is expected to spur further growth in the travel retail market.
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Who Are the Key Players Driving Travel Retail Market Growth?
•Aer Rianta International
•China Duty Free Group Co Ltd.
•Dufry AG
•Duty Free Americas Inc.
•Gebr Heinemann SE & Co KG
•King Power International Group
•Lotte Hotel & Resorts
•Lagardère SCA
•The Shilla Duty Free
•DFS Group
•Flemingo International
•The Naunace Group
•Dubai Duty Free
•James Richardson Group
•Lotte Duty Free
•Qatar Duty Free
•Heinemann
•LS Travel Retail
•Incheon International Airport Corporation
•Singapore Changi Airport Terminal Services
•Kappé Schiphol
•China Duty Free Group
•James Richardson Corporation
•RegStaer Group
•ARI (Aer Rianta International)
•Baltona Duty Free
•World Duty Free Group
•Nuance Group AG
•SSP Group Limited
•Wenzhou Department Store Group Co Ltd.
•King Power (Cambodia) Co Ltd.
What Are The Key Trends In The Travel Retail Market?
•Integration of advanced technology
•Collaboration between travel retailers and travel service providers
•Integration of augmented reality (AR) and virtual reality (VR)
•Introduction of contactless and frictionless payment methods
•Data analytics for personalized marketing and customer engagement
What Are The Segments Of The Global Travel Retail Market?
•By Product Type: Perfume And Cosmetics, Wine And Spirit, Electronics, Luxury Goods, Food, Confectionery, And Catering, Tobacco, Other Products
•By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Other Channels
•By End Users: Children (Less Than 18 Years Old), Youth (18-30 years Old), Middle-Aged (18-59 Years old), The Elder (Greater Than 60 Years Old)
Which Region Leads The Travel Retail Market?
Asia-Pacific was the largest region in the travel retail market in 2024. Along with Asia-Pacific, other regions covered in the travel retail market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Travel Retail Market Global Market Report?
- Market Size Analysis: Analyze the Travel Retail Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Travel Retail Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Travel Retail Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Travel Retail Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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