Travel Retail Market to Experience 9.6 % CAGR; Revenue to Boost Cross $187 Billion by 2031

According to the report, the global travel retail market was valued at $52.7 billion in 2021, and is estimated to reach $187.1 billion by 2031, growing at a CAGR of 9.6% from 2022-2031.

Development of the travel & tourism industry, rapid urbanization, and changes in lifestyle owing to increase in disposable income of consumers, drive the growth of the travel retail market.

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Some of the leading companies in travel retail industry, such as Estee Lauder, L'Oréal, Rituals Cosmetics, and Revlon, are expanding their businesses by opening their outlets at every international airport with an exclusive and wide range of fragrances & skin care products. This is due to the fact that billions of people travel internationally every year and spend sufficient time at airports. Thus, owing to this free time at the airport, travelers prefer to browse & buy products. In addition, enhanced visibility of products draws the attention of new customers in different countries and increases brand loyalty of existing customers.

Development of the travel & tourism industry, rapid urbanization, and changes in lifestyle owing to increase in disposable income of consumers, drive the growth of the travel retail market trends. In addition, international tourist arrivals in the emerging economies of Asia-Pacific and LAMEA is anticipated to create lucrative opportunities for the global travel retail market.

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However, unorganized local markets and stringent regulations in airport retailing hamper the growth of the travel retail market. The government rigid rules & policies for the air traveler passengers are projected to hamper the growth of the travel retail market. Governments of different countries apply different rules to their air travelers such as the Indian Ministry of Commerce and Industry has proposed to reduce the number of bottles of alcoholic beverages that a passenger can buy through a duty-free outlet, when returning from overseas trip.

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 traveling over distances mostly prefer wines & spirits as beverages. Moreover, growth in culture of owning luxurious goods and consumption of expensive wines & spirits drive travel retail market demand.

Furthermore, Europe is the second largest travel retail markets, owing to its stronger base of luxury products. It is anticipated to have the fastest growth with a CAGR of 7.2% during the forecast period. The region possesses some of the biggest apparels and cosmetics brands, namely, LVMH from France and H&M from Sweden, which hold a significant share in the luxury apparels, perfumes, and cosmetics sector, thereby making it the second largest travel retail market. Wealthy tourists from the Middle East, China, the U.S., and Russia contributes significantly toward the European travel retail market growth. Being the historical home of most of the luxury houses, Europe's market accounts for nearly $23 billion of the travel retail sector.

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The travel retail market is segmented on the basis of product type, sales channel, and region. By product type, the market is divided into perfume & cosmetics; electronics; wine & spirits; food, confectionery, & catering; tobacco; luxury goods; and others. As per distribution channel, the market is divided into airports; cruise liners; railway stations; and border, downtown, & hotel shops. Depending on region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.

ome of the key players operating in global travel retail market include:

Dufry AG
Lagardère Travel Retail
DFS Group (LVMH)
Lotte Duty Free
The Shilla Duty Free
China Duty Free Group (CDFG)
King Power International Group
Gebr. Heinemann SE & Co. KG
Aer Rianta International (ARI)
The Nuance Group & LS Travel Retail

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