The global travel retail market size reached US$52.50 billion in 2021. It is expected to reach a value of US$82.57 billion, growing at a CAGR of 7.60% (2022-2027) .
SHERIDAN, WYOMING, USA, September 13, 2022 /EINPresswire.com/ — The latest research study “Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, reveals that the global travel retail market reached a value of US$52.50 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$82.57 billion by 2027, showing a CAGR by 7.60% over the period 2022-2027.
Travel retail refers to the sale of products to international travelers during transit. It is organized in travel environments such as airports, seaports, ferries and cruises, where the consumer must present proof of nationality and travel to access the commercial area. It is an efficient way for travelers to purchase specialty products after clearing security. Some of the most commonly available products in travel retail include personal care products, luxury goods, perfumes and cosmetics, wine and tobacco, electronics, food and confectionery.
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Impact of COVID-19 on the market: (positive impact)
As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as industry consumer behaviors around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.
Global Travel Retail Market Trends and Drivers:
The market is mainly driven by the significant growth in the travel and tourism industry, as retail and duty-free stores are one of the main sources of revenue for airports. Additionally, several technological advancements, such as the development of touch screens and interactive retail kiosks that provide passengers with attractive and effortless ordering and payment solutions, represent another major growth driver. In addition, the implementation of favorable government policies to promote international tourism, inflation in consumer income levels and the increasing inclination of international travelers towards premium wines and spirits are some of the other factors. which create positive market outlook across the globe.
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2022-2027 Global Travel Retail Market Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Some of these major key players include:
Aer Rianta International, China Duty Free Group Co. Ltd., Dufry AG, Duty Free Americas Inc, Gebr. Heinemann SE & Co. KG, KING POWER International, Lagardère SA, Lotte Hotels & Resorts (Lotte Corporation), LVMH Moët Hennessy Louis Vuitton and The Shilla Duty Free (Hotel Shilla Co. Ltd.).
The report has segmented the market based on region, product type, industry, and distribution channel.
Breakdown by product type:
• Perfumes and Cosmetics
• Wine and spirits
• Electronics
• Luxury products
• Food, confectionery and catering
• The tobacco
• Others
Breakdown by sector:
• Duty free
• Customs cleared
Breakdown by distribution channel:
• Airports
• Cruise liner
• Train station
• Border, downtown and boutique hotel
Breakdown by region:
• North America: (United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.
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