Pune, India, April 07, 2022 (GLOBE NEWSWIRE) — The world travel retail market the size is expected to accelerate due to the increase in the number of international passengers during the forecast period. This information is published by Fortune Business Insight™ in a forthcoming report, entitled “Travel Retail Market, 2022-2029“The boom in travel and tourism has increased the demand in the apparel, cosmetics, culinary products and technology retail industry. Rising urbanization and social changes are expected to drive the growth of the global market throughout the forecast period.Additionally, there is an increase in discretionary income among middle-income groups, a change in economic conditions, and technological developments are supporting the growth of the market by making it easier to obtain transportation and reservation of hotels via online portals.
Impact of COVID-19-
Government restrictions to impede the market
The duty free and travel retail industry was hit hard in 2020 due to the sharp drop in tourism caused by the COVID-19 pandemic. The tourism industry has already seen the adverse influence of the pandemic on its performance. Travel bans and measures were implemented worldwide as early as January 2020. Domestic and foreign visitors avoided travel due to the risk of contracting COVID-19.
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Fortune Business Insights™ lists all companies in the travel retail market currently working to reduce the impact of the Covid-19 pandemic on the market:
- Lagardere Group
- Dufry S.A.
- UNIFREE
- Medreich
- Lotte Corporation
- Frankish Knight
- SHILLA DUTY FREE
- LVMH Moet Hennessy
- Louis Vuitton
- China International Travel Service Corporation Limited
What does the report offer?
The purpose of this report is to offer an industry overview, in-depth market segmentation by product type, channel and geography. During the projected period, the global industry is expected to grow rapidly. The research provides essential information on the market position of major industry players, trends and significant opportunities in the market.
Drivers and Constraints-
Increased sales of duty-free products to drive growth
The growth of the global travel retail market is expected to increase due to the increase in sales of duty-free products during the projected period. Duty-free and travel retail are two of the many services offered by airlines. Expanding the scope and size of disposable income has become essential to the operation of some low-cost airlines, allowing companies to accept cheaper tickets and, therefore, boosting the airline industry as a whole. . Also, compared to airport retail, airline retail sales are significantly smaller, both in size and proportion.
REGIONAL OVERVIEW
Increased number of international visitors to promote growth in Asia-Pacific
Asia-Pacific is expected to hold the largest global travel retail market share during the forecast period. The introduction of low-cost airlines and the expansion of new air routes are two of the factors that are expected to boost the growth of the industry. Rising consumption and economic production in China and India could have a beneficial influence on the market in this region.
North America is expected to hold a significant share of the market. This is due to the large expenditure of the population in domestic travel activities and the growth of domestic traveler business in countries like the United States and Mexico.
Segments-
By product type, the market is segmented into food and beverages, cosmetics, fashion accessories, tobacco products and others. Based on product category, the market is segregated into duty-free and duty-paid products. Based on sales channel, the market is fragmented into airports, seaports, railway stations, and others. Finally, by geography, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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The Global Travel Retail Market Research/Analysis Report contains answers to your following questions:
- What manufacturing technology is used for Travel Retail? What are the current developments in this technology? What trends are driving these developments?
- Who are the main global players in this Travel Retail market? What is their company profile, product information and contact details?
- What Was Global Market Status of Travel Retail Market? What Was Capacity, Production Value, Cost and PROFIT of Travel Retail Market?
- What is the current state of the Travel Retail industry market? What is the market competition in this industry, both at company and country level? What is the market analysis of Travel Retail market trends considering applications and types?
- What are the projections of the global Travel Retail industry considering capacity, production and production value? What will be the estimate of cost and profit? What will be the market share, supply and consumption? What about import and export?
- What is Travel Retail Market Chain Analysis by Upstream Commodities and Downstream Industry?
- What is the economic impact on the Travel Retail industry? What are the results of the analysis of the global macroeconomic environment? What are the development trends of the global macroeconomic environment?
- 8. What Are Market Dynamics of Travel Retail Market? What are the challenges and opportunities?
- What should be the entry strategies, economic impact countermeasures and marketing channels for the retail industry?
Competitive Landscape-
Increase in the number of mergers to create market growth opportunities
Acquiring super premium and luxury items can help companies gain a competitive advantage over other vendors in the market throughout the projection period. The report examines the major international competitors in the market, and the adoption of creative promotional strategies and attractive price offers can help companies in the sector to maintain competition.
Industry Development-
- July 2020: WHP Global has worked with E. Gluck Corporation, an American watch manufacturer, to distribute the partner’s watch products through various distribution channels such as retail stores and e-commerce stores.
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