Market Definition: At an estimated value of over USD 19. 73 billion in 2020, the Global Travel Retail Market is predicted to thrive at a CAGR of 21. 6% and valued at over USD 174.
New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Travel Retail Market by Product and Channel : Global Opportunity Analysis and Industry Forecast, 2021 – 2030" - https://www.reportlinker.com/p06272278/?utm_source=GNW
86 billion over the forecast year 2021-2030. Travel retail is the business of catering to shoppers while they’re in transit. In recent times, various retailers and brands have started using travel retail to build their brand by targeting a much-focused audience. It is one of the highest growth business channels that covers duty-free environments such as airports, cruises, airlines, and downtown locations.
Market Dynamics and Trends
Significant development in the tourism & travel industry is the major factor encouraging the demand for travel retail services. In addition to this, the factors such as rapid urbanization and expanding middle-class population fuel the growth of the travel retail market. Also, the growing number of low-cost carrier (LCC) airlines and increasing number of international tourists drive the market growth. Moreover. The rise in digitalization of the retailing process to enable companies maximize their profits, may further drive growth of the market.
However, strict government regulations relating to the airport retailing may hamper the growth of the market. Contradictorily, growing number of millennial travellers is expected to create lucrative opportunities to further propel the market growth.
Market Segmentations and Scope of the Study:
The global Travel Retail market share is segmented on the basis of product, channel, and geography. On the basis of product, the market is segmented into perfume & cosmetics, luxury goods, wine & spirit, electronics, food, tobacco, confectionery & catering, and others. As per channel, the market is categorized into airport, railway station, cruise liner, and border, downtown, & hotel shop. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.
In terms of geography, North America held major share of the market in 2020. This is due to the growing inclination of the people in the U.S. and Canada towards travel and tourism. However, Asia pacific is expected to grow rapidly during the forecast period due to expanding middle-class population and affordable travel choices in emerging countries such as India and China. In addition, improved living standards owing to the rising disposable income levels of consumer further fuels the travel retail market growth.
Lucrative growth opportunities make the travel retail market highly competitive. Some of the major players in the market are 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., and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in March 2020, Gebr Heinemann, one of the leading retailers launched Heinemann & Me loyalty program at Sheremetyevo International Airport in Moscow. This Heinemann & Me loyalty program at Moscow Sheremetyevo Airport increases the retailer’s digital shopping services in Eastern Europe.
Furthermore, in May 2019, Airports of Thailand Plc (AoT) announced that the King Power Group signed an agreement with Suvarnabhumi airport to operate duty-free shops at airport for another 10 years and six months.
KEY MARKET SEGMENTS:
- Global Travel Retail Market– By Product
- Perfume & Cosmetics
- Luxury Goods
- Wine & Spirit
- Confectionery & Catering
- Global Travel Retail Market – By Channel
- Railway Station
- Cruise Liner
- Border, Downtown, & Hotel Shop
- Global Travel Retail Market – By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Read the full report: https://www.reportlinker.com/p06272278/?utm_source=GNW
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