Travel Retail Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Travel Retail Market: By Product Type (Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery and Catering, Tobacco, and Others), Sales Channel (Airport, Cruise Liner, Railway Station, Border, Downtown, and Hotel Shop), Sector (Duty-Free and Duty Paid), End Users (Children (Less Than 18 Years Old), Youth (18-30 Years Old), Middle-Aged (18-59 Years Old), and The Elder (Greater Than 60 Years Old)),  and Geography

 

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Report

Description

Travel Retail Market size is expected to be valued at USD 62.3 billion in 2022 which is expected to grow at a CAGR of 13.2% over 2022-2028. Travel retail, also known as duty-free sales includes the commercialization of products related to numerous goods categories. This sales channel comprises sales to customers who are travelers and sales of objects that do not have taxes or excise forced on their sale values. Travel retail is a retailing shop that sells goods to guests from other countries. It has numerous marketing prospects and is a significant cash source. The surge in tourism and travel which has increased the demand for cosmetics, apparel, electronic retail, and food items can lead to the growth of the travel retail market. Moreover, growth in urbanization and lifestyle changes are some primary factors that can boost the global travel retail market. Apart from these, an increase in disposable income amongst middle-income families and upgradation in economic conditions can also accelerate the market in the future. However, some factors such as high costs for international trips and lack of knowledge among the travelers about various product upgrades and launches can restrain the growth of the market. Chaotic local markets and stringent government regulations relating to airport retailing can hinder market growth. Companies should focus on the expansion and growth of the tourism and travel sector particularly in developing countries which can create an opportunity for the growth of the global travel retail market. Moreover, an increase in the millennial population can create a lucrative opportunity in the market.

 

Recent Market Developments:

In February 2022, Altavia launched Altavia Travel Retail

Travel Retail Market

MARKET SUMMARY
-
13.2%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 13.2%
  • Largest Market– North America
  • Fastest Growing Market– Asia Pacific

Travel Retail Market

  • The travel retail market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The travel retail market segmented based on product type, sales channel type, sector, end users, and region.
Key Players
  • DUFRY GROUP
  • Duty-Free Americas, Inc
  • Heinemann SE & Co. KG
  • King Power International.
  • Aer Rianta International
Travel Retail Market Dynamics

One of the major reasons for the growth of the global travel retail market is the growing number of international tourists. Millennials utilize more time on vacation as compared to other generations and they are not interested in performing the same kinds of adventures on all of their trips. They wish for diversity and travel experiences that are exclusively theirs. Millennial travelers want to reduce stress on one trip, see relatives on another, and then seek a romantic holiday on the next. Because they need to experience a diversity of holiday types, their fondness for diversity is expected to propel the growth of the market in the forecast period.


Asia-Pacific Got Significant Share

Travel Retail Market

The Asia Pacific is one of the most profitable regions and is generating new prospects for global players. The increasing middle-class population and growing travel and tourist sectors in developing Asian countries, particularly China have the potential to increase the demand for travel retail in these regions. Apart from this, consequently, many APAC retailers are positioning their products and strategies to compete with the demands of Chinese travelers, and enhanced living standards in developing nations because of customer disposable income levels have created a demand for the use of travel retail.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The travel retail market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Travel Retail Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The primary factors that drive the market are the increasing number of international tourists, inexpensive travel selections, and the growing middle-class population in developing Asian countries.

North America is dominating the travel retail market.

Aer Rianta International, China Tourism Group Duty-Free Corporation Limited, DUFRY GROUP, Duty-Free Americas, Inc, Gebr. Heinemann SE & Co. KG, King Power International, Lotte hotel, Lagardère sca (lagardère travel retail), LVMH Group, and THE SHILLA DUTY-FREE are the key players in the market.

Airport placed under the sales channel type segment is the market’s fastest-growing segment.


Report

Table Of Content

1. Executive Summary
2. Global Travel Retail Market Introduction
2.1. Global Travel Retail Market – Taxonomy
2.2. Global Travel Retail Market –Definitions
2.2.1. Product Type
2.2.2. Sale Channel
2.2.3. Sector
2.2.4. End User
2.2.5. By Region
3. Global Travel Retail Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Travel Retail Market Dynamic Factors – Impact Analysis
3.6. Global Travel Retail Market – Competition Landscape
3.7. Epidemiology
4. Global Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028
4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Travel Retail Market, By Product Type, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1. Perfume and Cosmetics
5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Wine and Spirit
5.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Electronics
5.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
5.4. Luxury Goods
5.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.4.3. Market Opportunity Analysis
5.5. Food
5.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.5.3. Market Opportunity Analysis
5.6. Confectionery and Catering
5.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.6.3. Market Opportunity Analysis
5.7. Tobacco
5.7.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.7.3. Market Opportunity Analysis
5.8. Others
5.8.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.8.3. Market Opportunity Analysis
6. Global Travel Retail Market, By Sale Channel, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1. Airport
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Cruise Liner
6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Railway Station
6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Border
6.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Downtown
6.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Hotel Shop
6.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.6.3. Market Opportunity Analysis
7. Global Travel Retail Market, By Sector, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1. Duty-Free
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Duty Paid
7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
8. Global Travel Retail Market, By End User, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1. Children (Less Than 18 Years Old)
8.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Youth (18-30 Years Old)
8.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Middle-Aged (18-59 Years Old)
8.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. The Elder (Greater Than 60 Years Old)
8.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
9. Global Travel Retail Market Forecast, By Region, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1. North America
9.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Europe
9.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. Asia-Pacific
9.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
9.4. Latin America
9.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.4.3. Market Opportunity Analysis
9.5. Middle East and Africa
9.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.5.3. Market Opportunity Analysis
9.6. Global Travel Retail Market – Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Region, 2022-2028
10. North America Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
10.1. Product Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Perfume and Cosmetics
10.1.2. Wine and Spirit
10.1.3. Electronics
10.1.4. Luxury Goods
10.1.5. Food
10.1.6. Confectionery and Catering
10.1.7. Tobacco
10.1.8. Others
10.2. Sale Channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Airport
10.2.2. Cruise Liner
10.2.3. Railway Station
10.2.4. Border
10.2.5. Downtown
10.2.6. Hotel Shop
10.3. Sector Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Duty-Free
10.3.2. Duty Paid
10.4. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.4.1. Children (Less Than 18 Years Old)
10.4.2. Youth (18-30 Years Old)
10.4.3. Middle-Aged (18-59 Years Old)
10.4.4. The Elder (Greater Than 60 Years Old)
10.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.5.1. USA
10.5.2. Canada
10.6. North America Travel Retail Market – Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Country, 2022-2028
10.7. North America Travel Retail Market Dynamics – Trends
11. Europe Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
11.1. Product Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Perfume and Cosmetics
11.1.2. Wine and Spirit
11.1.3. Electronics
11.1.4. Luxury Goods
11.1.5. Food
11.1.6. Confectionery and Catering
11.1.7. Tobacco
11.1.8. Others
11.2. Sale Channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Airport
11.2.2. Cruise Liner
11.2.3. Railway Station
11.2.4. Border
11.2.5. Downtown
11.2.6. Hotel Shop
11.3. Sector Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Duty-Free
11.3.2. Duty Paid
11.4. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.4.1. Children (Less Than 18 Years Old)
11.4.2. Youth (18-30 Years Old)
11.4.3. Middle-Aged (18-59 Years Old)
11.4.4. The Elder (Greater Than 60 Years Old)
11.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.5.1. Germany
11.5.2. UK
11.5.3. France
11.5.4. Spain
11.5.5. Italy
11.5.6. Rest of Europe
11.6. Europe Travel Retail Market – Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Country, 2022-2028
11.7. Europe Travel Retail Market Dynamics – Trends
12. Asia-Pacific Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
12.1. Product Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Perfume and Cosmetics
12.1.2. Wine and Spirit
12.1.3. Electronics
12.1.4. Luxury Goods
12.1.5. Food
12.1.6. Confectionery and Catering
12.1.7. Tobacco
12.1.8. Others
12.2. Sale Channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Airport
12.2.2. Cruise Liner
12.2.3. Railway Station
12.2.4. Border
12.2.5. Downtown
12.2.6. Hotel Shop
12.3. Sector Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Duty-Free
12.3.2. Duty Paid
12.4. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.4.1. Children (Less Than 18 Years Old)
12.4.2. Youth (18-30 Years Old)
12.4.3. Middle-Aged (18-59 Years Old)
12.4.4. The Elder (Greater Than 60 Years Old)
12.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.5.1. China
12.5.2. India
12.5.3. Japan
12.5.4. ASEAN
12.5.5. Australia & New Zealand
12.5.6. Rest of Asia-Pacific
12.6. Asia-Pacific Travel Retail Market – Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Country, 2022-2028
12.7. Asia-Pacific Travel Retail Market Dynamics – Trends
13. Latin America Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
13.1. Product Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Perfume and Cosmetics
13.1.2. Wine and Spirit
13.1.3. Electronics
13.1.4. Luxury Goods
13.1.5. Food
13.1.6. Confectionery and Catering
13.1.7. Tobacco
13.1.8. Others
13.2. Sale Channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Airport
13.2.2. Cruise Liner
13.2.3. Railway Station
13.2.4. Border
13.2.5. Downtown
13.2.6. Hotel Shop
13.3. Sector Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Duty-Free
13.3.2. Duty Paid
13.4. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.4.1. Children (Less Than 18 Years Old)
13.4.2. Youth (18-30 Years Old)
13.4.3. Middle-Aged (18-59 Years Old)
13.4.4. The Elder (Greater Than 60 Years Old)
13.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.5.1. Brazil
13.5.2. Mexico
13.5.3. Rest of Latin America
13.6. Latin America Travel Retail Market – Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Country, 2022-2028
13.7. Latin America Travel Retail Market Dynamics – Trends
14. Middle East and Africa Travel Retail Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
14.1. Product Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.1.1. Perfume and Cosmetics
14.1.2. Wine and Spirit
14.1.3. Electronics
14.1.4. Luxury Goods
14.1.5. Food
14.1.6. Confectionery and Catering
14.1.7. Tobacco
14.1.8. Others
14.2. Sale Channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.2.1. Airport
14.2.2. Cruise Liner
14.2.3. Railway Station
14.2.4. Border
14.2.5. Downtown
14.2.6. Hotel Shop
14.3. Sector Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.3.1. Duty-Free
14.3.2. Duty Paid
14.4. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.4.1. Children (Less Than 18 Years Old)
14.4.2. Youth (18-30 Years Old)
14.4.3. Middle-Aged (18-59 Years Old)
14.4.4. The Elder (Greater Than 60 Years Old)
14.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.5.1. Gulf Cooperation Council (GCC) Countries
14.5.2. South Africa
14.5.3. Rest of MEA
14.6. MEA Travel Retail Market- Opportunity Analysis Index, By Product Type, By Sale Channel, By Sector, By End User, and Country, 2022-2028
14.7. MEA Travel Retail Market Dynamics – Trends
15. Competition Landscape
15.1. Strategic Dashboard of Top Market Players
15.2. Company Profiles (Introduction, Financial Analysis, Key Product Types, Key Developments, Strategies, and SWOT Analysis)
15.2.1. Aer Rianta International
15.2.2. China Tourism Group Duty-Free Corporation Limited
15.2.3. DUFRY GROUP
15.2.4. Duty-Free Americas, Inc
15.2.5. Gebr. Heinemann SE & Co. KG
15.2.6. King Power International.
15.2.7. Lotte hotel
15.2.8. Lagardère sca (lagardère travel retail)
15.2.9. LVMH Group
15.2.10. THE SHILLA DUTY-FREE
16. Research Methodology
17. Key Assumptions and Acronyms

Report

Company Profile

  • Aer Rianta International
  • China Tourism Group Duty-Free Corporation Limited
  • DUFRY GROUP
  • Duty-Free Americas, Inc
  • Heinemann SE & Co. KG
  • King Power International.
  • Lotte hotel
  • Lagardère sca (lagardère travel retail)
  • LVMH Group
  • THE SHILLA DUTY-FREE

Description

Travel Retail Market size is expected to be valued at USD 62.3 billion in 2022 which is expected to grow at a CAGR of 13.2% over 2022-2028. Travel retail, also known as duty-free sales includes the commercialization of products related to numerous goods categories. This sales channel comprises sales to customers who are travelers and sales of objects that do not have taxes or excise forced on their sale values. Travel retail is a retailing shop that sells goods to guests from other countries. It has numerous marketing prospects and is a significant cash source. The surge in tourism and travel which has increased the demand for cosmetics, apparel, electronic retail, and food items can lead to the growth of the travel retail market. Moreover, growth in urbanization and lifestyle changes are some primary factors that can boost the global travel retail market. Apart from these, an increase in disposable income amongst middle-income families and upgradation in economic conditions can also accelerate the market in the future. However, some factors such as high costs for international trips and lack of knowledge among the travelers about various product upgrades and launches can restrain the growth of the market. Chaotic local markets and stringent government regulations relating to airport retailing can hinder market growth. Companies should focus on the expansion and growth of the tourism and travel sector particularly in developing countries which can create an opportunity for the growth of the global travel retail market. Moreover, an increase in the millennial population can create a lucrative opportunity in the market.

 

Recent Market Developments:

In February 2022, Altavia launched Altavia Travel Retail

ASIA PACIFIC OFFICE

Precision Business Insights, MIG 366, SAI PLAZA, 1st Floor, KPHB Colony, Hyderabad - 500072

EUROPE OFFICE

Precision Business Insights, Kemp House, 152 – 160 City Road, London EC1V 2NX