Connect with us

Hi, what are you looking for?

Breaking News: Travel Retail Market Size Worth USD 96.11 Billion by 2029 | Exhibiting a CAGR of 8.1% by 2029

Key companies covered in Travel Retail Market are Lagardere Travel Retail (Lagardere Group) (France), DFS Group Ltd. (Hong Kong), Dufry AG (Basel, Switzerland), King Power International Group (Thailand), Aer Rianta International (Ireland), The Nuance Group AG (Switzerland), Lotte Duty Free (Lotte Hotel) (South Korea), Heinemann SE & Co. KG (U.S.), China Duty Free Group Co. Ltd. (CDFG) (China), Flemingo (South Korea), and more players profiled.

travel-concept-with-worldwide-landmarks-23-2149153263

According to Fortune Business Insights, the global travel retailmarket size is anticipated to hit USD 96.11 billion by 2029 and exhibit a CAGR of 8.1% during the forecast period. The increasing number of international travelers is likely to drive the market’s growth. Fortune Business InsightsTMhas presented this information in its report titled,“Travel Retail Market, 2022-2029”.The market size stood at USD 51.28 billion in 2021 and USD 55.74 billion in 2022.

Additionally, the rising popularity of sustainable duty-free shopping is a key trend that is anticipated to amplify market growth in the coming years.

COVID-19 Impact-

The strict lockdowns imposed during the pandemic have negatively impacted the market growth. The global air travel ban during the severe waves of the pandemic have affected the market’s growth. The growing number of air passengers amidst resuming air travel operations has helped the market retain traction. Nonetheless, the rising air travel and demand for personal protection equipment and products such as gloves, face masks, and sanitizers are expected to create lucrative growth for travel retail in the coming years.

Drivers and Restraints-

Increasing Number of International Travelers to Boost Market Growth

The growing product demand due to the rising numbers of international and domestic travelers is likely to bolster the travel retail market growth. The improving income levels and increasing expenditure on travel by the millennial population are anticipated to be key factors stimulating the market growth. The data released by World Travel and Tourism Council (WTTC) in November 2021 estimated a 34.9% surge in the French travel and tourism industry in 2021.

The launch of promotional campaigns by key companies to lure customers into buying duty-free commodities is likely to uptick product demand and boost travel retail.

Additionally, the growing trend of sustainable duty-free shopping is likely to be a key trend expanding the market’s growth. The rising adoption of eco-friendly and sustainable practices, including biodegradable packaging, reduction and recycling, and others, by air travel retailers, is predicted to complement the market growth.

However, high prices of products may hinder market growth due to low demand.

Get a Sample Copy of Research Report:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/travel-retail-market-104620

Asia Pacific to Hold the Lion’s Share

Asia Pacific is projected to gain the largest travel retail market share. The high expenditure on duty-free products by international and domestic travels across countries such as South Korea, India, and China is likely to fuel the growth in Asia Pacific. Furthermore, the growing partnerships between duty-free retailers for business expansion are expected to favor market growth.

Europe is likely to exhibit substantial growth in the coming years. The increasing infrastructural development for travel and tourism is expected to boost the market growth in Europe. Moreover, the strong presence of opulent cosmetics and other major duty-free brands is anticipated to favor the region’s market growth.

The rising consumer expenditure on travel and tourism will foster growth in North America.

The improving income levels of the middle-class populace will support growth in the Middle East and Africa.

Regional Insights-

Fortune Business Insights™ lists out all thetravel retail market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Lagardere Travel Retail (Lagardere Group) (France)
  • DFS Group Ltd. (Hong Kong)
  • Dufry AG (Basel, Switzerland)
  • King Power International Group (Thailand)
  • Aer Rianta International (Ireland)
  • The Nuance Group AG (Switzerland)
  • Lotte Duty Free (Lotte Hotel) (South Korea)
  • Heinemann SE and Co. KG (U.S.)
  • China Duty Free Group Co. Ltd. (CDFG) (China)
  • Flemingo (South Korea)

Segmentation-

On the basis of product type, the market is fragmented into fashion and accessories, products, confectionery and fine foods, beverages, cosmetics, and others. On the basis of sector, the market is bifurcated into duty paid and duty-free. On the basis of sales channel, the market is segmented into border downtown hotel shops, seaport and cruise line shops, airport and airline shops, and others. Geographically, the market is classified into South America, North America, the Middle East and Africa, Asia Pacific, and Europe.

Rеаѕоnѕ to Get thіѕ Rероrt:

  • A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
  • Data on market value for each section and sub-segment
  • Indicates the region and market segment that is likely to expand the fastest and dominate the market.
  • The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
  • The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

Competitive Landscape-

Key Players Emphasize E-commerce Adoption to Expand Businesses Globally

The major players operating in the market emphasize the adoption of e-commerce to expand their businesses globally. Sales promotional offers, personalized goods retail, and others are some key methods adopted by major players to capture huge customer bases. Recently, in November 2021, Pernod Richard, a beverage company based in France, unveiled its first boutique in China’s Shenzhen Duty-free Group Haikou.

Inquire Before Buying This Research Report:

https://www.fortunebusinessinsights.com/enquiry/queries/travel-retail-market-104620

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Emerging Trends
  • Key Insights
    • Overview of the Parent/Related Markets
    • Industry SWOT Analysis
    • Supply Chain and Regulatory Analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers and Acquisitions
    • Qualitative Analysis (in relation to COVID-19)
      • Impact of COVID-19
      • Supply Chain Challenges
      • Potential Opportunities due to COVID-19
  • Global Travel Retail Market Analysis, Insights, and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Size Estimates and Forecast
      • By Product Type (Value)
        • Cosmetics
        • Beverages
        • Fashion and Accessories
        • Products
        • Confectionery and Fine Foods
        • Others
      • By Sector (Value)
        • Duty Free
        • Duty Paid
      • By Sales Channel (Value)
        • Airport and Airline Shops
        • Seaport and Cruise Line Shops
        • Border Downtown Hotel Shops
        • Others
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

TOC Continued…!

Key Industry Developments-

October 2021:Lagardere Switzerland formed a partnership with Inflyter to introduce fully digital automated solutions at Geneva Airport, Switzerland.

Get your Customized Research Report:

https://www.fortunebusinessinsights.com/enquiry/customization/travel-retail-market-104620

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

9th Floor, Icon Tower,

Baner – Mahalunge Road,

Baner, Pune-411045, Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email:sales@fortunebusinessinsights.com

Fortune Business Insights™

Linkedin|Twitter|Blogs

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Breaking News: Travel Retail Market Size Worth USD 96.11 Billion by 2029 | Exhibiting a CAGR of 8.1% by 2029

Written By

You may also like:

World

Calling for urgent action is the international medical humanitarian organization Doctors Without Borders/Médecins Sans Frontières (MSF)

World

Immigration is a symptom of a much deeper worldwide problem.

Business

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas - Copyright AFP Mark FelixPointing to the still...

Business

A recent article in the Wall Street Journal infers that some workers might be falling out of the job market altogether.