According to a new report, the global airport retail market is segmented by product type, airport size, distribution channel, and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, September 15, 2022 /EINPresswire.com/ — Allied Market Research released a new report, titled “airport retail market by product type, airport size and distribution channel: Global Opportunity Analysis and Industry Forecast, 2021-2027″. The report offers a comprehensive analysis of changing market trends, key segments, major investment pockets , the regional setting, Porter’s five forces, and the competitive setting.
The global airport retail market size was valued at $27,552.8 million in 2019, and is expected to grow at a CAGR of 12.6% during 2021–2027 to reach 40,592.8 million in 2027.
Increasing inclination of people towards unique and exotic vacation experiences, rising incomes of middle and upper class people and increasing interest of people to spend more money on shopping are driving the growth of the global retail market of airports. On the other hand, strict government regulations impede growth to some extent. However, the booming tourism sector, affordable airfares, increased airport investment to expand commercial spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
Airport retailing has grown in popularity in recent years. Often referred to as travel retailing (because it takes place primarily, but not entirely, at an airport), it has become an important strategy for companies looking to promote and build brand awareness. Airports with low airfares cannot generate significant revenue from the aeronautical business. As a result, they have transitioned their business to non-aeronautical businesses such as retail stores, restaurants, bars and cafes. Airport retail may also include hotels, nursing homes, car rental outlets, banks, exchange offices, pharmacies, and other stores that sell jewelry, books and magazines, gifts and crafts, clothing and accessories, convenience stores, optics, fragrances and perfumes.
The airport retail market is being driven by an increase in passenger numbers, particularly in countries with a high level of public transport, such as India and China. The airport retail market is also being driven by travelers’ desire to shop on the go and the growing ability of retailers to sell products. The time passengers spend in airports has also increased as a result of earlier airline check-in times due to operational and security concerns. This has given retailers the ability to sell products more efficiently.
People in developing economies have more disposable income, which has given big brands the opportunity to open stores in airports. People shop more between going through the security and immigration counters and boarding the plane. To maximize this time frame, airports strive to reduce wait times in check-in, security and immigration lines. Reasonable prices and the presence of well-known brands at discount prices are important factors that encourage travelers to shop at airport retail stores.
Based on product type, the perfumes and cosmetics segment accounted for nearly two-fifths of the global airport retail market share in 2019, and is expected to rule by the end of 2027. The same segment would also post the fastest CAGR of 13.7% from 2021 to 2027. The improvement in lifestyle coupled with the increase in the affluent population drives the growth of the segment.
Based on airport size, the large airport segment contributed nearly three-fifths of global airport retail market revenue in 2019, and is forecast to lead the way by 2027. Large airports are located in the capital region of countries and are popular vacation destinations. . These airports have a considerable number of business class travelers who contribute significantly to the sale of products through the travel retail hubs. These factors drive the growth of the segment.
The Asia-Pacific region, followed by Europe and North America, held the largest share in 2019, taking nearly two-fifths of the global airport retail market. The same region would also cite the fastest CAGR of 13.7% between 2021 and 2027. This is due to the increase in the number of new air routes and the introduction of Low Cost Carriers (LCC) in the province.
Key players profiled in the market report are:
○ Airport Retail Group LLC
○ Dubai Duty Free
○ Dufry AG
○ DFS Group Ltd.
○ King Power International
○ Shilla duty free
○ China Duty Free Group Co. Ltd.
○ Gebr. Heinemann SE & Co. KG
○ Japan Airport Terminal Co. Ltd.
○ Flemish International.
Reason to buy:
○ Save and reduce time conducting entry-level research by identifying the growth, size, leading players and segments in the global Airport Retail Market.
○ Highlights key business priorities to guide companies in reshaping their business strategies and establishing themselves across the broad geography.
○ Key findings and recommendations highlight crucial progressive industry trends in the Airport Retail Market, thereby allowing players to develop effective long term strategies to earn their market revenue.
○ Develop/modify business expansion plans utilizing substantial growth offering in developed and emerging markets.
○ Deeply analyze the global market trends and prospects along with the factors that are driving the market as well as those that are restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that support business interest with respect to products, segmentation, and industry verticals.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP headquartered in Portland, Oregon. Allied Market Research provides global companies as well as small and medium sized businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a specific vision to provide business information and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
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