Travel Retail Market Size to Reach USD 96.11 Billion by 2029

Fortune Business Outlook

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 (USA), China Duty Free Group Co. Ltd. (CDFG) (China) , Flemingo (South Korea ), and more players profiled.

Pune, India, September 8, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global market travel retail market The size is forecast to reach $96.11 billion by 2029 and show a CAGR of 8.1% over the forecast period. The increasing number of international travelers is likely to drive the growth of the market. Fortune Business OutlookTM has presented this information in its report entitled, “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 growing popularity of sustainable duty-free shopping is a key trend that is anticipated to amplify market growth in the coming years.

Impact of COVID-19-

The strict lockdowns imposed during the pandemic have had a negative impact on the growth of the market. The global ban on air travel during the severe waves of the pandemic has affected the growth of the market. The growing number of air passengers amid the resumption of air travel operations has helped the market maintain traction. However, the rise in air travel and the demand for personal protective equipment and products, such as gloves, masks and sanitizers, is expected to generate lucrative growth for travel retail in the coming years.

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travel retail market Scope and segmentation of the report:

Report Coverage

Details

forecast period

2022-2029

CAGR Forecast

8.1%

2029 value projection

$96.11 billion

base year

2021

Size of the travel retail market in 2021

$51.28 billion

Historic information

2018-2020

Number of pages

175

Covered segments

By type of product, by sector, by sales channel, by, by region

Travel Retail Market Growth Drivers

Increasing the number of international travelers to drive market growth

Increasing number of international travelers to drive the market

Fortune Business Insights™ lists all the companies in the travel retail market that are currently working to reduce the impact of the 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 (Hotel Lotte) (South Korea)

  • Heinemann SE & Co. KG (USA)

  • China Duty Free Group Co. Ltd. (CDFG) (China)

  • Flamingo (South Korea)

Drivers and Restrictions-

Increasing the number of international travelers to drive market growth

The growing demand for products due to the growing number of domestic and international travelers is likely to drive the growth of the travel retail market. Improving income levels and rising travel spending among the millennial population are anticipated to be key factors driving market growth. Data published by the World Travel and Tourism Council (WTTC) in November 2021 estimated a 34.9% increase in the French travel and tourism industry in 2021.

The launch of promotional campaigns by key companies to entice customers to purchase duty-free products is likely to increase product demand and boost travel retail.

Furthermore, the growing trend of sustainable duty-free shopping is likely to be a key trend amplifying the growth of the market. Increasing adoption of green and sustainable practices, including biodegradable packaging, reduction and recycling, and others, by air travel retailers is anticipated to complement market growth.

However, high product prices may hamper market growth due to low demand.

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Regional Perspectives-

Asia Pacific will have the lion’s share

Asia Pacific is projected to gain the largest share of the travel retail market. High spending on duty-free goods for international and domestic travel in countries such as South Korea, India and China is likely to drive growth in Asia Pacific. In addition, growing partnerships between duty-free retailers for business expansion are expected to support market growth.

Europe is likely to show substantial growth in the coming years. The increasing development of infrastructure for travel and tourism is expected to drive the growth of the market in Europe. In addition, the strong presence of opulent cosmetics and other major duty-free brands is anticipated to support market growth in the region.

Rising consumer spending on travel and tourism will fuel growth in North America.

Improving income levels of the middle class population will support growth in the Middle East and Africa.

Segmentation-

Depending on the type of product, the market is fragmented into fashion and accessories, tobacco products, confectionery and fine foods, beverages, cosmetics and others. On the basis of sector, the market bifurcates into tax paid and tax free. On the basis of sales channel, the market is segmented into mid-border hotel stores, seaport and cruise line stores, airport and airline stores, and others. Geographically, the market is categorized into South America, North America, Middle East and Africa, Asia Pacific, and Europe.

Reasons for obtaining this report:

  • A qualitative and quantitative market study based on a segmentation that includes both economic and non-economic factors

  • Data on the market value of each section and sub-segment

  • It 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 well as the factors that affect the market within each region.

  • The competitive landscape includes market rankings of the top players, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the profiled companies in recent years.

Competitive Landscape-

Key players emphasize e-commerce adoption to expand business globally

The main players operating in the market emphasize the adoption of electronic commerce to expand their businesses globally. Sales promotional offers, personalized product retailing and others are some of the key methods adopted by major players to capture large customer bases. As recently as November 2021, Pernod Richard, a French-based beverage company, opened its first boutique in China’s Shenzhen Duty-free Group Haikou.

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Detailed Table of Contents:

  • Introduction

  • Executive Summary

  • market dynamics

    • market indicators

    • market restrictions

    • market opportunities

    • emerging trends

  • Key ideas

    • Overview of parent/related markets

    • Industry SWOT Analysis

    • Supply chain and regulatory analysis

    • Recent Industry Developments: Policies, Partnerships, New Product Launches, and Mergers & Acquisitions

    • Qualitative Analysis (in relation to COVID-19)

  • Global Travel Retail Market Analysis, Outlook and Forecast, 2018-2029

OCD Continue…!

Key Industry Developments-

October 2021: Lagardere Switzerland has partnered with Inflyter to introduce fully digital automated solutions at Geneva Airport, Switzerland.

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Frequently Asked Questions (FAQ):

1. How much is the travel retail industry worth?

Answer: Fortune Business Insights says the size of the industry was $55.74 billion in 2022 and is projected to reach $96.11 billion by 2029.

2. What was the value of the world industry in 2021?

Answer: In 2021, the industry was valued at USD 51.28 billion.

3. At what CAGR is the global market projected to grow in the forecast period (2022-2029)?

Answer: With a CAGR of 8.1%, the global travel retail market is forecast to grow from 2022 to 2029.

4. What is the leading product type in this market?
Answer: The cosmetics segment is a leading product type during the forecast period (2022-2029).

5. What is the crucial factor driving the global market?
Answer: The growing number of international travelers is accelerating growth.

6. Who are the key players in the global travel retail sector?

Answer: Lagardere Travel Retail (Lagardere Group), DFS Group Ltd., Dufry AG are leading companies worldwide.

7. Which region had the dominant share in 2021?

Answer: The Asia Pacific region will dominate the market in 2021.

8. What factors drive the adoption of services related to travel and tourism retail?

Answer: Retailers adopting green business practices are one of the prominent trends.

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