Travel Retail Market By Product Type (Perfume and Cosmetics, Food, confectionery and catering, Wine and spirits, Luxury goods, Tobacco, Electronics, Others), By Distribution Channel (Airports, Cruise Liners, Railway Stations, Border, Downtown and Hotel Sh

Travel Retail Market By Product Type (Perfume and Cosmetics, Food, confectionery and catering, Wine and spirits, Luxury goods, Tobacco, Electronics, Others), By Distribution Channel (Airports, Cruise Liners, Railway Stations, Border, Downtown and Hotel Shops): Global Opportunity Analysis and Industry Forecast, 2022-2031

The global travel retail market was valued at $52.7 billion in 2021, and is projected to reach $187.1 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.Increase in travel & tourism has augmented the demand for apparels, cosmetics, food items, and electronic retail in the travel retail market. Moreover, increase in urbanization and changes in lifestyle are key factors expected to propel the market growth during the forecast period. In addition, rise in disposable income among the middle-income groups and improvement in economic conditions majorly drive the growth of the market. Further, factors such as technological advancements additionally boost the market growth. However, unorganized local markets and strict government regulations pertaining to airport retailing will impede the upcoming market growth opportunities. On the contrary, increase in millennial population is expected to drive the growth of the market.

The travel retail market in Asia-Pacific is majorly driven by the tourism industry, as many foreign investors visit countries such as Hong Kong and Malaysia for tax-free shopping. Various market players are keen to expand their market presence by establishing themselves in the Asian markets. Another factor is rise in disposable income and increase in middle class population in countries such as China and India, which has led to increase in demand for luxury & premium goods. This resulted in increase in the number of high-end brands entering the market and opening stores in airport retail spaces. In addition, many Asian countries have relaxed their duty-free regulations in recent years, making it more attractive for retailers to set up shop in airports and other travel hubs. This has helped to drive growth in the travel retail market in the region.

There is increase in the standards of living of the people & their lifestyle owing to high disposable incomes and increase in corporate culture. Rise in proliferation of corporate entities in the developing nations has popularized the ‘carrying expensive & luxurious products’ culture among consumers, while additionally becoming a status symbol. Thus, the luxury goods segment in the travel retail industry is expected to grow at the fastest rate by 2031.

Besides, railway stations have witnessed considerable growth over the years. For instance, the London's King's Cross station established an airy-bar restaurant with wooden floors & vintage leather sofas, with an aim to provide comfort to travelers. Moreover, the station has various branded stores with different product categories such as clothing & accessories for both men & women, sportswear, and music stores with products such as audio equipment, CD & vinyl and accessories. These factors boost the growth of the travel retail market at railway stations. 

The travel retail market is segmented on the basis of product type, sales channel, and region. By product type, the market is divided into perfume & cosmetics; electronics; wine & spirits; food, confectionery, & catering; tobacco; luxury goods; and others. As per distribution channel, the market is divided into airports; cruise liners; railway stations; and border, downtown, & hotel shops. Depending on region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.

The report offers a comprehensive analysis of the key players such as 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), and The Naunace Group.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel retail market analysis from 2021 to 2031 to identify the prevailing travel retail market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the travel retail market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global travel retail market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product Type

Perfume and Cosmetics
Food, confectionery and catering
Wine and spirits
Luxury goods
Tobacco
Electronics
Others

By Distribution Channel

Airports
Cruise Liners
Railway Stations
Border, Downtown and Hotel Shops

By Region

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Gebr. Heinemann SE & Co. KG
Aer Rianta International
King Power International
The Shilla Duty Free
Duty Free Americas, Inc.
LVMH Group
Lagardere
Dufry AG
China Duty Free Group Co., Ltd
Lotte Corporation

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