Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global travel retail market size reached US$ 56.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 88.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.

Travel retail refers to the sale of goods and services to international travelers during transit. The trade is usually conducted in travel environments, such as airports or seaports, where the buyer must present proof of nationality or travel to access the commercial area. The retail shops accept payments inclusive of local and national taxes and excise duties. Travel retail is also available at hotels, border ships, international aircrafts, ferries, cruises and other marine vessels on international waters. Some of the products commonly available through travel retail include beauty and personal care products, perfumes, premium alcohols, tobacco, food and beverages, fashion accessories and electronics.

Travel Retail Market Trends:

Significant growth in the travel and tourism industry across the globe is among the key factors creating a positive outlook for the market. Travel retail and duty-free stores are one of the major sources of non-aeronautical revenue for airports as there is an increasing preference among consumers to purchase premium and luxurious products while travelling. In line with this, the rising inclination for premium wines and spirits among international travelers is also providing a thrust to the market growth. Moreover, the advent of e-commerce travel retailing solutions is also favoring the growth of the market. Retailers are widely offering their products through websites and smartphone applications, enabling the consumers to pre-order products and conveniently collect them on arrival. Additionally, various technological advancements, such as the launch of touch screen and interactive retail kiosks, are acting as other growth-inducing factors. These self-service kiosks can engage with the passengers and provide a seamless ordering and payment solution. Other factors, including the increasing expenditure capacities of the consumers, along with the implementation of favorable government policies to promote international tourism, especially in the developing economies, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global travel retail market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, sector and distribution channel.

Breakup by Product Type:

Perfume and Cosmetics
Wine and Spirit
Electronics
Luxury Goods
Food, Confectionery and Catering
Tobacco
Others

Breakup by Sector:

Duty-Free
Duty Paid

Breakup by Distribution Channel:

Airports
Cruise Liner
Railway Station
Border, Downtown and Hotel Shop

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aer Rianta International, China Duty Free Group Co. Ltd., Dufry AG, Duty Free Americas Inc, Gebr. Heinemann SE & Co. KG, KING POWER International, Lagardère S.A, Lotte Hotels & Resorts (Lotte Corporation), LVMH Moët Hennessy Louis Vuitton and The Shilla Duty Free (Hotel Shilla Co. Ltd.).

Key Questions Answered in This Report:

What was the size of the global travel retail market in 2022?

What is the expected growth rate of the global travel retail market during 2023-2028?

What are the key factors driving the global travel retail market?

What has been the impact of COVID-19 on the global travel retail market?

What is the breakup of the global travel retail market based on the product type?

What is the breakup of the global travel retail market based on the sector?

What is the breakup of the global travel retail market based on distribution channel?

What are the key regions in the global travel retail market?

Who are the key players/companies in the global travel retail market?