The global travel retail market is expected to garner revenue

NEW YORK, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, The global travel retail market is estimated to generate a Revenue of $225,663.8 million and rise to a CAGR of 16.0% From during the forecast time frame From 2022 to 2031.

According to our analysts, with the rapidly increasing travel and tourism among individuals globally, the travel retail market is expected to witness progressive growth over the forecast timeframe. Moreover, increasing urbanization and changing lifestyle among individuals are the factors fueling the growth of the market throughout the analysis period. Furthermore, increasing digitization in the retail sector is expected to fuel the market growth during the forecast period. However, various socio-economic factors may restrain the growth of the market during the analysis time frame.

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Segments of the travel retail market

The report has segmented the market on the basis of type, sales channel and region.

By Type: Perfumes & Cosmetics Gas sub-segment to be the most profitable

The perfumes and cosmetics gas sub-segment is expected to generate revenue of $81,414.5 million over the forecast timeframe. The main reason for this is, retailers offer customer-centric policies such as cash back, discounts on special products, and many more. The growing interest of individuals in internationally acclaimed brands that are difficult to find in their native locations is predicted to drive the growth of the market sub-segment over the forecast period.

By Sales Channel: Airport sub-segment to be most productive

The airport sub-segment is expected to generate revenue of $137,236.9 million during the analysis period. This is mainly because air travel is becoming more affordable and convenient for people around the world. Furthermore, the availability of customer-centric cosmetics and beverage products by airport retailers is expected to fuel the growth of the market sub-segment over the forecast timeframe.

Region wise: The Asia-Pacific region has huge growth opportunities

The Asia-Pacific region of the travel retail market is projected to grow at a CAGR of 16.6% over the forecast timeframe. This is mainly due to the growing popularity of travel and tourism and the growing millennial demographic in the region. Additionally, airports in the region are expanding their offerings in non-aeronautical sectors such as retail, cafeteria and dining, which is expected to drive the regional growth of the market over the forecast timeframe.

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The impact of Covid-19 on the travel retail market

The outbreak of the Covid-19 pandemic has had a negative impact on the travel retail market, as well as many other industries. This is mainly due to international travel restrictions and the economic slowdown in many countries. Moreover, the strict social distancing rules imposed by the governments of many countries have dampened the market growth during the pandemic. Additionally, the pandemic has adversely affected the market growth during the crisis period due to customers switching to internet sales channels to buy their favorite things.

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Major players in the travel retail market

The key players in the travel retail market include:

  1. Air Rianta International
  2. CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
  3. DUFRY GROUP
  4. Duty Free America, Inc
  5. Gebr. Heinemann SE & Co. KG
  6. King Power International.
  7. Lotte Hotel
  8. Lagardère sca (Lagardère Travel Retail)
  9. LVMH Group
  10. Shilla Duty Free., and much more.

These players are extensively working on developing new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry. To gain access to key companies’ growth strategy reports

For example, in June 2022, Hudson Global, Inc., one of the most recognizable travel retailers in North America, announced its partnership with The House of LR&C, a developer of an ecommerce platform to sell traditional and sustainable consumer goods. With this partnership, the companies aim to combine fashion with sustainability at an accessible price by offering travelers a better shopping experience.

Furthermore, the report also presents other important aspects including SWOT analysis, latest strategic developments, product portfolios, and financial performance of key players.

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