Global Travel Retail Market Anticipated to Gather $225,663.8 Million and Grow at 16.0% CAGR in the 2022-2031 Forecast Timeframe [250-Pages]

Global Travel Retail Market Anticipated to Gather $225,663.8 Million and Grow at 16.0% CAGR in the 2022-2031 Forecast Timeframe [250-Pages]

Travel retail market is anticipated to prosper by 2031 due to a rising variety of worldwide vacationers. Airports sub-segment is predicted to be extremely dominant. Market in Asia-Pacific area is projected to witness extra progress alternatives by 2031.

NEW YORK, Aug. 11, 2022 /PRNewswire/ — Research Dive has added a brand new report to its providing titled, “Travel Retail Market by Product Type (Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, and Others), Sales Channel (Airports, Cruise Liners, Railway Stations, Border, and Down-Town & Hotel Shop), and Regional Analysis (North America, Europe, Asia-Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″.

According to the report, the international journey retail market is anticipated to collect a return of $225,663.8 million and develop at 16.0% CAGR throughout the 2022-2031 forecast timeframe.

Dynamics of the Travel Retail Market

Drivers: Rapidly rising journey and tourism throughout the globe together with the rising demand for cosmetics, clothes, meals, and electronics in the journey retail sector are some components estimated to drive the progress of the international journey retail market throughout the forecast interval. Moreover, rise in urbanization and adjustments in life-style are additionally anticipated to enhance the market progress throughout the 2022-2031 evaluation timeframe.

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Opportunities: The rising use of mobiles and laptops to e-book airplane tickets and different journey itineraries in addition to the adoption of digitalization by journey retailers as an developed mode for his or her product gross sales are some components to create considerable progress alternatives for the international journey retail market by 2031.

Restraints: Shifting socio-economic circumstances introduced by completely different occasions like riots, terrorist assaults, and many others. is the main hampering issue for the market progress.

Covid-19 Impact on the Travel Retail Market

The onset of the devastating covid-19 pandemic has had an hostile impression on the international journey retail market primarily due to journey restrictions and social distancing norms imposed by governments. Economic slowdown throughout a number of international locations pressured folks to cancel their journey plans that created a unfavourable impression on the trade. Moreover, retail shops current in the airports have been susceptible to face a number of monetary points due to no vacationers that led to no supply of revenue. These components are predicted to decline the market progress amid the catastrophic stress.

Specific Requirement on Post COVID-19 Impact on Travel Retail market? Speak to Analyst or Schedule a Call

Segments of the Travel Retail Market

As per the report, the international ravel retail market has been divided into a number of segments primarily based on product kind, gross sales channel, and regional evaluation.

  • By product kind, the fragrance and cosmetics sub-segment is projected to maintain a dominant market share and garner a return of $81,414.5 million throughout the evaluation years. Cosmetics like pores and skin cream, nail polish, perfumes, make-up merchandise, soaps, shampoos, shaving lotions, important oils, and many others. are simply obtainable at varied journey terminals. Moreover, retailers additionally present reductions, cashbacks, and sale presents on specific items. These components are estimated to bolster the sub-segment’s progress by 2031.
  • By gross sales channel, the airports sub-segment of the international retail journey market is anticipated to have the highest progress fee and register a income of $137,236.9 million throughout the evaluation timeframe as a result of air journey is changing into extra reasonably priced and handy for folks. In addition, excessive availability of customer-focused cosmetics and beverage merchandise by airport retailers can be anticipated to propel the sub-segment’s progress throughout the 2022-2031 evaluation interval.
  • By regional evaluation, the journey retail market in the Asia-Pacific area is predicted to have a noteworthy progress fee of 16.6% CAGR throughout the forecast interval since many international buyers desire touring to Malaysia, Hong Kong, and different Asian international locations to store tax-free. Moreover, the airports in the area have superior in phrases of infrastructure, know-how, and additionally provide varied customer-focused items that are additional projected to uplift the market progress in the Asia-Pacific area by 2031.

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Key Travel Retail Market Players

Some key journey retail market gamers are

1. Aer Rianta International

2. China Tourism Group Duty Free Corporation Limited

3. DUFRY GROUP

4. Duty Free Americas, Inc

5. Gebr. Heinemann SE & Co. KG

6. King Power International.

7. Lotte lodge

8. Lagardère sca (lagardère journey retail)

9. LVMH Group

10. THE SHILLA DUTY FREE, amongst others.

These key gamers are endeavor varied methods corresponding to product growth and enhancement, merger and acquisition, partnerships and collaborations to maintain the market progress. – Inquire right here earlier than shopping for the full report

For instance, in August 2021Diageo Global Travela multinational beverage alcohol firm, introduced its partnership with Delhi Duty Free, an alcohol retail outlet the place some merchandise are exempted from the cost of sure native or nationwide taxes and duties, to launch its unique digital whisky retailer and handle the surging demand for e -commerce options in the journey retail sector.

The report additionally summarizes many necessary faces together with monetary efficiency of the key market gamers, SWOT evaluation, product portfolio, and the newest strategic developments.

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About Research Dive

Research Dive is a market analysis agency primarily based in Pune, India. Maintaining the integrity and authenticity of the companies, the agency gives the companies which can be primarily based on its unique information mannequin, compelled by the 360-degree analysis methodology, which ensures complete and correct evaluation. With an entry to a number of paid information assets, workforce of skilled researchers, and strict work ethic, the agency presents insights which can be extraordinarily exact and dependable. Scrutinizing related information releases, authorities publications, a long time of commerce information, and technical & white papers, Research dive ship the required companies to its purchasers properly inside the required timeframe. Its experience is targeted on analyzing area of interest markets, focusing on its main driving components, and recognizing threatening hindrances. Complementarily, it additionally has a seamless collaboration with the main trade aficionado that additional presents its analysis an edge.

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