Growth of the travel & tourism market, fast progress in urbanization, and increase in disposable income fuel the global travel retail market. On the other hand, the luxury goods segment is estimated to witness the fastest CAGR of 19.4% from 2021 to 2028. In addition, COVID-19 will accelerate the transformation of travel retailers through loyalty programs, contactless payments, and digitization.
Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global travel retail market is projected to reach $145.0 billion by 2028, manifesting a CAGR of 14.9% from 2021 to 2028. The report offers an in-depth analysis of the market size, future estimations, emerging and current trends, and key players.
Growth of the travel & tourism market, fast progress in urbanization, and increase in disposable income fuel the global travel retail market. On the other hand, unorganized local markets, and strict government rules, especially for airport retailing impede the market growth. On the contrary, growth of Asia-Pacific and LAMEA economies will create lucrative business opportunities for the market players.
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Countrywide lockdowns affected the brick-and-mortar travel retail sector. However, travel restrictions influenced the transition of consumers toward online sales channels to buy travel products and services
People became more conscious of their expenses and this led to an increase in demand for innovative, ergonomic, and premium quality products. In addition, COVID-19 will accelerate the transformation of travel retailers through loyalty programs, contactless payments, and digitization.
The report segments the global travel retail market on the basis of channel, product type, and region.
Based on the product type, the perfumes & cosmetics segment accounted for the largest market share in 2019, contributing to nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, the luxury goods segment is estimated to witness the fastest CAGR of 19.4% from 2021 to 2028.
Based on channel, the airport segment contributed to the highest market share in 2019, contributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 16.4% from 2021-2028. The report also covers other segments such as cruise liner, railway station, and border, downtown & hotel shop.
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Based on region, Asia-Pacific, followed by Europe and North America contributed to the highest share in 2019, holding more than two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The same segment is expected to portray the fastest CAGR of 17.2% during the forecast period.
Key players of the global travel retail market analyzed in the research include Dufry, LS travel retail, DFS Group, Lotte Duty Free, The Shilla Duty Free, Gebr, Aer Rianta International (ARI), Heinemann, King Power International Group, China Duty Free Group (CDFG), and The Naunace Group.
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