Travel Retail Market
At an estimated value of over USD 87.06 billion in 2019, the Global Travel Retail Market is predicted to thrive at a CAGR of 7.4% and valued at over USD 190.93 billion over the forecast year 2020-2030.
Travel retail is the business of catering to shoppers while they're in transit. In recent times, various retailers and brands have started using travel retail to build their brand by targeting a much-focused audience. It is one of the highest growth business channels that covers duty-free environments such as airports, cruises, airlines, and downtown locations.
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Top Companies: 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), The Naunace Group and others.
The global Travel Retail market share is segmented on the basis of product, channel, and geography. On the basis of product, the market is segmented into perfume & cosmetics, luxury goods, wine & spirit, electronics, food, tobacco, confectionery & catering, and others. As per channel, the market is categorized into airport, railway station, cruise liner, and border, downtown, & hotel shop. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.
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In terms of geography, North America held major share of the market in 2019. This is due to the growing inclination of the people in the U.S. and Canada towards travel and tourism. However, Asia pacific is expected to grow rapidly during the forecast period due to expanding middle-class population and affordable travel choices in emerging countries such as India and China. In addition, improved living standards owing to the rising disposable income levels of consumer further fuels the travel retail market growth.
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