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 retailmarket 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
Food, Confectionery and Catering
Breakup by Sector:
Breakup by Distribution Channel:
Border, Downtown and Hotel Shop
Breakup by Region:
Middle East and Africa
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.).
Base Year of the Analysis
Product Type, Sector, Distribution Channel, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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.).
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Key Questions Answered in This Report
The global travel retail market was valued at US$ 56.6 Billion in 2022.
We expect the global travel retail market to exhibit a CAGR of 7.5% during 2023-2028.
The rising consumer preferences for purchasing premium and luxurious products while travelling, along with the widespread availability of pre-order products facility, are primarily driving the global travel retail market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary restrictions on intra- and inter-national travel activities, thereby limiting the overall demand for travel retail products and services.
Based on the product type, the global travel retail market can be segmented into perfume and cosmetics, wine and spirit, electronics, luxury goods, food, confectionery and catering, tobacco, and others. Currently, perfume and cosmetics hold the majority of the total market share.
Based on the sector, the global travel retail market has been divided into duty-free and duty paid, where duty-free currently exhibits a clear dominance in the market.
Based on the distribution channel, the global travel retail market can be categorized into airports, cruise liner, railway station, and border, downtown and hotel shop. Among these, airports account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global travel retail market include 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.).
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