Global Travel Retail Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global travel retail market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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, often referred to as duty-free shopping, constitutes a niche sector within the retail industry situated within global transportation hubs like airports, cruise terminals, and border crossings. This specialized retail segment caters to the varied requirements of travelers by providing a wide array of products, including cosmetics, alcoholic beverages, tobacco, clothing, electronics, and high-end merchandise. Its primary goal is to facilitate a seamless and convenient shopping experience for passengers embarking on or disembarking from these transit hubs. With its focus on enhancing the overall travel journey through carefully curated product offerings and exceptional customer service, the demand for travel retail is on the rise worldwide.
Global Travel Retail Market Trends and Drivers:
Currently, the surge in international travel’s popularity stands as a key driver bolstering market growth. Furthermore, the increasing integration of digital technologies in travel retail settings, allowing for pre-ordering and seamless product catalog browsing, is contributing to a positive market outlook. Moreover, the growing inclination towards premium and luxury goods, driven by rising individual income levels, is further fortifying market expansion. In addition, the upward trend in the adoption of travel retail establishments, which feature innovative store layouts, interactive displays, and personalized customer service, presents an attractive growth opportunity for industry investors. Additionally, the growing expenditure on duty-free products is lending support to the market’s growth trajectory.
Global Travel Retail Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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.).
The report segmented the market on the basis of region, product type, sector and distribution channel.
Breakup by Product Type:
- Perfume and Cosmetics
- Wine and Spirit
- Luxury Goods
- Food, Confectionery and Catering
Breakup by Sector:
- Duty Paid
Breakup by Distribution Channel:
- Cruise Liner
- Railway Station
- Border, Downtown and Hotel Shop
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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