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 growth, size, share, trends, and 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, commonly referred to as duty-free shopping, constitutes a specialized sector within the retail industry that operates specifically in international transportation hubs like airports, cruise terminals, and border crossings. This segment is tailored to meet the varied requirements of travelers by providing a wide array of products, including cosmetics, alcohol, tobacco, apparel, electronics, and luxury goods. Its primary goal is to facilitate a convenient shopping experience for passengers departing from or arriving at these transit points. With a focus on elevating the overall travel experience through a carefully curated selection of items and attentive customer service, the global demand for travel retail is on the rise.
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Global Travel Retail Market Trends and Drivers:
Currently, the surging popularity of international travel stands out as a key driver bolstering market growth. Furthermore, the widespread embrace of digital technologies within travel retail venues, enabling the convenience of pre-ordering and perusing product catalogs, contributes positively to the market’s outlook. In tandem with this trend, the escalating preference for premium and luxury goods, propelled by rising income levels, serves to fortify market expansion. Moreover, the increasing adoption of travel retail establishments, characterized by innovative store designs, interactive displays, and personalized customer services, presents a lucrative growth opportunity for industry stakeholders. Additionally, the upward trajectory in spending on duty-free products provides further support to the market’s growth.
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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