Airport Retailing Market to Reach $40.5 Bn, Globally, by 2027 at 12.6% CAGR: Allied Market Research
- Rise in inclination of people toward unique and exotic holiday experiences and surge in the income of middle- & upper-class people fuel the growth of the global airport retailing market.
PORTLAND, Ore., May 17, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Airport Retailing Market by Product Type (Liquor & Tobacco, Perfumes & Cosmetics, Fashion & Accessories, Food & Beverages, and Others), Airport Size (Large Airport, Medium Airport, and Small Airport), and Distribution Channel (Direct Retailer, Convenience Store, Specialty Retailer, and Departmental store): Global Opportunity Analysis and Industry Forecast, 2021-2027." According to the report, the global airport retailing industry was projected at $27.5 billion in 2019, and is anticipated to hit $40.5 billion by 2027, registering a CAGR of 12.6% from 2021 to 2027.
Drivers, restraints, and opportunities-
Rise in inclination of people toward unique and exotic holiday experiences, surge in the income of middle- & upper-class people, and growing interest of people to spend more money on shopping fuel the growth of the global airport retailing market. On the other hand, stringent government regulations impede the growth to some extent. Nevertheless, upsurge in the tourism sector, affordable airfares, increased airport investment to expand retail spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic led to ban on transportation across the world, especially during the first phase of the lockdown. This, in turn, impacted the airport retailing market negatively.
- The distorted supply chain and lack of raw materials affected the market yet more.
- However, several government bodies have initiated vaccination drives, and with this drift on board, the market is expected to recoup soon.
The perfumes and cosmetics segment to retain its dominance by 2027-
Based on product type, the perfumes and cosmetics segment accounted for nearly two-fifths of the global airport retailing market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 13.7% from 2021 to 2027. Improvement in lifestyle along with increase in affluent population drives the segment growth.
The large airport segment to lead the trail-
Based on airport size, the large airport segment contributed to nearly three-fifths of the global airport retailing market revenue in 2019, and is anticipated to lead the trail by 2027. Large airports are located at the capital region of countries and are popular holiday destinations. These airports have a considerable number of business class travelers who notably contribute toward the sale of products through travel retail hubs. These factors propel the segment growth. The medium airport segment, on the other hand, would portray the fastest CAGR of 13.5% throughout the forecast period. Expansion of the retail businesses on medium airports is majorly driven by rise in spending capacity of the middle-income group.
Asia-Pacific, followed by Europe and North America, to dominate in terms of revenue-
Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, garnering nearly two-fifths of the global airport retailing market. The same region would also cite the fastest CAGR of 13.7% from 2021 to 2027. This is due to increase in number of new air routes and the introduction of low cost carrier (LCC) in the province.
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Key players in the industry-
- Dubai Duty Free
- Flemingo International
- Dufry AG
- DFS Group Ltd.
- the Shilla Duty Free
- China Duty Free Group Co., Ltd.
- Airport Retail Group LLC
- Gebr
- Heinemann SE & Co. KG
- King Power International,Japan Airport Terminal Co., Ltd.
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