Travel Retail Market Size to Grow USD 145 Billion by 2028 at a CAGR of 14.9% | Valuates Reports

BANGALORE, India, Dec. 23, 2022 /PRNewswire/ -- The Global Travel Retail Market is Segmented by Product Type (Perfumes & Cosmetics, Wine & Spirit, Electronics, Luxury Goods, Food, Confectionery, Catering, Tobacco) and Sales Channel (Airports, Cruise liners, Railway Stations, Border, Down-Town & Hotel Shop): Global Opportunity Analysis and Industry Forecast - 2028.

The global travel retail market size is expected to reach USD 145 Billion by 2028, registering a CAGR of 14.9% during the forecast period.

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Major factors driving the growth of the travel retail market:

The demand for garments, cosmetics, food, and electronics in the travel retail industry has increased as a result of the growth in travel and tourism. Additionally, the rise in urbanization and changes in lifestyle are significant factors anticipated to fuel the expansion of the travel retail market throughout the course of the forecast year. 

Additionally, improving economic conditions and an increase in middle-class disposable income both significantly contribute to the market's expansion. Additionally, elements like technical developments support the travel retail market expansion. Furthermore, the industry is anticipated to develop as the population of millennials rises.

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TRENDS INFLUENCING THE GROWTH OF THE TRAVEL RETAIL MARKET:

The travel retail market will rise as a result of rising demand for products from both domestic and foreign passengers. 10.89 million foreign visitors arrived in India in 2019, a 3.2% increase over the previous year, according to the Indian Brand Equity Foundation (IBEF) research titled "Indian Tourism and Hospitality Industry Analysis." Retailers now provide tailored loyalty programs & deals to accommodate the evolving buying preferences of travelers. Due to this feature, the industry is growing as retailers increase their revenue from duty-free goods.

The spending on travel and tourism by the growing millennial population will also increase product revenues. The spending on travel and tourism by the growing millennial population will also increase product revenues. This factor is expected to drive the growth of the travel retail market. Travelers have more time to browse in airports that are set up as inviting retail areas, which contributes to their propensity to spend while on the road. To respond to individual demands, travel retailers leverage data insights such as in-depth knowledge of the customer's origin and destination. To make sure that the relevant products are prominently displayed for targeted clients, staff and product displays are arranged based on the language and cultural sensitivity of arrival passenger groups. Retailers have a fantastic chance to boost customer loyalty, visibility of their items, recruitment, and diversity.

The industry gives SMEs the chance to showcase their goods to tourists from around the world at low advertising and marketing expenditures. The expansion of the travel retail market has been significantly influenced by the rise in domestic and international traveler foot traffic, particularly when it comes to air travel. Another element influencing upward market trends is improved infrastructure and retail options.

The potential for growth for the travel retail market is enormous because of technological advancements that allow for improved tracking and analysis of consumer trends. Brand retailers have the chance to implement a loyalty management system to track and evaluate their customers in order to serve the majority of travelers. By keeping track of customer behavior and improving tracking of customers, loyalty management systems help businesses generate income in the travel retail market.

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TRAVEL RETAIL INDUSTRY SHARE:

Between 2021 and 2028, the Asia Pacific area would have the greatest CAGR of 17.2%. Because there are many retail businesses in China, India, Thailand, and other countries, the Asia-Pacific region is predicted to dominate the global market over the analysis period. Additionally, due to an increase in the population of high-net-worth individuals and the expansion of the tourist sector, the market in Asia-Pacific is anticipated to expand at the fastest rate.

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Key Companies:

• DFS Group
• Dufry
• LS travel retail
• Lotte Duty Free
• King Power International Group
• The Shilla Duty Free
• Gebr
• Heinemann
• China Duty Free Group
• AerRianta International
• The Naunace Group

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SIMILAR REPORTS:

• Europe travel retail market size was valued at USD 23.03 Billion in 2017, and is projected to reach USD 39.60 Billion by 2025, growing at a CAGR of 7.2% from 2018 to 2025.
• Airport Retail market size is projected to reach USD 65770 million by 2028, from USD 42560 million in 2021, at a CAGR of 6.3% during 2022-2028.
• In-flight entertainment & connectivity market was valued at USD 4.13 Billion in 2020, and is projected to reach USD 11.65 Billion in 2030, registering a CAGR of 11.36%.
• Business Travel Market size was valued at USD 695.9 billion in 2020 and is projected to reach USD 2001.1 billion by 2028 growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021-2028.
• Travel risk management services market was valued at USD 96,262.8 Million in 2021, and is estimated to reach USD 2,23,617.7 Million by 2031 with a CAGR of 8.1% from 2022 to 2031.
• Conventional Travel Trailer market size is estimated to be worth USD 7818.3 million in 2021 and is forecast to a readjusted size of USD 7818.3 million by 2028 with a CAGR of 4.3% during the review period.
• Travel Retail Cosmetic Market
• Duty-Free and Travel Retail Market
• Travel Agencies Market
• Travel and Expense (T&E) Software Market
• Travel and Expense Management Systems Market
• T&E (Travel and Expense) Tool Market
• Travel and Expense Management (TEM) Solution Market
• Travel & Expense Software Market
• Corporate Travel Security Market
• Corporate Travel Management (CTM) Software Market
• Traveler Security Service Market
• Luxury travel market was valued at USD 22200 million in 2021, and it is anticipated to reach USD 39300 million by 2028, registering a CAGR of about 8.4% during the forecast period (2022–2028).
• Travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.
• Ecotourism market is projected to reach USD 1012240 million by 2028 from an estimated USD 461160 million in 2022, at a CAGR of 14.0% during 2023 and 2028.

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